Create line of credit account

This request creates a line of credit account.

 Click here to learn more about creating line of credit accounts

Creating Line of Credit Accounts

Line of credit accounts are a type of lending product that can be created and serviced within LoanPro. Unlike standard installment loans, line of credit accounts are open-ended and allow borrowers to take credit out gradually. As the account balance accrues, the borrower makes regular payments over time—typically on a monthly cadence with billing cycles.

Within LMS, line of credit accounts are fully distinct from loans and both are represented by separate entities: Loans represent the installment loans within your account and LineOfCredits represent line of credit accounts. Similar to loans, the LineOfCredits entity holds numerous nested objects, which in turn hold different sets of information—such as payments, billing statements, settings and more.

Here are a few things to note about creating line of credit accounts:

Line of credit accounts are created via templates called Programs. Line of Credit Progams are used to streamline account creation and can be used to autofill the line of credit account's configuration information.

To autofill information, list only the ID of the Program within the payload. If you'd prefer to use a custom set of configuration options instead of the values saved within a Program, add the LineOfCreditSetup and LineOfCreditSettings objects which hold account configuration information. This request still requires a Program ID, but system will prioritize the information included in the LineOfCreditSetup and LineOfCreditSettings objects over information saved within a Program.

Take a look at the sample payloads below to see the different ways a line of credit account can be created.

⚠️ Please note the following about Line of Credit Programs:

Line of Credit Programs are referred to as Products in the backend. Keep that in mind when using the "productId" field listed within this request. Additionally, Line of Credit Programs can only be created and edited within the LMS UI.

To learn more about Programs, read Line of Credit Programs ↗

For an example of how line of credit accounts are created within the UI, take a look at our Creating a Line of Credit Account ↗ article.

Database

For information regarding Line of Credit database tables, see the following articles:

{
    "displayId": "New LOC Account",
    "productId": 3,
    "__ignoreWarnings": true,
    "LineOfCreditSetup": {
        "openDate": "2022-02-01",
        "firstStatementDate": "2022-02-28",
        "firstDueDate": "2022-03-15",
        "drawPeriodExpirationDate": null,
        "totalCreditLimit": "2500.00",
        "lateFeeType": "lineOfCredit.lateFeeType.lesser",
        "fixedDollarAmount": "30.00",
        "unpaidPercentage": 0,
        "lesserFeePaymentValue": "0.00",
        "lesserFeePaymentPercentage": "0",
        "greaterFeePaymentValue": "0.00",
        "greaterFeePaymentPercentage": "0",
        "allowOverdraft": 1,
        "cardActFriendly": 0,
        "lateFeesInterestBearing": 0,
        "allowMultipleDisputes": 1,
        "LineOfCreditSetupBuckets": {
            "results": [
                {
                    "bucketId": 1,
                    "isPrimaryBucket": 1,
                    "compoundPastInterestCharges": "1",
                    "accountEnabled": 1,
                    "creditLimit": "2500.0000",
                    "interestChargeMethod": "lineOfCredit.bucketInterestChargeMethod.interest",
                    "computationMethod": "lineOfCredit.bucketComputationMethod.dailyBalance",
                    "newTransactions": "lineOfCredit.newTransactions.include",
                    "interestRate": "11.0000",
                    "interestAbatementMethod": "lineOfCredit.interestAbatementMethod.openDate",
                    "interestAbatementDays": 0,
                    "daysInYear": "loan.daysInYear.actual",
                    "minimumInterestCharges": "0.00"
                },
                {
                    "bucketId": 2,
                    "isPrimaryBucket": 0,
                    "compoundPastInterestCharges": "1",
                    "accountEnabled": 1,
                    "creditLimit": "1200.0000",
                    "interestChargeMethod": "lineOfCredit.bucketInterestChargeMethod.interest",
                    "computationMethod": "lineOfCredit.bucketComputationMethod.averageBalance",
                    "newTransactions": "lineOfCredit.newTransactions.include",
                    "interestRate": "24.0000",
                    "interestAbatementMethod": "lineOfCredit.interestAbatementMethod.transactionDate",
                    "interestAbatementDays": 75,
                    "daysInYear": "loan.daysInYear.actual",
                    "minimumInterestCharges": "2.00"
                },
                {
                    "bucketId": 3,
                    "isPrimaryBucket": 0,
                    "compoundPastInterestCharges": "1",
                    "accountEnabled": 1,
                    "creditLimit": "500.0000",
                    "interestChargeMethod": "lineOfCredit.bucketInterestChargeMethod.interest",
                    "computationMethod": "lineOfCredit.bucketComputationMethod.previousBalance",
                    "newTransactions": "lineOfCredit.newTransactions.exclude",
                    "interestRate": "5.0000",
                    "interestAbatementMethod": "lineOfCredit.interestAbatementMethod.openDate",
                    "interestAbatementDays": 180,
                    "daysInYear": "loan.daysInYear.actual",
                    "minimumInterestCharges": "1.00"
                }
            ]
        },
        "LineOfCreditMinimumPaymentsSetup": {
            "results": [
                {
                    "minPaymentType": "lineOfCredit.minPaymentType.greater",
                    "amountValue": "30",
                    "percentageValue": "10",
                    "isRound": 0,
                    "roundValue": null,
                    "roundType": "lineOfCredit.roundType.regularRounding",
                    "addFeesToAmount": 0,
                    "addFeesToPercent": 1,
                    "addNewInterestToAmount": 1,
                    "addNewInterestToPercent": 0,
                    "addOldInterestToAmount": 0,
                    "addOldInterestToPercent": 1,
                    "addAbatedSwipesToPercent": 1,
                    "addOverdraftToAmount": 0,
                    "addAmountToAmount": 1,
                    "addAmountToPercent": 1,
                    "minPaymentRule": null
                }
            ]
        },
        "LineOfCreditSettings": {
            "autopayEnabled": 0,
            "loanStatusId": 6,
            "loanSubStatusId": 31,
            "paymentTypeDefault": 1,
            "sourceCompany": null,
            "merchantProcessorGroupId": 1,
            "cardFeeType": "loan.cardfee.types.0",
            "cardFeeAmount": "5",
            "cardFeePercent": "3",
            "lineOfCreditStatementTemplateDefault": 1,
            "secured": 1,
            "isStoplightManuallySet": 0,
            "lineOfCreditPaymentTypeDefault": 1,
            "CustomFieldValues": {
                "results": [
                    {
                        "customFieldId": 1,
                        "customFieldValue": "2"
                    }
                ]
            }
        },
        "Customers": {
            "results": [
                {
                    "__id": 839,
                    "__setLoanRole": "loan.customerRole.primary"
                }
            ]
        }
    }
}
{
    "productId": 8
}
{
    "displayId": "New Line of Credit Account",
    "productId": 3,
    "__ignoreWarnings": true,
    "LineOfCreditSetup": {
        "openDate": "2022-02-01",
        "firstStatementDate": "2022-02-28",
        "firstDueDate": "2022-03-15",
        "LineOfCreditSetupBuckets": {
            "results": [
                {
                    "bucketId": 1,
                    "creditLimit": "2500.0000",
                    "interestRate": "11.0000"
                },
                {
                    "bucketId": 2,
                    "creditLimit": "1200.0000",
                    "interestRate": "24.0000"
                },
                {
                    "bucketId": 3,
                    "creditLimit": "500.0000",
                    "interestRate": "5.0000"
                }
            ]
        }
    }
}
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