Rate cards
A rate card is a chart or a document that lending organizations maintain for pricing loans. By defining different combinations of the financed amount and the term of the application, you can specify different rates at which your organization will offer a loan. A rate factor or interest amount is defined for each variation to determine the financed amount.
A rate card may be associated with a company or a CL product (by enabling the use of CL product in Q2 Origination org parameters), but not both.
You use rate cards for generating quick quotes and for generating pricing for an approved application. The table given below shows a sample loan rate card:
| Term | Payment Frequency | Min Financed Amount | Max Financed Amount | Rate Factor | Payment Amount for a Purchase of $1,500 | Payment Amount for a Purchase of $1,500 |
|---|---|---|---|---|---|---|
12 | Monthly | $1,000 | $2,999 | 0.07645 | $114.68 | $748.50 |
24 | Monthly | $3,000 | $500,000 | 0.04305 | $64.58 | $399.50 |
On a given date, only one rate card is effective for a given CL product or company.