Overview and definitions
The Sign Contract process is the stage of loan origination during which the borrower signs the loan contract before the loan is disbursed. It runs after the loan application has been approved and after recurring-payment setup (if any), and it precedes the activation and disbursement of the loan.
During this stage the system:
- prepares the repayment schedule for the approved loan terms,
- generates a PDF contract from the product group-linked contract template,
- routes the contract through the appropriate signing channel (chosen by the product group settings),
- waits for the borrower (or the credit officer for offline signing) to act,
- saves the signed contract on the loan application and proceeds to the next stage of the deal.
The process enforces a 72-hour deadline from the moment signing starts. If the borrower does not sign within that window, the application is automatically declined.
The process can finish in one of the following outcomes:
- Contract signed — the signed PDF is attached to the loan application, and the deal continues.
- Contract declined by the borrower — the application is canceled.
- Contract expired — 72 hours passed without a signature; the application is declined, and the borrower receives a notification.
- A new offer was generated — while the borrower was on the signing screens, the conditions changed, and the signing of the previous version was dropped in favor of the new one.
- Application canceled — the application was canceled outside this process (for example, by the back office); the contract file is removed.
In addition, before signing starts, the system performs a quick check on the First payment date. If the loan is not a Credit Line or a Payday Loan, and the configured first payment date is less than 4 days from today, the application is declined immediately with a notification to the borrower.