Making and Servicing Loans

There are occasions where it is beneficial to make a loan to a location as a boost to start hosting COAM devices. On the app a user can navigate to ‘+’ > Loan Agreement to create a loan contract between your organization and the location agent.

Once the process is started the user only needs to select the desired location (the location must have already been created previously), enter in the amount of the loan, and then either confirm or update the location representative details. Standard legal text is provided, and if the location agent agrees to the terms then they only need to sign directly on the app. Once complete, the loan agreement is emailed to the contact and recorded to the locations Documents.

Every collection made after will reference the balance of the loan until it is paid. A Collector can choose to accept full or partial payments with any collection in the future, until full repayment has been achieved.