<aside> 🗒️ Outlined below is an overview of the process for Lending Partners that are referring applications. To view the presentation from the training, please use this link.

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Application & Review

  1. Lending Partner identifies an individual that is joining Ada Developers Academy’s Cohort that they believe would benefit from access to a loan for living expenses.
  2. Lending Partner completes the internal steps to verify that this individual can accept and handle the size of the capital requested.
  3. Lending Partner logs-in to LoanWell to complete the Referral Application, with the appropriate Referral Form. Step by step instructions with screen shots of this process can be found in the Application Process (Consumer) section in Notion.
  4. Individual referred will receive an email notifying them that an application has been started. They will be directed to create an account in LoanWell and start their application. Step by step instructions with screen shots on this process can be found in the Application Process (Consumer) section in Notion.
  5. CCL will review the Loan Application and revert back within 5-business days on a decision.

Loan Closing

  1. The decision CCL makes on the loan will be emailed to the Individual. If approved, the Individual will be prompted to review the offer (loan terms) and approve the offer in LoanWell in order to move forward. If they should have any questions, they can email [email protected].
  2. Once the Individual approves the terms, CCL will create the Loan Documents. When the documents are ready to sign, the Individual and Lending Partner will be notified to log-in to LoanWell and sign the documents.
  3. As the final step, the Indiviaul will need to complete a KYC check and connect their bank account within LoanWell.
  4. CCL will default the first disbursement date to correspond to the Cohort Start Date.
  5. The funds will be transferred to the Individual's bank account via next-day ACH. The funds should be in their account the day after closing.

Loan Servicing & Monitoring

  1. Lending Partner will continue to check-in with the Individual at the regular cadence.
  2. CCL will send email payment reminders to Borrowers.
  3. CCL and Lending Partner will meet quarterly to discuss portfolio performance and specific borrower needs.
  4. When the loan is fully paid off, CCL will notify the Borrower and Lending Partner.