GAgalileo-ft
Loan

Simulate Loan

Use the Simulate Loan endpoint to present loan terms to individual and business customers. Simulate Loan allows customers to run multiple loan simulations, to compare the different APRs and loan terms, and make an informed decision about the loan offerings. The 36% MAPR is only applicable to individual customer loans, and there is no limit for business customer loans. This endpoint generates the data needed to create loan documents such as the Truth in Lending Act (TILA) document and loan disclosures. You have the option to create a loan with or without a simulation. If the loan is not created the same day as the loan simulation, there is a possibility that the APR might exceed the allowable limit, causing an error in loan creation.

For optional parameters, do not pass an empty string or null value.

post/1.0/simulateLoan

Request

  • Base URL
    lending-{corename}.{env}.gpsrv.com/lending/ (relative, and the document’s source URL is not known)
  • URL
    lending-{corename}.{env}.gpsrv.com/lending/1.0/simulateLoan
  • Auth
    none declared

Request body application/x-www-form-urlencoded

apiLoginstring required

Provider's web service username, as provided by Galileo for the requesting IP address. Pattern: Max 50 characters Example: "AbC123-9999"

apiTransKeystring required

Web service password, as provided by Galileo for the requesting IP address. Pattern: Max 15 characters Example: "4sb62fh6w4h7w34g"

providerIdinteger required

Galileo-issued unique provider identifier. Pattern: Max 10 digits Example: 9999

transactionIdstring required

A provider-generated ID that is unique to each API call. A UUID is preferred. Do not reuse this identifier for multiple API calls. Pattern: Max 60 characters Example: "984513-395483653-4483483478"

providerTransactionIdstring

An optional provider-generated ID for the API request. Pattern: Max 60 characters Example: "47823438032233777"

providerTimestampstring

An optional provider-generated timestamp for the API request. Pattern: Max 60 characters Example: "2017-05-01 13:01:01"

loanTerminteger required

Number of installments to pay off the loan. Pattern: Min 1 characters and max 9 characters. Example: 4.

customerType'BUSINESS' | 'INDIVIDUAL'

Specifies whether the loan simulation is created for a consumer loan or business loan. If no value is provided, it defaults to INDIVIDUAL.

totalLoanAmountnumber required

Total amount for the loan. Pattern: Decimal number (14,2). Example: "700.00".

capitalTerminteger required

Length of time between payments, in units specified by the subproduct. For example, if you specify “2” and the loan subproduct is set to weeks then installments will be due every two weeks. Pattern: Max 9 digits. Example: 2.

loanApplicationDatastring

When using the loan simulation, you have the option to pass in comma-separated data from the user's application to store with the simulation for downstream analysis. If a loan is created, this associates the user’s application to the simulation and then to the loan.

firstInstallmentDueDatestring date

Due date of the first installment has to be between the 1st and 28th of the month. This field does not apply to bi-weekly subproducts.

customerPmtRefNostring required

PRN for the customer’s primary account. Galileo uses the PRN to retrieve customer information, like business name, date of birth, SSN, address, etc. When the loan is created, the loan_id will be associated with this PRN. Pattern: PRN Example: "074103447228".

loanStartDatestring date

Start date for the loan. This may be different from loan_creation_date.

applicationNumberstring

Unique identifier that you generate for the loan application. This identifier is associated with loan simulations. You can give this identifier to customers for customer service purposes.

subProductIdstring required

Identifier for the loan subproduct. Pattern: Max 15 characters. Example: "442824720".

Response

Success

status_codeinteger nullable required

The response status code. May return a string for some statuses.

statusstring nullable required

The condition of a process or response

processing_timenumber float nullable required

The time elapsed in processing the transaction

system_timestampstring date-time nullable required

A system generated timestamp

rtokenstring nullable required

A Galileo-generated ID used for tracking

errorsstring[]

A list of errors generated while the request was processed

Example response

{
  "response_data": {
    "simulation_id": "450825953",
    "interest_rate": 15,
    "sub_product_id": "442824720",
    "simulation_date": "2022-01-01",
    "initial_projected_maturity_date": "2022-07-01",
    "itemization_of_amount_financed": {
      "loan_amount": 10000,
      "disbursed_amount": 10000,
      "projected_interest_amount": 10,
      "projected_fees_amount": 10
    },
    "rate_type": "FIXED",
    "application_number": "589841564",
    "amortization_schedules": [
      {
        "amort_installment_number": 1,
        "amort_payment_due_date": "2022-02-01",
        "amort_payment_amount": 1740.34,
        "amort_payment_principal": 1000,
        "amort_payment_fees": 7.51,
        "amort_payment_interest": 10,
        "amort_payment_balance": 2000
      }
    ],
    "count_of_installments": 4,
    "installment_amount": 1740.34,
    "first_installment_due_date": "2022-02-01",
    "loan_apr": 15,
    "late_fee": 5
  }
}

Changes

No recorded changes to this operation across all 1 revision of this API.