v1

latestOpenAPI 3.0.32026-07-2621102.1 MB

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

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
  }
}