Other Loan Types

The primary application type that Informed processes is the personal, or individual, retail loan. But there are other variations of applications as well:

Business loans
Individual leases
Business leases

Business Loans

Beginning in Q3 2024, Informed began processing business loans. As one might expect, there are a few differences required in the information that is provided at the time of application registration.

Registering a business loan

The registration page details the changes that are needed to register a business loan. Below is an example of a business loan with those changes included.

Example business loan

{
  "application_reference_id": "your_unique_application_id",
  "application_date": "2024-05-09T09:11:38",
  "contract_date": "2024-05-09T09:11:38",
  "application_type": "Application",
  "application_status": "active",
  "contract_type": "Paper",
  "customer_language": "English",
  "product_type": "Loan",
  "product_sub_type": "Business",
  "applicants": {
    "applicant1": {
      "first_name": null,
      "middle_name": null,
      "last_name": null,
      "suffix": null,
      "business_name": "Best Business Company, Inc.",
      "email": "jo.boren@gmail.com",
      "phone": "9196201234",
      "ssn": null,
      "tax_id": "666123983",
      "date_of_birth": null,
      "address_info": [
        {
          "address": {
            "street_address": "8717 S 4th Ave",
            "city": "Inglewood",
            "state": "CA",
            "zip": "90305"
          },
          "is_current": true,
          "start_date": "2020-10-01",
          "end_date": null
        }
      ]
    },
    "applicant2": {
      "first_name": "Lucinda",
      "last_name": "Bonadio",
      "email": "lucinda.bonadio@gmail.com",
      "phone": "9196202345",
      "ssn": "681129443",
      "date_of_birth": "1965-12-10",
      "liability_structure": "coapplicant",
      "address_info": [
        {
          "address": {
            "street_address": "8717 S 4th Ave",
            "city": "Inglewood",
            "state": "CA",
            "zip": "90305"
          },
          "is_current": true,
          "start_date": "2020-10-01",
          "end_date": null,
          "residence_type": "Rent",
          "monthly_housing_cost": 1000
        }
      ],
      "employment_info": [
        {
          "employment_type": "Employed",
          "employer_name": "Informed Inc.",
          "is_current": true,
          "occupation": "Crew Member",
          "income": {
            "period": "Yearly",
            "amount": 60000
          },
          "start_date": "2018-11-01",
          "end_date": null,
          "business_phone": "9196571425"
        }
      ]
    }
  },
  "verifications": {
    "income": [
      {
        "belongs_to": "applicant2"
      }
    ],
    "residence": [
      {
        "belongs_to": "applicant2"
      }
    ],
    "identity": [
      {
        "belongs_to": "applicant2"
      }
    ],
    "retail_installment_sales_contract": [
      {
        "belongs_to": "application"
      }
    ],
    "odometer_statement": [
      {
        "belongs_to": "application"
      }
    ],
    "bookout_sheet": [
      {
        "belongs_to": "application"
      }
    ]
  },
  "vehicle_info": {
    "vin": "1HGCR2F52GA195235",
    "make": "Honda",
    "model": "Accord",
    "year": 2014,
    "trim": "Sedan",
    "color": "Black",
    "odometer": 62940,
    "condition": "Used",
    "equipments": "Fog Lights, Power Mirrors",
    "selling_price": 16900
  },
  "dealer_info": {
    "dealer_reference_id": "918278126",
    "dealer_name": "Toyota Of Hollywood",
    "dealer_phone": "3234982260",
    "address": {
      "street_address": "6000 Hollywood Blvd",
      "city": "Los Angeles",
      "state": "CA",
      "zip": "90028"
    }
  },
  "services": [
    "extract",
    "verify"
  ],
  "webhook": "https://your.callback.com/here"
}

If it is easier to leave out the null value fields for applicant1, that is acceptable as well for business loans. In that case, the example payload from above would look like this (main focus on applicant1 differences):

Example business loan (without nulls)

{
  "application_reference_id": "your_unique_application_id",
  "application_date": "2024-05-09T09:11:38",
  "contract_date": "2024-05-09T09:11:38",
  "application_type": "Application",
  "application_status": "active",
  "contract_type": "Paper",
  "customer_language": "English",
  "product_type": "Loan",
  "product_sub_type": "Business",
  "applicants": {
    "applicant1": {
      "business_name": "Best Business Company, Inc.",
      "email": "jo.boren@gmail.com",
      "phone": "9196201234",
      "tax_id": "666123983",
      "address_info": [
        {
          "address": {
            "street_address": "8717 S 4th Ave",
            "city": "Inglewood",
            "state": "CA",
            "zip": "90305"
          },
          "is_current": true,
          "start_date": "2020-10-01",
          "end_date": null
        }
      ]
    },
    "applicant2": {...same as above example...}
  },
  "verifications": {...same as above example...},
  "vehicle_info": {...same as above example...},
  "dealer_info": {...same as above example...},
  "services": [
    "extract",
    "verify"
  ],
  "webhook": "https://your.callback.com/here"
}

Business documents

Informed currently recognizes the following document types related to business loans:

RISC Commercial Addendum (classify, extract and verify)
Corporate Resolution and Certification (classify, extract and verify)
Personal Guaranty (classify, extract and verify)
Business Ownership Breakdown (classify, extract and verify)

Business verifications

In addition to the typical verifications for a retail loan, there are several new verifications specific to the business loan type to verify certain details about the business and co-applicant/guarantor. A brief summary of those new verifications is shown below:

risc_commercial_addendum verification

name matching
signature checks

corporate_resolution verification

applicant1 (business) name and address match
applicant1 signature check
applicant2 signature check

personal_guaranty verification

applicant2 name and address match
applicant2 signature check
VIN match

ownership_breakdown verification

applicant1 (business) name match
applicant1 tax_id match
applicant1 signature check

Leases

Informed can help you process not just loans, but also leases.

Registering a lease

Registration changes

For the most part, registering a retail lease is very similar to registering a retail loan application, with the exception of the product_type and product_sub_type properties and the new verifications, as shown in the JSON snippet below. For everything else, follow the instructions on the main registration page.

{
  "application_reference_id": "your_unique_application_id",
  "application_date": "2024-05-09T09:11:38",
  "contract_date": "2024-05-09T09:11:38",
  "application_type": "Application",
  "application_status": "active",
  "contract_type": "Paper",
  "customer_language": "English",
  "product_type": "Lease",
  "product_sub_type": "Retail",
  "applicants": {...},
  "verifications": {
    "motor_vehicle_lease_agreement": [
      {
        "belongs_to":  "application"
      }
    ],
    "lease_calculation_worksheet": [
      {
        "belongs_to":  "application"
      }
    ],
    ...
  },
  "vehicle_info": {...},
  "dealer_info": {...}
  },
  "services": [
    "extract",
    "verify"
  ],
  "webhook": "https://your.callback.com/here"
}

Match your verifications

If you try to register an app of type Lease with the retail_installment_sales_contract verification included, you will receive a 400 error response. Conversely, if you try to include the motor_vehicle_lease_agreement verification in a non-lease application, you will also receive a 400 error response.

Lease documents

Informed currently recognizes the following document types related to leasing:

Lease verifications

Currently, Informed is able to do verifications on several common lease forms. The lists below show the typical verification questions that one might want to ask related to these form types.

motor_vehicle_lease_agreement verification

Matches the applicant1's name?
Matches the applicant2's name?
Matches the dealer's name?
Matches the dealer's address?
What is the form number?
What is the vehicle value?
What is the gross capitalization cost?
What is the residual value?
What is the monthly payment amount?
What is the number of monthly payments?
What is the total of payments?
What is the single payment?
What is the amount due at signing?
What is the cash down?
What is the date of first payment?
What is the contract date?
What is the allowed miles per year?
What is the excess surcharge per mile?
Is there a purchase option?
What is the purchase option fee?
What is the schedule maturity date?
Signed by dealer?
Matches the contract's VIN?
Matches the contract's year?
Matches the contract's Make?
Matches the contract's model?
Matches the contract's mileage?
Lease Modification section signed by applicant 1?
Lease Modification section signed by applicant 2?
Lease Acknowledgement section signed by applicant 1?
Lease Acknowledgement section signed by applicant 2?
Auto Pay Authorization section signed by applicant 1?
Auto Pay Authorization section signed by applicant 2?
Total Loss Notice section signed by applicant 1?
Total Loss Notice section signed by applicant 2?
Arbitrate Agreement section signed by applicant 1?
Arbitrate Agreement section signed by applicant 2?
Assigned to lender?

lease_calculation_worksheet verification

What is the vehicle year?
What is the vehicle make?
What is the vehicle model?
Matches the contract's VIN?
Matches the annual mileage on the contract?
Matches the residual value?
Matches the total capitalized cost?
Matches the monthly lease payment?
Matches the lease term?

lease_personal_property_tax verification

Signed by applicant1?
Signed by applicant2?

lease_end_protection verification

Matches the applicant1's name?
Signed by applicant1?
Signed by dealer?
Matches the contract's VIN?
Matches the contract's premium?
Is effective on contract date?

eContract leases

The following sample JSON snippet shows the recommended minimum amount of information required to be present in the structured_data node in order to process an eContract lease. More information about eContracting can be found on the uploads and eContract data pages.

tip

The document_type should have the value of motor_vehicle_lease_agreement_electronic.

Also note that the document_reference_id key-value pair is a required element when submitting structured eContract data. You should use a unique value for every eContract that you send (e.g., a UUID or hash or some other convention that fits your workflow.)

{
  "image_files": [...],
  "structured_data": [
    {
      "document_type": "motor_vehicle_lease_agreement_electronic",
      "document_reference_id": "your unique partner reference id",
      "source": "YourDealerPortal",
      "url": null,
      "extracted_data": {
        "federal_leasing_act": {
          "monthly_payment": 1331.26
        },
        "payment_calculation": {
          "gross_capitalized_cost": 56924.99,
          "adjusted_capitalized_cost": 56924.99,
          "residual_value": 20800.00,
          "number_of_monthly_payments": 48
        },
        "insurance_charges": [
          {
            "term": {
              "month": null,
              "mileage": null
            },
            "type": "maintenance_plan",
            "provider": "AUL Corp",
            "premium": 695
          }
        ]
      }
    }
  ]
}

Business leases

The registration page details the elements needed to register a business lease. Below is an example of a business lease with those changes included.

Example business lease

{
  "application_reference_id": "your_unique_application_id",
  "application_date": "2024-05-09T09:11:38",
  "contract_date": "2024-05-09T09:11:38",
  "application_type": "Application",
  "application_status": "active",
  "contract_type": "Paper",
  "customer_language": "English",
  "product_type": "Lease",
  "product_sub_type": "Business",
  "applicants": {
    "applicant1": {
      "first_name": null,
      "middle_name": null,
      "last_name": null,
      "suffix": null,
      "business_name": "Best Business Company, Inc.",
      "email": "jo.boren@gmail.com",
      "phone": "9196201234",
      "ssn": null,
      "tax_id": "666123983",
      "date_of_birth": null,
      "address_info": [
        {
          "address": {
            "street_address": "8717 S 4th Ave",
            "city": "Inglewood",
            "state": "CA",
            "zip": "90305"
          },
          "is_current": true,
          "start_date": "2020-10-01",
          "end_date": null
        }
      ]
    },
    "applicant2": {
      "first_name": "Lucinda",
      "last_name": "Bonadio",
      "email": "lucinda.bonadio@gmail.com",
      "phone": "9196202345",
      "ssn": "681129443",
      "date_of_birth": "1965-12-10",
      "liability_structure": "coapplicant",
      "address_info": [
        {
          "address": {
            "street_address": "8717 S 4th Ave",
            "city": "Inglewood",
            "state": "CA",
            "zip": "90305"
          },
          "is_current": true,
          "start_date": "2020-10-01",
          "end_date": null,
          "residence_type": "Rent",
          "monthly_housing_cost": 1000
        }
      ],
      "employment_info": [
        {
          "employment_type": "Employed",
          "employer_name": "Informed Inc.",
          "is_current": true,
          "occupation": "Crew Member",
          "income": {
            "period": "Yearly",
            "amount": 60000
          },
          "start_date": "2018-11-01",
          "end_date": null,
          "business_phone": "9196571425"
        }
      ]
    }
  },
  "verifications": {
    "income": [
      {
        "belongs_to": "applicant2"
      }
    ],
    "residence": [
      {
        "belongs_to": "applicant2"
      }
    ],
    "identity": [
      {
        "belongs_to": "applicant2"
      }
    ],
    "motor_vehicle_lease_agreement": [
      {
        "belongs_to":  "application"
      }
    ],
    "lease_calculation_worksheet": [
      {
        "belongs_to":  "application"
      }
    ],
    "odometer_statement": [
      {
        "belongs_to": "application"
      }
    ],
    "bookout_sheet": [
      {
        "belongs_to": "application"
      }
    ],
    "corporate_resolution": [
      {
        "belongs_to": "application"
      }
    ]
  },
  "vehicle_info": {
    "vin": "1HGCR2F52GA195235",
    "make": "Honda",
    "model": "Accord",
    "year": 2014,
    "trim": "Sedan",
    "color": "Black",
    "odometer": 62940,
    "condition": "Used",
    "equipments": "Fog Lights, Power Mirrors",
    "selling_price": 16900
  },
  "dealer_info": {
    "dealer_reference_id": "918278126",
    "dealer_name": "Toyota Of Hollywood",
    "dealer_phone": "3234982260",
    "address": {
      "street_address": "6000 Hollywood Blvd",
      "city": "Los Angeles",
      "state": "CA",
      "zip": "90028"
    }
  },
  "services": [
    "extract",
    "verify"
  ],
  "webhook": "https://your.callback.com/here"
}

If it is easier to leave out the null value fields for applicant1, that is acceptable as well for business leases.

Note that business leases are essentially a combination of the business loan verifications and the lease verifications along with the correct product_type (Lease) and product_sub_type (Business).

Business Loans​

Registering a business loan​

Business documents​

Business verifications​

Leases​

Registering a lease​

Registration changes​

Match your verifications​

Lease documents​

Lease verifications​

eContract leases​

Business leases​