Credit Line - allows users to borrow money from the Credit Line Pool. Can be an additional source of income for the administrator. Available in the module "Credit Line".
Members can borrow the money from the Credit Line Pool. It's up to the administrator (you) to decide whether you want to accept or reject borrow request. The maximum amount available for users can be set in Memberships. If the request is accepted, the fee is added for borrowed money and a member is credited on his Ad Balance. He now needs to repay the debt before the Final Deadline occurs (set by the administrator). An Administrator can also set First and Second Deadline for subamount payments. If the member fails to return the money in time, Automatic Repay occurs. If the member does not have sufficient funds on his balance, he is not able to use the website and all funds he is getting are proceed with Automatic Repay.
This feature can also be profitable for your members. If your system is configured well and members see the opportunity (but do not have sufficient money to invest), they can just borrow the money directly from you.
Go to Admin Panel → Turn Features ON/OFF → Features and enable "Credit Line" (Money section). Now go to Admin Panel → Money → Pools, Credit Line pool should be there. You need to configure how you will put the money into that pool. You can do it using Profit Division. E.g. set that 10% of AdPack purchases will go to Credit Line Pool, 15% of Banner purchases will go to the pool, etc.
Limits & restrictions
In Admin Panel → Addons → Credit Line you can set various kind of restrictions for lending the money and returning the money:
- Final Deadline - Number of days within which user has to repay the whole credit
- Fee - % you get from lending the money
- Minimum days after registration - a minimum number of days after registered users will be able to borrow money from you.
- First Subamount - Percentage of borrowed amount that has to be repaid within the First Deadline
- First Deadline - Number of days within which user has to repay the First Subamount.
- Second Subamount - Percentage of borrowed amount that has to be repaid within the Second Deadline
- Second Deadline - Number of days within which user has to repay the Second Subamount.
You can accept/reject Credit Line requests in Admin Panel → Pending Approval section.