Tokenizing Existing Loans

Preczn treats loans as a payment method, similar to tokenizing a credit card during a transaction. To create a loan token you will need to perform a request to the token endpoint. You will need to specify the brand, type, loanID, and merchant to which the loan is associated.

Endpoint:
POST https://api.preczn.com/v1/tokens

 {
    "type": "loan",
    "loan": {
        "brand": "greensky",
        "type": "B2B2C",
        "externalLoanId": "2334800076"
    },
    "merchantId": "mid_test_4ky80vwqjh9ehbggwdp0d9t340"
}

{
    "createdOn": "2023-09-15T19:51:46Z",
    "modifiedOn": "2023-10-19T18:15:31Z",
    "id": "tkn_test_1vd5arshwm925rn726cs082s07",
    "merchantId": "mid_test_4ky80vwqjh9ehbggwdp0d9t340",
    "type": "loan",
    "loan": {
        "customerFirst": "JAMES",
        "currentBalance": 0,
        "status": "Application Offers Presented",
        "brand": "Greensky",
        "merchantName": "GreenskyTestMerchant",
        "creditLimit": 0,
        "applicationDate": "2023-08-02T00:00:00Z",
        "availableCredit": 0,
        "stageFundingThreshold": "100/0",
        "customerLast": "BREWSTER",
        "externalLoanId": "2334800076",
        "type": "B2B2C"
    }
}

For a step-by-step explanation of each of the elements please refer the following recipe:

Automatic Tokenization

Once you set up your connection to your lending provider, Preczn will listen to webhook events from the provider. When a new loan is issued, if Preczn finds a matching merchant but the loan is not detected, Preczn will automatically create a loan token and start tracking the loan.

To listen for automatically created loan token, please subscribe to the loan.created Preczn webhook event.

Retrieving Loan Data from a Token

While Preczn stores data about loans, the authoritative source will always be the loan provider. To accommodate this, Preczn's GET Token API enables platforms to request the most up-to-date information about a loan. When a request is made using a specific Preczn loan token, Preczn contacts the loan provider and returns the latest loan details.

To obtain the most recent status of a loan, execute a GET request to our token endpoint using the loan's tokenId. Preczn will then provide the latest information from the lending provider.

Endpoint:
GET https://api.preczn.com/v1/tokens/tkn_test_rkdnbmhn18bbanwt918f5bz62

{
    "type": "loan",
    "merchantId": "mid_test_4ky80vwqjh9ehbggwdp0d9t340",
    "createdOn": "2023-12-14T11:20:26Z",
    "modifiedOn": "2024-01-15T16:14:48Z",
    "id": "tkn_test_rkdnbmhn18bbanwt918f5bz62",
    "loan": {
        "expirationDate": "2024-06-15T00:00:00Z",
        "customerFirst": "GEORGE",
        "tokenId": "tkn_test_rkdnbmhn18bbanwt918f5bz62",
        "merchantDrawdownPercentageFee": 8.25,
        "currentBalance": 0,
        "status": "Not Activated",
        "brand": "Greensky",
        "merchantName": "General Contractor Unlimited",
        "creditLimit": 1500000,
        "applicationDate": "2023-12-14T00:00:00Z",
        "availableCredit": 1500000,
        "stageFundingThreshold": "100/0",
        "customerLast": "ALFRED",
        "externalLoanId": "2334800076",
        "type": "B2B2C"
    }
}

Loan Data

To effectively service a loan, it's crucial to comprehend the data that loans yield and how this data may evolve over time. To facilitate this, Preczn provides a standardized set of loan data fields. It's important to note that although these fields are available, not all loan providers supply data to populate every field.

Please see the connection guides for each lending provider to see what fields they make available:

• Greensky
• Nelnet

Loan Status

As part of loan data, Preczn offers a normalized loan status. It's important to consider the status of a loan, as only those that are Active should be used to perform drawdown transactions.
If you wish to receive the latest status updates for your loans, we recommend subscribing to Preczn token update webhooks.