📊 Loan Status

The Loan Status page provides a comprehensive overview of the different statuses that loans can have within the SoFLEX platform. Understanding these statuses is essential for users to track the progress of their loans and make informed decisions about their lending and borrowing activities.

Active

The Active status indicates that the loan is currently active and ongoing. Both borrowers and lenders can view active loans to monitor their progress and manage their positions accordingly.

Repaid

A loan with the Repaid status has been fully repaid by the borrower according to the terms agreed upon in the loan agreement. This status signifies successful completion of the loan transaction.

Defaulted

When a borrower fails to repay the loan according to the agreed-upon terms, the loan is considered defaulted. Defaulted loans pose risks to lenders, and appropriate actions may be taken to recover the outstanding amount.

Pending

The Pending status indicates that a loan application is pending approval or processing. Borrowers will need to wait for the application to be reviewed and approved by the platform before the loan can become active.

Cancelled

If a borrower decides to cancel their loan application before it is approved or disbursed, the loan status will be marked as Cancelled. This status indicates that the loan transaction did not proceed to completion.

Expired

Loan offers have an expiry period, and if they are not accepted or disbursed within this timeframe, the status of the loan offer becomes Expired. Borrowers and lenders should be mindful of expiry dates to ensure timely action on loan transactions.

Closed

The Closed status indicates that the loan has been closed for various reasons, such as early repayment by the borrower or administrative closure by the platform. Closed loans are no longer active, and the transaction is considered complete.

Understanding the different loan statuses is crucial for users to effectively manage their lending and borrowing activities on the SoFLEX platform. By monitoring the status of their loans, users can make informed decisions and take appropriate actions to optimize their financial positions and achieve their investment goals.