Optimizing Loan Management and Statement Generation with Xano

This meeting was about discussing the need to improve the process of creating statements for loans in a small fintech company. The company offers loans to individuals with bad credit and uses a mortgage as collateral. They charge fees for legal and documentation services and manage the loans through an app. The current issue is with creating on-the-fly statements for accounting purposes, which is time-consuming and causing problems when dealing with unpaid loans. The goal is to move this process to Xano and create recurring daily statements for each loan. The meeting discussed the structure of loans and how payments should be allocated between principal, interest, and penalties. It was suggested to create a virtual table in Xano to handle these calculations and store payment information. The meeting also touched on the need for a PDF document generator to export the statements. The suggestion was to use a function in Xano to iterate through the loans and generate the statements. The meeting concluded with the recommendation to keep the loan and transaction tables as the most important ones for tracking loan states and generating statements.

(Source: Office Hours 6/5 )

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