Our organization accepts loans of $1000 or more from individuals and repays them incrementally with interest. What would it take to integrate the management, tracking and repayment of these loans with our existing WordPress-deployed CiviCRM system and data?
A few things to keep in mind:
- Each loan should be tied to either an Individual or to an Organization
- After our org (manually) accepts a loan offer, lender should be able to transfer funds to our merchant account via credit card or bank card
- Payments (by check) to lender would be entered manually by user
- Basic columns should include user_unique_id, Loan ID, Interest rate, Term, Creation date, Principle and Current balance
- Each Loan ID should be tied to a record of payments that includes date, check number and any other transaction-specific data for each payment
Is anyone else using Civi to manage incoming loans, and if so, how're you doing this? Or, is anyone interested in developing a new extension (i.e. Loans Component)? What might that cost?