Credit Hub
Credit Hub is a feature complete credit platform that enables you to build various credit product experiences, including: Open Loans, Revolving Loans, One-time Loans, and Cash Advances.*
Credit Product Types
Credit Hub is a platform that allows you to create various types of credit products for individuals or businesses in weeks, with the ease of API calls, with Synapse as your built-in lender of record.
Open Loans
Open Loans have a flexible credit limit, where the credit limit can be dynamically set by a collateral account. For consumers without a credit history, this represents an effective means to build credit. It also enables you to create loan products that have very low barriers to entry, meaning low value loans at zero risk.
Revolving Loans
Revolving Loans have a fixed credit limit which is locked at any given point in time. With this loan type, you can build secured credit products, for example tied to a collateral account, or unsecured credit products not tied to a collateral account. A common use-case for Revolving Loans is issuing credit cards.
One-Time Loans
One-Time Loans are single disbursement loan products where funds are paid back in equal installments over time. A common use-case for One-Time Loans are Buy-Now-Pay-Later plans.
Cash Advances
Cash Advances are a one-time disbursement product with repayment often tied to a payroll disbursement, typically within a month’s time. Cash Advances can be a fast and convenient alternative to loans due to their simplicity and limited regulatory burden.
Get Started
Creating a Credit Hub is as simple as following these two steps:
Create A User
POST /v3.1/users HTTP/1.1
Host: https://uat-api.synapsefi.com
X-SP-GATEWAY: client_id_xxx|client_secret_xxx
X-SP-USER-IP: ip_address
X-SP-USER: |fp_xxx
Content-Type: application/json
{
"documents":[{
"email":"test@test.com",
"virtual_docs":[{
"document_type":"TIN",
}],
"physical_docs":[{
"document_type": "GOVT_ID",
}],
"social_docs":[{
"document_type": "MAILING_ADDRESS",
}]
}]
}
Open a Credit Account
POST /v3.1/users/user_id/nodes HTTP/1.1
Host: uat-api.synapsefi.com
X-SP-USER-IP: ip_address
X-SP-USER: oauth_xxx|fp_xxx
Content-Type: application/json
{
"type": "LOAN-US",
"info": {
"loan_type": "OPEN",
"nickname": "My Loan",
"interest": {
"apr": 10,
"cap": 5
},
"document_id": "user_doc_id",
"reserve_node_id": "node_id",
"schedule":"MONTHLY"
}
}
After that, you can choose to link ACH, Wire, Interchange and many more account types to disburse funds or collect repayments and/or issue cards for a more holistic credit card or charge card experience.
Key Use Cases
Robust Features
Multi-Bank
Leverage multiple banks either to maximize interest or increase FDIC coverage for your customers.
Learn More
Card Issuance
Instantly issue card numbers on top of deposit or credit accounts, then load them into any mobile wallet of choice and/or ship a physical card with various shipping and card styling options, including metal.
Learn More
Remote Deposit Capture
Deposit third-party checks into deposit or credit accounts via our Remote Deposit Check feature for repayment.
Learn More
Check Issuance
Issue checks backed by deposit or credit accounts for traditional bill payments.
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Card Processing
Instantly fund accounts with any debit, prepaid or credit card. Instantly disburse funds to any debit or prepaid card-backed account for faster access to cash.
Learn More
Cash Access
Enable your customers to deposit or access cash in their deposit accounts via ATMs and popular convenience stores like 7-Eleven and Walgreens.
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Bill Pay
Enable your customers to pay bills to thousands of vendors through our RPPS Integration.
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Autopay
Enable auto-pay for ease of repayment without the need to manage payment installments.
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Flexible Collateralization Options
Collateralize loans via customer deposits, your balance sheet or via a debt facility through our partners, or your own debt providers.
Learn More
AC/RT Issuance
Issue unique account numbers on top of deposit accounts to enable ACH and Wire transactions in and out of accounts for other platforms like Venmo, Lyft, PayPal, etc.
Learn MoreYotta partnered with Synapse to expand its offerings in order to respond to customers’ requests for credit cards instead of debit cards and higher interest rates on their savings accounts. Now Yotta is offering valuable products across both hubs: Deposit Hub and Credit Hub.
Credit Hub Pricing
Get started with tailored solutions, custom pricing, and dedicated support for your team.
Competitive on total cost of ownership.
Comprehensive with built-in core banking, payment rails and risk/compliance infrastructure. Pricing represents all you need to launch fully featured credit products.
Pricing is customizable to meet your needs.
Components may include:
Explore more Synapse products
Deposit Hub
Deposit Hub is a feature complete, deposit and payment platform that enables you to build various account-centric product experiences, including: Cash deposits, For-Benefit-Of Sub-accounts, Custody accounts, and Clearing accounts.
