Creating a Product

A product in Canopy is a template that lays out the general policies to be enforced over your borrower’s lifecycle. The majority of these policies can be optionally overridden when onboarding each individual borrower. In production, you will likely only have one or two official products in your system. In your sandbox, you can experiment with a variety of product setups to figure out which best meet your needs. A product can serve as the template for Revolving lines of credit, Installment loans, and Hybrid-type loan agreements, depending on which parameter values you set in the API call.

API Reference

Example: Create Product Payload

POST /products

This example payload sets up an installment loan with monthly cycles. If you are having trouble understanding which parameters to set for your product construct, please check out our API reference linked above or consult with our customer success team.

json
{
  "effective_at": "2016-11-27T13:19:56+00:00",
  "product_id": "<some ID>",
  "product_overview": {
    "product_name": "Test Product",
    "product_type": "INSTALLMENT",
    "product_short_description": "Test Product",
    "product_long_description": "60 Month Repayment"
  },
  "product_lifecycle_policies": {
    "payment_due_policies": {
      "delinquent_on_n_consecutive_late_fees": 1, 
      "charge_off_on_n_consecutive_late_fees": 6,
      "pre_statement_payments_reduce_min_pay": true
    },
    "payment_pouring_policies": {
      "pending_pmt_affects_avail_credit": true
    },
    "fee_policies": {
      "late_fee_grace": "0 days" 
    },
    "billing_cycle_policies": {
      "cycle_interval": "1 month",
      "cycle_due_interval": "10 days",
      "first_cycle_interval": "1 month - 10 days",
      "close_of_business_time": "23:59:59-00:00",
      "product_time_zone": "America/New_York"
    },
    "default_attributes": {
      "default_credit_limit_cents": 600000,
      "default_late_fee_cents": 0,
      "default_payment_reversal_fee_cents": 0
    }
  },
  "promotional_policies": { -- quirk -> this refers to revolving
    "promo_len": 99999,
		"promo_min_pay_type": "AM" 
    "promo_min_pay_floor_cents": 100,
		"promo_interest_deferred": false,
		"promo_reset_on_first_charge": false,
		"promo_default_interest_rate_cents": 0
  },
  "post_promotional_policies": { -- quirk -> this refers to installment
    "post_promo_len": 0,
  },
  "admin": {
    "migration_mode": false -- used for testing & UAT environment only; see guide below
  }
}