Open-Source Lending Infrastructure
Corefin is a highly scalable open-source loan management system that allows you to build and launch lending products. It uses the Actual/365 method for calculating interest. See information from the CFPB.
Here's a demo on creating a loan, making a payment, and seeing all installments.
demo.mp4
- Make sure you have Docker installed on your machine.
- Make sure you have Java17 installed on your machine.
To install Java17, run the following commands in the shell:
# Install Java17
brew install openjdk@17
# Check which Java versions you have installed
/usr/libexec/java_home -V
# Set your java version to Java17
export JAVA_HOME=$(/usr/libexec/java_home -v 17.0.10)
To start running Corefin, run the commands in the shell:
# Get the code
git clone https://github.com/getcorefin/corefin.git
# Go to the folder
cd corefin
# Create docker stubs
make docker-stubs
# Perform DB migrations
make db-migrate
# Start
make run-server
Here's an example of creating a 6 month term loan for $1000 at a 5% target interest rate.
curl --location 'http://localhost:8080/loans' \
--header 'Content-Type: application/json' \
--data '{
"term": 6,
"originatedAmount": 1000.00,
"currency": "USD",
"targetInterestRate": 0.05,
"effectiveInterestRate": 0.05,
"externalReference": "orderId_12345",
"startDate": "2024-03-01",
"endDate": "2024-09-01",
"timezone": "America/Los_Angeles",
"region": "US",
"state": "CA"
}'
curl --location 'http://localhost:8080/payments/$LOAN_ID/makePayment' \
--header 'Content-Type: application/json' \
--data '{
"amount": "171.56",
"paymentType": "PAYMENT",
"paymentDateTime" : "2024-03-01T12:00:00Z"
}'
# Connect to the DB
make db-shell
# Execute the following SQL
mysql> select loan_installment_id, num_term, principal_amount, interest_amount from loan_installment where loan_id="132b124a-e247-11ee-bf07-0242ac140002";
+--------------------------------------+----------+------------------+-----------------+
| loan_installment_id | num_term | principal_amount | interest_amount |
+--------------------------------------+----------+------------------+-----------------+
| 132b124a-e247-11ee-bf07-0242ac140002 | 1 | 129.62 | 424.66 |
| 132d3525-e247-11ee-bf07-0242ac140002 | 2 | 196.59 | 357.69 |
| 132e2291-e247-11ee-bf07-0242ac140002 | 3 | 268.15 | 286.13 |
| 132eab9b-e247-11ee-bf07-0242ac140002 | 4 | 405.64 | 166.70 |
Check out our public roadmap for a more detailed view.
At a high level, we're working on the following features next:
- Early/on-time/late payments
- Custom installment amount payments
- Support for other lending products such as MCAs
- Robust reporting API
... and many more!
- Join our Slack community if you need help or want to chat
- Contact us at [email protected]
- Follow us on Twitter for the latest news
Coming soon!
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