Statements contain important information about the status of the borrower's loan or line of credit like payment due dates and amounts due. By law, statements must be shared each month at least 10 days prior to the due date.
Statements are generated once per month. 10 days prior to the due date, Onbo will generate the statement and fire the statements webhook. You should listen for these webhooks to ensure you share statements with your users in time.
Statement due dates are set as one month following the previous statement date. For the first statement, the due date will be set as one month following the start date, which is the date the loan or line of credit was set to
active. For example:
- If the last statement date is 1/1/2022, then the next due date would be 2/1/2022, and the next due date would be 3/1/2022
- If the last statement due date is 1/29/2022, then the next due date would be 2/28/2022, and the next due date would be 3/28/2022
For lines of credit, the billing date is the final date of the statement period. The billing date is calculated as 10 days prior to the payment due date. Draw downs that occur after the billing date will be applied to the next statement