Apply for loans from WorldFirst

WorldFirst provides a series of APIs that can help Partners to achieve a variety of financing fund management capabilities.

The following table summarizes the financing management functions and the corresponding APIs specifically supported by WorldFirst.

Before you begin

• Make sure you have a valid WorldFirst HK account with a level above L3.
• Make sure you have applied for VC invoice financing products in the WorldFirst portal.

Develop and integrate

We recommend that you follow the steps below when developing and integrating your product. Repeat the following steps if you were to make multiple credit granting and loan application.

(Optional) Step 1: Query the available loan quota

Before requesting a credit grant, call the queryCreditQuota API to query your financing quota information. Once the query is successful, WorldFirst will return your cap limit amount (the maximum credit amount that you can be granted from WorldFirst), the total granted amount, and other information.

Note:

• This queryCreditQuota API has no step dependency with other APIs and it is optional to use. However, as a best practice, we recommend that you call this API to query the current quota information before applying for the credit grant.
• You can call this API to query information such as cap limit amount and total granted amount in any step of the integration process.
• You can refer to the formula to calculate your available credit grant quota: Approvable credit quota ≤ capLimitTotalAmount - grantTotalAmount.

Step 2: Apply for a credit grant

When the financing limit query is completed, you can call the relevant APIs to initiate a fund credit application.

1. Call the submitAttachment API to upload the required invoice attachments. Once an attachment is successfully uploaded, WorldFirst returns the fileKey and fileName parameters, which are the inputs needed to call for subsequent API like applyCreditGrant.

Note:

The submitAttachment API can only upload a single attachment at one time. You can call this API multiple times as needed to upload other valid invoices.

2. After the attachment is uploaded, call the applyCreditGrant API to apply for a credit grant. If the request is successful, WorldFirst will return the credit grant number.

3. Call the queryCreditGrant API to query the credit application results, including the credit grant amount, annualized rate, and the due date of credit grant.

The following figure shows the integration process of initiating a credit grant application:

Figure 1. Workflow to apply for a credit grant

Step 3: Apply for a loan

After a credit grant is successfully applied, you can call the relevant APIs to apply for loans and query the information of loan orders.

1. With reference to the creditGrantNo parameter obtained by calling the applyCreditGrant API, call the consultLoan API to to consult the relevant loan order's details, including the total loan amount, interest rate, repayment method and other information.

2. Call the applyLoan API to apply for a loan. If the API call is successful, WorldFirst will return the loan order number.

3. Call the queryLoanList API or queryLoanDetail API where necessary to query the list of loan orders.

The following figure shows the integrated process of applying for funds:

Figure 2. Workflow to apply for a loan

Step 4: Query the repayment information

After the loan is utilized and the repayment has been made, you can call the relevant APIs to query the repayment records.

1. Call the queryRepaymentList API to query the repayment records in a given timeframe, status or repayment entity. WorldFirst will return the repayment order number, repayment type, total repayment amount, repayment penalty interest, and other information.

2. Call the queryRepaymentDetail API to query the repayment details of a particular repayment made, based on the repayOrderNo parameter obtained from calling the queryRepaymentList API.

The following figure shows the integration process for querying repayment information:

Figure 3. Workflow to query the repayment information

Troubleshooting

If an error occurs when you call the API, Do NOT attempt to retry. Kindly record the traceId and contact WorldFirst Technical Support.