What are the various loan statuses?

There are 2 classifications of statuses, namely Payout Statuses and Account Statuses

Payout Statuses

Started: The loan application process has begun, but it is not yet finalised. The borrower has likely provided initial information but has not completed all required steps.
Signed: The borrower has signed the loan agreement, confirming their acceptance of the terms. The application is awaiting further review or approval.
Approved: The loan has been reviewed and authorized by the lender. It is now ready for disbursement, pending any final checks.
Queued: The loan disbursement process has been done via EFT, and the funds are in a queue to be transferred to the borrower's account after the inter-bank clearing period. The status will automatically change to paid out once the funds have cleared.
Paid Out: The loan funds have been successfully transferred to the borrower. The loan is now active, and repayment is expected as per the agreement.
Cancelled: The loan application was terminated by the lender before funds were disbursed, by the lender or the borrowers request.
Declined: The loan application did not meet the necessary criteria and was rejected by the lender. No further processing will occur.
Reversed: A previously disbursed loan has been undone, and the funds have been returned. This may happen due to errors, disputes, or borrower/lender agreements.
Expired: An incomplete loan has lapsed because the borrower did not take action within the allowed time frame. The loan is no longer valid.

Account Statuses

Active: The loan is currently active and payments are ongoing.
Paid Up: The loan has been fully repaid and closed.
Cooling Off Settlement: A previously disbursed loan has been undone, and the funds have been returned. This may happen due to errors, disputes, or borrower/lender agreements.
Handed Over: The loan has been transferred to an external debt collector.
Written Off: The lender has ceased collection efforts due to the likelihood of non-payment.
Deceased: The borrower has passed away.

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