Shark Loan Company

Topics: Interest, Debt, Loan Pages: 1 (328 words) Published: September 26, 2012
The Shark Loan Company The Shark Loan Company provides finance for car purchasers who are buying second-hand cars. The company is in contact with a large number of dealers in the UK and offers a low interest rate loan scheme for selected purchasers. Dealers will use different loan companies depending on the status of their purchaser. When a purchaser requires finance the dealer sends a credit application on behalf of the purchaser to the local Shark office. The local office enters these details on to a client file and sends them to a credit-checking agency in London. When the agency replies by post, the reply is recorded in the client file by the local office. The client file is processed daily by the regional office, which takes the client details from the file and produces a set of finance documents, which are then sent to the dealer when a client’s application has been approved by the checking agency in London. The regional office updates the client file when this happens. The dealer then obtains the purchaser’s signature on the finance documents and sends these back to the loans department in the Shark regional office. The client file is updated to show the loan start date, and the Loans Department passes the finance documents to the Payments Office, which either sends a standing order to the appropriate bank or sends a payment book to the client. Shark maintains a strict check on its debts, and wants to hold a record of the payments received from its clients throughout the period of the loan. It is considering introducing at least two more methods of payment in addition to the standing orders and payment books. Shark will allow a client to have more than one loan provided each loan has received credit approval. Prepare a single level data flow diagram (Physical & Logical); Please provide brief notes & points to identify & briefly describe the process / steps for any 1 process;

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