Core Concepts
The following core concepts define how the platform operates.
Customer
A Customer represents the merchant or end customer of our partners the entity that will ultimately receive and repay the financing.
A Customer can be either a person (a private individual) or a business (a commercial entity). Partners determine the customer type at creation time, and the distinction influences what information is collected during the application process and how underwriting is performed.
Partners create Customers in Slate using their own stable identifiers. Each Customer serves as the anchor for underwriting, offer generation, applications, and financing agreements.
In practical terms, this is the end user to whom financing is being offered.
Financial Data
Financial Data consists of the historical and ongoing financial information associated with a Customer.
This data is provided by partners and is used by Slate to:
- Perform underwriting and risk assessment
- Determine eligibility for financing
- Calculate offer amounts, terms, and pricing
Financial Data may include revenue history, transaction data, or other financial signals required to evaluate creditworthiness.
Pre-Approval
A Pre-Approval represents a financing offer generated by Slate after underwriting a Customer using its Financial Data.
Once a Customer and its Financial Data are submitted, Slate automatically evaluates the Customer and if eligible creates a Pre-Approval. This Pre-Approval defines the preliminary offer terms for a lending solution, such as:
- Approved amount
- Pricing structure
- High level repayment expectations
Pre-Approvals are not binding agreements; they are offers that the Customer may choose to apply.
Application
An Application represents the formal financing request submitted by a Customer after engaging with a Pre-Approval offer.
This is a form that collects the additional information required to validate eligibility, complete underwriting, and make a final credit decision.
An Application is evaluated by Slate and results in one of the following outcomes:
- Approved: the Application proceeds to the creation of a Financing Agreement with finalized terms.
- Rejected: the request is declined based on underwriting or risk criteria.
The Application serves as the decision point between a non binding offer (Pre-Approval) and a finalized, enforceable financing contract (Financing Agreement).
Financing Agreement
A Financing Agreement represents the finalized and executed financing contract.
When a Customer completes the application flow and is approved, a Financing Agreement is created. This entity captures the agreed upon financing terms, including:
- Final funded amount
- Term and duration
- Repayment structure
- Legal acceptance and execution status
At this stage, the financing is active and enforceable.