Changes to the Interest Rate for a Loan

Changes to the interest rate for a loan

• Changing the Interest Rate for a Loan

To change the interest rate on an existing loan you will need to locate and open the loan. Once you have selected the loan a new window will open and you will see the loan summary. Select Manage Loan from the left hand side menu.

You are now viewing the Manage Loan section. Click on the blue Change Interest Rate button located on the top of the page.

A Change Interest Rate pop up window will open. Here you will be able to view past Interest Rate Adjustments, which includes the Effective Date as well as the Effective Rate. Click on the green + adjustment button to add a new Interest Rate adjustment. Enter in the effective date and the effective interest rate and then click the blue Save button which will update the interest rate accordingly and close the pop up window.

• Adding a New Interest Rate for a Loan

At the bottom of the Managing Loans window, if you scroll down you will see a list of the loan Fees and Interest Rates assigned to the loan. To add a new Interest Rate, please click on the green + New Interest Rate button.

Once you have clicked on the green + New Interest Rate button, a new pop up window will appear. Enter in the information required, Annual % Rate, Start Date and End Date of the new interest rate and then click on the blue Save button to add the new interest rate to the loan.