Manage Loan

Manage Loan

To change/update or to manage an existing loan, select Manage Loan from the left hand side menu. The window will update so that you can now view all the financial information for the loan. This information would have been supplied when setting up the loan.

• Update Loan

To update any of the existing information for the loan, fill in the information and when you are ready to proceed and save, click on the green Update Loan button located on the top of the page at the end of the menu bar.

At the bottom of the 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 fee, please click on the green + New Fee or the green + New Interest Rate button.

• New Fee

Once you have clicked on the green + New Fee button, a new pop up window will appear. Enter in the information required and then click on the blue Save button to add the new fee to the loan. Active fees will be processed in amortisation, or may be used to create transactions.

• New Interest Rate

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.

Here you have many options to change or update your loan. (breakdown of these options as seen below) Click on the blue buttons located on top of the page accordingly.

• Drawdown

Once you have clicked on the Drawdown button from the top menu bar, a new pop up window will appear. Here the Current Balance, loan term, Scheduled Repayment amount, date and New Drawdown Amount fields are shown. Enter in the new drawdown amount and click on the blue Reset Loan button to make the update, or you can click on the green Dont Reset button. Reset will rest the loan as a new loan starting from the drawdown date and loan term as specified.

• Hardship Repay Adjust

By clicking on the Hardship Repay Adjust button, a new pop up window will appear where you can adjust the term by repayment.

Enter in the new repayment amount in the provided field. This will become the new scheduled weekly repayment amount. Click on the Calculate New Loan Term button to reflect what the new loan terms will be based on the new repayment amount entered. If you would like to continue and proceed with the new calculations, click on the green Apply button.

Please note, that if you proceed the loan will be reset to the new loan term. Please confirm that the new loan term does not exceed your maximum loan term.

• Change Interest Rate

To change the interest rate on an existing loan, 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.

• Change Frequency

To change the Loan Frequency, click on the blue Change Loan Frequency button located on the top of the page. Select the frequency from the drop down menu, enter in the repayment amounts and the next repayment date. If you proceed, this will update the repayment schedule of the loan. Click the green Apply button to save.

• Adjust Term

Here you will be able to view the current no of repayments and scheduled repayment amounts expected as setup. You can enter in a new number of repayments and if needed a custom repayment, which will, if you choose to proceed, will update the repayment schedule of the loan. Please confirm that the proposed new loan term does not exceed your maximum loan term. Click on the green Apply button to save.

• Write off Loan

To write off an existing loan, click on the red Write Off Loan button located on the top of the page.

Once you have clicked on the button, a pop up message will alert you and ask if you are sure you want to write off this loan. If you want to proceed, please click the OK button.

• PayOut Loan

Here you can select to payout a loan. Select the expected payout date and if needed, the program will give you a warning that there may be repayments, fees and interest due before the payout date. To make sure, please click on the Payout Statement button to obtain a statement before proceeding and closing the loan. A backdated payout may result in an incorrect balance if transactions are present after the payout date.

Once you are ready to proceed with the payout and closing of the loan, please click on the green Process Payout button.