Charges, or fees, inside LoanPro are amounts assessed on a loan or lease outside the repayment schedule. Charges can be assessed in many ways, some of which are designed for specific purposes. You can:
- manually log a charge
- set up regularly recurring charges
- configure automatic late fees
- charge convenience fees
- and more
Charges can be configured to be paid either by payments made after the charge date or by payments made within the same payment period in which charges fall. You can also set up the waterfall application for payments inside LoanPro to determine how payments should apply to charges.
Knowing how charges work can help you do some unconventional things with our software. Often, for example, companies will schedule recurring charges to assess a fee in each payment period. It’s important to note that while you can do this, the fees won’t actually be assessed until either a specific day of the month, or within some number of days of when each payment comes due. This means that you won’t be able to see a payment schedule that shows a fee in each period since each fee will be assessed in the future.