Interest Tiers

General

Interest tiers are designed so that the interest rate on your loans can be automatically assigned based on the loan amount if you choose to have them assigned that way.  Interest rates assigned by an interest tier are only assigned to newly created loans and will not retroactively change interest rates on existing loans.

How To

To create a new interest tier, navigate to Settings > Loan > Setup New Loan > Interest Tiers inside your company account.

Enter the lowest amount that the loan amount can be to qualify for this tier in the Begin Amount field.  Enter the highest amount the loan amount can be to qualify for this interest tier into the End Amount field  Enter the interest rate that will be assigned to new loans that qualify for this interest tier into the Interest Rate field.

Interest Tiers in Loan Setup

When you set up a loan and you want to use interest tiers, make sure the Tier interest rate box is checked.  This will make it so the rate is automatically assigned based on the tier.

If you want the Tier interest rate box to be checked by default, make sure you set up your loan type specific defaults accordingly.