API – Loan Setup Collections
Updated 7 months ago
- General
- Interest Rate Type (loan.rateType)
- Loan Class (loan.class)
- Loan Type (loan.type)
- Loan Reporting Type (loan.reportingtype)
- Loan Payment Frequency (loan.frequency)
- Loan Calculation Type (loan.calcType)
- Days in Year (loan.daysInYear)
- Interest Application (loan.interestApplication)
- Beg/End (loan.begend)
- First Period Days (loan.firstPeriodDays)
- First Day Interest (loan.firstdayinterest)
- Discount Calculation Method (loan.discountCalc)
- Days in Year Alternate (loan.diyAlt)
- Days in Period (loan.daysinperiod)
- Last as Final (loan.lastasfinal)
- Curtailment Percentage Base (loan.curtailpercentbase)
- Next Due Date Calculation (loan.nddCalc)
- End Interest (loan.endInterest)
- Fees Paid By (loan.feesPaidBy)
- Late Fee Type (loan.lateFee)
- Late Fee Calculation (loan.lateFeeCalc)
- Late Fee Percentage Base (loan.latefeepercentbase)
- Payment Date Application (loan.pmtdateapp)
- Loan Fee Past Due (loan.feepastduecalc)
- Loan Fixed Term (loan.fixedterm)
- Loan Discount Split (loan.discountsplit)
General
This article shows a list of all collection options for the loan setup.
Interest Rate Type (loan.rateType)
Variable | Description |
loan.rateType.annually | This is the annual interest rate. |
loan.rateType.biweekly | This is the Bi-weekly interest rate. A biweekly interest rate of 1% is the same as an annual interest rate of 26%. |
loan.rateType.monthly | This is the monthly interest rate. A monthly interest rate of 1% is the same as an annual interest rate of 12%. |
loan.rateType.semiannually | This is the semi-annual interest rate. A semi-annual interest rate of 1% is the same as an annual interest rate of 2%. |
loan.rateType.semimonthly | This is semi-monthly interest rate. A semi-monthly interest rate of 1% is the same as an annual interest rate of 24%. |
loan.rateType.weekly | This is the weekly interest rate. A weekly interest rate of 1% is the same as an annual interest rate of 52%. |
Loan Class (loan.class)
This is a list of all Loan Class types. This is usually the same as the collateral type.
Variable | Description |
loan.class.carLoan | This is for car loans |
loan.class.consumer | This is for consumer loans |
loan.class.mortgage | This is for Real Estate loans |
loan.class.other | This is for other loans |
Loan Type (loan.type)
This is a list of all loan types.
Variable | Description |
loan.type.creditLimit | This is for credit limit loans |
loan.type.flooring | This is for flooring loans |
loan.type.installment | This is for installment loans. |
loan.type.lease | This is for leases |
Loan Reporting Type (loan.reportingtype)
Variable | Description |
loan.reportingtype.C | This is the line of credit reporting type on a loan. |
loan.reportingtype.I | This is the installment reporting type on a loan. |
loan.reportingtype.M | This is the mortgage reporting type on a loan. |
loan.reportingtype.O | This is the open reporting type on a loan. |
loan.reportingtype.R | This is the revolving reporting type on a loan. |
Loan Payment Frequency (loan.frequency)
This is a list of payment frequency options.
Variable | Description |
loan.frequency.annually | Payments are due once a year. |
loan.frequency.biWeekly | Payments are due once every other week. |
loan.frequency.custom | Payments are due at a custom interval. |
loan.frequency.monthly | Payments are due once a month. |
loan.frequency.quarterly | Payments are due once a quarter. |
loan.frequency.semiannually | Payments are due twice a year. |
loan.frequency.semiMonthly | Payments are due twice a month. |
loan.frequency.single | Only a single payment will come due on the loan (full amount of loan due) |
loan.frequency.weekly | Payments are due once a week. |
Loan Calculation Type (loan.calcType)
This is a list of all options for loan calculation type.
Variable | Description |
loan.calcType.interestOnly | This is for interest-only loans. |
loan.calcType.rule78 | This is for Rule-78 loans (please note that these loans are illegal in many areas; check with the laws in the jurisdiction where your company resides before accruing interest based on the rule of 78s). |
loan.calcType.simpleInterest | This is for simple interest loans. |
loan.calcType.simpleIntLocked | This is for simple interest locked loans. Simple interest locked means no more and no less than the originally calculated interest amount will come due on the loan. |
Days in Year (loan.daysInYear)
This is a list of all options for Days in Year calculations:
Variable | Description |
loan.daysInYear.actual | Use the actual number of days in a year. |
loan.daysInYear.frequency | Use a number of days in a year that is calculated based on the payment frequency (number of days in a payment period * number of payment periods in a year). |
Interest Application (loan.interestApplication)
Here is a list of interest application methods.
Variable | Description |
loan.interestApplication.betweenPeriods | Interest is applied between periods. |
loan.interestApplication.betweenTransactions | Interest is applied between transactions made on the loan. |
Beg/End (loan.begend)
Here’s a list of Beginning/End options
Variable | Description |
loan.begend.beg | Interest is paid in the beginning of a payment period. |
loan.begend.end | Interest is paid at the end of a payment period. |
First Period Days (loan.firstPeriodDays)
Here’s a list of options for number of days in the first payment period.
Variable | Description |
loan.firstPeriodDays.actual | Calculations are based on the actual number of days in the first period. |
loan.firstPeriodDays.forceRegular | Calculations are based on a regular number of days in the first payment period regardless of the number of days in that period. |
loan.firstPeriodDays.frequency | Calculations are based off a regular length first payment period if the length of the period is within one da of a regular period. |
loan.firstPeriodDays.unitPeriodOddDays | Calculations are based off a unit period of 30 days for one actual month, even if the actual month has 28 to 31 days, plus any odd days. |
First Day Interest (loan.firstdayinterest)
Below is a list of options for the first day interest of a loan.
Variable | Description |
loan.firstdayinterest.no | 0 - Do not charge interest on the first day of a loan. |
loan.firstdayinterest.yes | 1 - Do charge interest on the first day of the loan. |
Discount Calculation Method (loan.discountCalc)
Below is a list of discount calculation methods.
Variable | Description |
loan.discountCalc.full | This option pays only the discount portion of the principal until all the discount has been paid. |
loan.discountCalc.percentage | The percentage will calculate the amount of discount by multiplying the principal portion of the payment by the original discount divided by the original principal balance. |
loan.discountCalc.percentFixed | Percentage fixed works very similarly to percentage. The principal portion of a payment will always be split in the same percentage as the percent of the original discount to the total loan amount regardless of whether there is any discount due on the loan. |
loan.discountCalc.rebalancing | Rebalancing calculates the discount as the unpaid discount divided by the remaining term of the loan. |
Days in Year Alternate (loan.diyAlt)
Below is a list of options for Days in Year Alternate.
Variable | Description |
loan.diyAlt.no | This means no days in year alternate. |
loan.diyAlt.yes | This means there is days in year alternate. |
Days in Period (loan.daysinperiod)
Below is a list of options for custom days in a period.
Variable | Description |
loan.daysinperiod.1 | Payment due every day |
loan.daysinperiod.1B | Payment due every business day (Monday through Friday) |
loan.daysinperiod.2 | Payment due every other day |
loan.daysinperiod.3 | Loan period length is 3 days. |
loan.daysinperiod.4 | Loan period length is 4 days. |
loan.daysinperiod.5 | Loan period length is 5 days. |
loan.daysinperiod.6 | Loan period length is 6 days. |
loan.daysinperiod.8 | Loan period length is 8 days. |
loan.daysinperiod.9 | Loan period length is 9 days. |
loan.daysinperiod.10 | Loan period length is 10 days. |
loan.daysinperiod.12 | Loan period length is 12 days. |
loan.daysinperiod.13 | Loan period length is 13 days. |
loan.daysinperiod.15 | Loan period length is 15 days. |
loan.daysinperiod.18 | Loan period length is 18 days. |
loan.daysinperiod.20 | Loan period length is 20 days. |
loan.daysinperiod.24 | Loan period length is 24 days. |
loan.daysinperiod.26 | Loan period length is 26 days. |
loan.daysinperiod.28 | Loan period length is 28 days. |
loan.daysinperiod.30 | Loan period length is 30 days. |
loan.daysinperiod.36 | Loan period length is 36 days. |
loan.daysinperiod.40 | Loan period length is 40 days. |
loan.daysinperiod.45 | Loan period length is 45 days. |
loan.daysinperiod.52 | Loan period length is 52 days. |
loan.daysinperiod.60 | Loan period length is 60 days. |
loan.daysinperiod.72 | Loan period length is 72 days. |
loan.daysinperiod.73 | Loan period length is 73 days. |
loan.daysinperiod.90 | Loan period length is 90 days. |
loan.daysinperiod.91 | Loan period length is 91 days. |
loan.daysinperiod.120 | Loan period length is 120 days. |
loan.daysinperiod.180 | Loan period length is 180 days. |
loan.daysinperiod.182 | Loan period length is 182 days. |
loan.daysinperiod.360 | Loan period length is 360 days. |
loan.daysinperiod.364 | Loan period length is 364 days. |
loan.daysinperiod.365 | Loan period length is 365 days. |
Last as Final (loan.lastasfinal)
Variable | Description |
loan.lastasfinal.no | 0 - If more interest accrues on a loan that was originally intended, or payments were missed, add payments to the schedule to adjust. |
loan.lastasfinal.yes | 1 - Make the last loan payment larger to adjust for missed payments or extra interest accrual. |
Curtailment Percentage Base (loan.curtailpercentbase)
Variable | Description |
loan.curtailpercentbase.loanAmount | This is the original principal balance on a loan. |
Next Due Date Calculation (loan.nddCalc)
Determines how to calculate the next due date. See Next Due Date (NDD) Calculation.
Variable | Description |
loan.nddCalc.interest.Only | The interest only next due date calculation. |
loan.nddCalc.standard | The standard next due date calculation. |
End Interest (loan.endInterest)
Variable | Description |
loan.endInterest.loanExp | This is the original loan expiration date. |
loan.endInterest.no | This is the option of no end interest. |
Fees Paid By (loan.feesPaidBy)
Variable | Description |
loan.feesPaidBy.date | This is the fees paid by date on a loan. |
loan.feesPaidBy.period | This is the fees paid by period on a loan. |
Late Fee Type (loan.lateFee)
Variable | Description |
loan.lateFee.1 | Flat $30.00 fee |
loan.lateFee.2 | Custom flat dollar amount |
loan.lateFee.3 | Custom percentage |
loan.lateFee.4 | Greater between custom flat amount and percentage |
loan.lateFee.5 | Lesser between custom flat amount and percentage |
Late Fee Calculation (loan.lateFeeCalc)
Variable | Description |
loan.lateFeeCalc.current | This is the current late fee calculation on the loan. |
loan.lateFeeCalc.standard | This is the standard late fee calculation on a loan. |
loan.lateFeeCalc.standardFee | This is the standard fee for a late fee. |
Late Fee Percentage Base (loan.latefeepercentbase)
Variable | Description |
loan.latefeepercentbase.escrow | Regular payment/ Escrow |
loan.latefeepercentbase.regular | This is the regular payment |
loan.latefeepercentbase.escrowHold | Regular payment + Escrow + Hold |
loan.latefeepercentbase.hold | Regular payment + Hold |
Payment Date Application (loan.pmtdateapp)
Variable | Description |
loan.pmtdateapp.actual | Actual/ Next |
loan.pmptdateapp.last | Last/ Next |
Loan Fee Past Due (loan.feepastduecalc)
Variable | Description |
loan.feepastduecalc.date | This is the fee past due calculation on a loan. |
loan.feepastduecalc.immediate | This is the immediate fee past due calculation. |
Loan Fixed Term (loan.fixedterm)
Variable | Description |
loan.fixedterm.no | This means there is no fixed term on the loan. |
loan.fixedterm.yes | This means fixed term is on the loan. |
Loan Discount Split (loan.discountsplit)
Variable | Description |
loan.discountsplit.no | Recognize discount all in the loan. |
loan.discountsplit.yes | Recognize discount over the life of the loan as payments come. |