API – Loan Setup Collections
This article shows a list of all collection options for the loan setup.
Interest Rate Type
This is a list of all options for loan interest rate types.
- Annual interest rate
- Bi-weekly interest rate. A biweekly interest rate of 1% is the same as an annual interest rate of 26%
- Monthly interest rate. A monthly interest rate of 1% is the same as an annual interest rate of 12%
- Semi-annual interest rate. A semi-annual interest rate of 1% is the same as an annual interest rate of 2%
- Semi-monthly interest rate. A semi-monthly interest rate of 1% is the same as an annual interest rate of 24%
- Weekly interest rate. A weekly interest rate of 1% is the same as an annual interest rate of 52%.
This is a list of all Loan Class types. This is usually the same as the collateral type.
- This is for car loans
- This is for consumer loans
- This is for Real Estate loans
- This is for other loans
This is a list of all loan types.
- This is for credit limit loans
- This is for flooring loans
- This is for installment loans
- This is for leases
Loan Payment Frequency
This is a list of payment frequency options.
- Payments are due once a year
- Payments are due once every other week
- Payments are due at a custom interval
- Payments are due once a month
- Payments are due once a quarter
- Payments are due twice a year
- Payments are due twice a month
- Only a single payment will come due on the loan (full amount of loan due)
- Payments are due once a week
Loan Calculation Type
This is a list of all options for loan calculation type.
- This is for interest-only loans.
- 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)
- This is for simple interest loans
- 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
This is a list of all options for Days in Year calculations:
- Use the actual number of days in a year
- 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).
Here is a list of interest application methods.
- Interest is applied between periods
- Interest is applied between transactions made on the loan
Here’s a list of Beg/End options
- Interest is paid in the beginning of a payment period
- Interest is paid in the end of a payment period
First Period Days
Here’s a list of options for number of days in the first payment period.
- Calculations are based on the actual number of days in the first period
- Calculations are based on a regular number of days in the first payment period regardless of the number of days in that period
- Calculations are based off a regular length first payment period if the length of the period is within one day of a regular period
- 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
Below is a list of options for the first day interest of a loan.
- 0 – Do not charge interest on the first day of a loan
- 1 – Do charge interest on the first day of the loan
Discount Calculation Method
Below is a list of discount calculation methods.
Days in Year Alternate
Below is a list of options for Days in Year Alternate.
Days in Period
Below is a list of options for custom days in a period.
- Payment due every day
- Payment due every business day (Monday through Friday)
- Payment due every other day
For the rest, the period length is determined by the number in the option (measured in days)
Last as Final
- 0 – If more interest accrues on a loan than was originally intended, or payments were missed, add payments to the schedule to adjust
- 1 – Make the last loan payment larger to adjust for missed payments or extra interest accrual
Curtailment Percentage Base
NDD Calc (Next Due Date)
Determines how to calculate the next due date. See Next Due Date (NDD) Calculation
Fees Paid By
Late Fee Type
- Flat dollar amount
- Greater between flat amount and percentage
- Lesser between flat amount and percentage
Late Fee Calculation
Late Fee Percentage Base
- Regular Payment + Escrow
- Regular Payment
Payment Date Application