Pre-Configured Loans

Introduction

For some companies, each loan given is pretty much the same, or there is a small number of loan scenarios that the company offers. For these circumstances, LoanPro gives you the ability to create preconfigured loans. These are loans where you define the loan settings and terms in advance and then simply click a button to create a new one.

How To

Creating Templates

To set up a new preconfigured loan, navigate to Settings > Loan > Setup New Loan > Pre-configured.

Click 'Add' to add a new preconfigured loan.

As you can see, there are lots of options to choose from to set up your loan.  For more information on these options, check out Create New Loan Standard Method. First, enter a name for this preconfigured loan in the 'Name' field. The name should give a little information about the preconfigured loan so you can distinguish it from other preconfigured loans in your company account. Next, select an icon for the preconfigured loan from the drop-down menu next to the name field. The icon will be a quick way to distinguish one preconfigured loan from another.

Now you can enter the loan settings, loan termsescrow calculator data, advanced configuration settings, late fee configuration, and custom field data as you would when you set up any other loan, but with a few minor differences.

In the loan terms section, you will notice that the Contract Date and the First Payment Date are number fields instead of date fields for preconfigured loans. The number you enter is the number of days from the date the loan is created. So, if today is November 3rd and you entered 5 into the contract date field, the contract date for a loan created with this preconfigured template will be five days from November 3rd (i.e. November 8th). The First Payment Date works the same way.

Enter any data that you want to set when you create a loan from this template. Contract Date, First Payment Date, and Term are required fields, although they can all be set to 0. Once the loan information is entered, click 'Save' to save the preconfigured loan.

Create a Loan Using the Template

Now that you’ve created a loan template, it’s easy to create a loan using that template. Navigate to Loans > Loan Manager inside your company account. Click 'New Loan' and select 'Pre-configured'.

You will see a list of the preconfigured loans for your company. Click the template you want to use to create your loan.

Now, you can go through the Loan Setup process and change anything you want for the specific loan you are setting up.

Example

Let’s say that your company offers a promotional 2-year, $5000.00 loan where the borrower will make no payments for the first 6 months. If this is a regular thing, you will probably want to cut out the time it takes to enter all the data for this type of loan each time you want to give one.

To create this as a preconfigured loan, first navigate to Settings > Loan > Setup New Loan > Pre-configured inside your company account.  Click 'Add' to add a new preconfigured loan template.

Now we can enter the information needed for our loan. It is a $5000.00 loan, so enter 5000 into the Amount field. We can leave the contract date at 0 which means it will be the same as the date when the loan is created. The first payment date will be somewhat trickier. Since we don’t want any payments to come due for the first 6 months, we will enter 180 into this box. This is because there are 30 days per month and 30 x 6 = 180. Since we want the loan to last two years, we will enter 18 into the term field, since there are 24 months in two years, but six months will have passed before any payments come due (24 – 6 = 18). Make sure the Payment Frequency is set to Monthly, since we were assuming monthly payments for our term calculation.

The rest of the settings can be set to your preference or according to your company’s lending policies. Once you have entered the rest of the loan settings, click 'Save'. Now, you can use this template to set up new loans.


How did we do?


Powered by HelpDocs (opens in a new tab)