Payment Frequencies
General
LoanPro has several payment frequencies. Some of them may be somewhat difficult to understand, so here is an explanation of each frequency.
Monthly
This is the most common payment frequency. When this frequency is chosen payments occur on the same day of each month. The only exception to this is if the payment falls on the last day of the month, or if it falls on a day that isn't present in all months (i.e. February). If you so choose, the payment will fall on the last day of the month. If the payment is usually on the 30th of the month, it will fall on the 28th in February (29th for leap years).
Weekly
Weekly payments occur every 7 days, with no exceptions.
Bi-Weekly
Bi-Weekly payments occur every 14 days, with no exceptions.
Semi-Monthly/Semi-Monthly Alternative
Semi-Monthly
Semi-Monthly payment occur every half month. The simple calculation of when the second payment of the month will come due can be done by adding 15 to the day of the first payment. For example, if the first payment occurs on the 1st, the second payment will occur on the 16th (1 + 15). This rule always assumes a 30-day month. So, if the first payment is on the 20th, the second payment will be on the 5th of the next month. If you choose to have the payment come due on the last day of the month, the next payment will come due on the 15th.
Date pairs are chose based on how APR is calculated.
Semi-Monthly Alternative
The only differences between Semi-Monthly and Semi-Monthly Alternative are that Semi-Monthly Alternative will have due dates of the 1st and the 15th or the 15th and the 1st. This frequency is uncommon. When using Semi-Monthly Alt, APR is still calculated using the same method as Semi-Monthly.
Here is a list of payment days for the semi-monthly frequency:
Semi-Monthly | Semi-Monthly Alternative |
1st - 16th | 1st - 15th |
2nd - 17th | 2nd - 17th |
3rd - 18th | 3rd - 18th |
4th - 19th | 4th - 19th |
5th - 20th | 5th - 20th |
6th - 21st | 6th - 21st |
7th - 22nd | 7th - 22nd |
8th - 23rd | 8th - 23rd |
9th - 24th | 9th - 24th |
10th - 25th | 10th - 25th |
11th - 26th | 11th - 26th |
12th - 27th | 12th - 27th |
13th - 28th | 13th - 28th |
14th - 29th (28th February non-leap-year) | 14th - 29th (28th February non-leap-year) |
15th - Last Day of Month | 15th - 1st |
16th - 1st | 16th - 1st |
17th - 2nd | 17th - 2nd |
18th - 3rd | 18th - 3rd |
19th - 4th | 19th - 4th |
20th - 5th | 20th - 5th |
21st - 6th | 21st - 6th |
22nd - 7th | 22nd - 7th |
23rd - 8th | 23rd - 8th |
24th - 9th | 24th - 9th |
25th - 10th | 25th - 10th |
26th - 11th | 26th - 11th |
27th - 12th | 27th - 12th |
28th - 13th | 28th - 13th |
29th - 14th (28th February non-leap-year) | 29th - 14th (28th February non-leap-year) |
30th - 15th (28th February non-leap-year, 29th February leap-year) | 30th - 15th (28th February non-leap-year, 29th February leap-year) |
31st - 15th (28th February non-leap-year, 29th February leap-year, 30th all months with 30 days) | 31st - 15th (28th February non-leap-year, 29th February leap-year, 30th all months with 30 days) |
Last Day of Month - 15th | Last Day of Month - 15th |
Annually
This payment takes place once a year on the same day of the year.
Semi Annually
This payment takes place once every 6 months on the same day of the month. For example, if the first payment comes due on May 30th, the second payment will come due on November 30th. If the first payment comes due on the 29th, 30th, 31st of the month, and the second payment month doesn't have that many days, the second payment will come due on the last day of the month.
Quarterly
This payment takes place once every 3 months on the same day of the month. For example, if the first payment comes due on May 30th, the second payment will come due on August 30th. If the first payment comes due on the 29th, 30th, 31st of the month, and subsequent payment months don't have that many days, the payments will come due on the last day of the month.
Single
This payment frequency is used when only one payment will take place on a loan. This will calculate odd days for APR differently than if you had just a single payment of another frequency. The payment will take place on the date specified as the first payment date.
Custom
Each custom option represents a number of days. Payments will take place in intervals of that number of days, no exceptions.