Change Due Date
LoanPro’s change due date feature allows you to change payment due dates, one at a time, at any point during the life of a loan.
Note: This tool is not available if the loan is not activated.
To change a payment due date, navigate to Account Setup > Setup Tools > Change Due Date inside your company account.
To change a due date, click Add.
You have the following options:
- Due Date to Change – This drop-down lets you select from all the payment due dates on the account. Select the due date that you want to change. There are two Hyperlinks under this option: Next and Recent Due Date. Clicking Next will automatically select the next, future due date. Clicking Recent Due Date will select the most-recent, past due date.
Note: You have the ability to change the first due date on the loan. If you do choose to change the first due date, it will affect the calculations on this loan; including the APR calculation that was set at the time of activation. If you wish to see the effects in real time, please use the Setup Terms tab to inactivate the loan and change the first due date. If you proceed this will have the “true” APR differ from the quoted one as shown on the Setup Terms tab.
- Next Due Date – This field lets you change the due date you selected from the Due Date Change drop-down. You can do this by directly entering a date, selecting a date using the date picker, or clicking on one of the hyperlinks under the field (+30 | +45 | +60 | +90). Clicking the hyperlinks will select a date the specified number of days in the future.
- Charge Fee – This drop-down lets you choose whether to charge a fee to change the payment due date. This selection can be defaulted, or you can change the default Amount, Memo, and Charge Fee Type in Change due date fee settings by navigating to Settings > Loan > Charges > Change Due Date. If you select Charge Fee as "Yes", you will have some additional fields show:
You can choose a date to have the charge applied on, the Type of the charge fee, and a memo regarding the change due date charge.
Once you have entered the change due date data, click Save. This will give the following popup:
Click Yes to change the due date.
If you have changed due dates on the account, they will appear on the main Change Due Date screen. You can click to revert back to the original due date.
Note: If you chose Force Regular for the First Period Days option in the loan setup, in combination with a Between Periods Interest Application and a Frequency Days In Year selection, then the following will apply: if you change the due date for any payment periods, the amount of interest that will accrue during those periods will still be equal to the amount that would have accrued in a payment period of a standard length (e.g. 30 days if the payment frequency is monthly).
You can also change due dates with rules applied. This involves setting up a rule, and when your accounts qualify for that rule, due date changes will be done automatically. To view the rules that will change due dates on your accounts, go to the Rules Applied tab.
If you want to force the evaluation of a rule (and add a change due date, if the account applies), click > Force Rue for the rule you want to evaluate. You can edit or add rules for change due dates in Settings > Loan > Rules Applied > Change Due Date.