Activated Loans
Updated 1 month ago
General
In LoanPro, loans have both an activated and a non-activated state. When you first create a loan, by default it isn’t activated. This means that the loan numbers aren’t being updated daily, and the loan functions as though it’s not aware of dates. This means that, for example, if a non-activated loan has a first payment date of October 1, 2017 and today is November 8, 2017, the loan will not know that a payment has been missed.
Note: Inactivated loans will still accrue interest if loan numbers have been entered in and the Save & Calculate button has been clicked. If the loan numbers have not been saved and calculated, no interest will accrue.
Non-activated loans are treated differently in other respects as well. For example, non-activated loans will not be included in the credit export.
Once a loan is activated, the numbers will be updated every day and will be included in the daily maintenance process.
How To
To activate a loan, navigate to Account Setup > Setup Terms inside the loan.
Click Activate to activate the loan.