Create Usury Alert

General

Usury alerts are designed to notify you if a loan you are setting up has an APR that is too high. Usury alerts will be set up by you. LoanPro takes no legal responsibility to ensure you don’t break usury laws in your state.

How To

To create a new usury alert, navigate to Settings > Loan > Alerts > Usury inside your company account.

To create a new usury alert, first select what type of usury alert you would like. This can be done by clicking on the blue lettering that describes the current usury alert.

You have three options for your usury alerts. You can select these from the Usury Option drop-down. The options include:

  • Flat Usury Rate – This option lets you set a flat rate that your APR should not exceed.
  • Age of Collateral Usury – This option lets you create brackets based on the age of loan collateral and an associated APR that should not be exceeded for each bracket.
  • Loan Amount Tier Usury – This option lets you create brackets based on the amount of the loan and an APR for each bracket that should not be exceeded.

Flat Usury Rate

To create a usury alert using the flat usury rate option, simply enter the APR that shouldn’t be exceeded in the Flat APR Rate field.

Age of Collateral Usury

To create a new age of collateral usury alert, choose "Age of Collateral Usury" from the Usury Option drop-down. Then select Add.

To create this alert, you will define a range for age of collateral (in years) and an APR that loans on collateral in this age range cannot exceed.

Enter the number of years that is the oldest collateral can be to qualify for this bracket in the Begin Amount (Years) field. Enter the number of years that is the newest collateral can be to qualify for this bracket in the End Amount (Years) field. Finally, enter the APR that should not be exceeded into the APR Percentage field.

Click Save to save your bracket. You can create as many brackets as you want.

Loan Amount Tier Usury

To create a usury alert based on the loan amount, choose "Loan Amount Tier Usury" from the Usury Option drop-down.

Click Add to add a new tier.

To create this alert, you will define a range of loan amounts and an APR that loans which have loan amounts in this range should not exceed.

Enter the smallest loan amount a loan can have to qualify for this bracket in the Begin Amount field. Enter the largest loan amount a loan can have to qualify for this bracket in the End Amount field. Finally, enter the APR that loans of amounts that falls into this bracket should not exceed in the APR Percentage field.

Click Save to save your bracket. You can create as many brackets as you want.


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