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General. While APR does stand for annual percentage rate, it can mean different things in different circumstances. Some people think that APR only means the annual interest rate charged on a loan, wh…
Updated 3 months ago by Sloan
General. The APR Targeting tool lets you choose an APR amount and then it will adjust either the loan interest rate or the total escrow amount, whichever you choose, in order to get the loan as close…
Updated 6 months ago by Sloan
General. There are several ways that the interest portion of a payment can be calculated on a loan. LoanPro currently gives four options for calculating the interest portion of a payment: Interest On…
Updated 3 months ago by Cole
General. The typical loan payment calculation doesn’t take into account non-uniform payment periods. In reality, all months don’t actually last 30 days and there are 52 weeks and one day in a year (t…
General. Discount or lenders fee is a fee typically charged to a dealership in order to accept a loan from that dealership or the difference between the amount paid for a loan note and the face value…
General. In LoanPro, when a payment is applied, you have the option to decide how the portion of that payment that exceeds the amount due on the account will be applied. Not all options for applying…
Updated 1 year ago by Sloan
General. Often when a loan is given, the first payment period (period starting when the loan is given until the first payment comes due) is a little longer or a little shorter than a standard payment…
Updated 3 months ago by Darrin Wray
General. The force payments option is designed to give you quick access to both the schedule roll and the schedule round tools in a single location. How To. Using the force tool is easy and can be do…
General. The concept of history and dates is probably confusing since it is unique to LoanPro. History and dates are settings that can be turned on or off for a loan. History refers to the history of…
General. Interest application lets you choose whether interest should come due based on how much interest accrues between payment periods or payment , or in some cases credit , transactions between t…
General. The last as final setting lets you decide whether the originally-calculated last payment on a loan should remain the last payment regardless of the payment history unless the loan is paid of…
General. The Next Due Date (NDD) option is only available when Interest Application is set to Between transactions. It gives the choice between two calculation methods for amount past due. The amount…
Updated 1 year ago by Cole
General. The payment date application gives you the option to have payments apply either based on the actual payment date, or the scheduled payment date. See Log a Payment for information about how p…
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…
Updated 1 month ago by Sloan
General. In a typical loan the payment amount is calculated using the term of the loan, the present value of the loan (loan amount) and the interest rate of the loan. But, sometimes it’s helpful to t…
Updated 7 months ago by Sloan
General. LoanPro offers many options to accommodate many loan types. We also try to make it as easy as possible to move loans to LoanPro from other systems. To accommodate this, it is possible in Loa…
Updated 5 months ago by Sloan
General. The typical way that payments are calculated doesn’t take into account irregular first payment periods. Because of this, if your first payment period is longer than a standard period (e.g. 3…
General. Leases are different than loans. Loans involve supplying money so that an asset can be purchased or for a number of other reasons. A lease is a payment to cover rent and depreciation of an a…
An Overview of How Amortized Loans Typically Work. Most people are familiar with some of the jargon associated with giving loans. People understand what principal and interest are in a general sense.…
General. If the repayment of a loan goes according to plan, or even slightly different from the plan, it's likely that the principal balance will eventually be $0. This article covers what will happe…
Updated 3 weeks ago by Andy
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Updated 3 months ago
by Sloan
