Charges, interest and waivers
Adding a charge to one loan, waiving charges and interest, and editing interest transactions.
Add a charge to a loan
Besides the product’s automatic charges, you can add a charge to a single loan — for example a valuation fee. Choose the charge, amount and due date.
Waive a charge
Waiving cancels a fee or penalty the member owes. Use it for penalties raised in error or forgiven by a manager.
Waive interest
Waiving interest forgives some or all of the interest due — for example as part of a recovery settlement.
Edit or reverse interest
Interest transactions can be edited or reversed by users with permission, for corrections.
Important
Every waiver reduces income. Limit the permission to managers, and review waivers monthly in the loan transactions report.
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