Example 1. Installment Loans

Case Description

Suppose your Lending Company is offering loans for purposes like car repair, household, holiday and travel, etc. and the loan terms need to be as follows:

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Below, there's a step-by-step guidance on how to configure a credit product to implement a loan policy like that.

Setup procedure 

Step 1. Adjust overdue fees by creating a Late Fee configuration. Go to System → Past Due Settings. Add a Late Fee Configuration: Set the Installment past due (days) field to 3 days and set the Absolute fee field to 30 dollars (as specified in Paragraph 5 of the Case Description above). Enter the name such as Missed Payment Fee. Click OK and then click Save Settings. See also /wiki/spaces/TLKB/pages/402751648 for further information.

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Enter $0 to disable the auto write-off feature.

Example 2. Payday Loans

Case Description

Suppose your Lending Company is offering short-term small cash loans and the loan conditions need to be as follows:

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Below, there's a step-by-step guidance on how to configure a credit product to implement a loan policy like that.

Setup procedure 

Step 1. Go to the System workplace and select the Credit Products tab on your left.

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