There are three repayment modes that are by default available for any credit product in the system.

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Initial Payment Mode

This mode is available by default and has one step: all the funds are used to pay the initial payment.

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Pay-Off Mode

This mode is only available to pay off the principal and all the interest and fees as of the current date and is used for this purpose.

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Regular Payment

This mode simulates the most regular allocation of funds.
It starts with payment of all the past dues, then covers fees and interest for the current installment, proceeding to its principal. After that, the installment is recalculated and its due debt (if any) is paid. After that future principal is paid, and future installments are recalculated.

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By default, when future payments are recalculated, the installment payments aren’t changed but the number of installments is reduced.

More Modes and Autocharging?

If there are no other payment modes, the regular payment mode is automatically chosen for payments, in particular, for automatic charging.
In case of a need, the system administrator can create more payment modes (see Repayment modes constructor ). In this case, Back-Office users and Customers can select payment mode manually, when registering, charging or making the payment, and the system administrator shall define the default mode that will be used for automatic charging.