Administration fee

The administration fee is applied to each loan installment to cover loan administration costs. Fee value can be set in the credit product settings as a fixed amount or percent or rate.

Each installment.

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Disbursement fee

A disbursement fee can be set up on the CP(Credit Product) as a fixed amount or percent or rate.

All disbursement fees are deducted from the loan amount upon disbursement and the rest is transferred to a borrower manually or via an integration with a payment provider. The loan schedule is based on the initial Loan Amount( disbursement fee is included).

Decrease amount to disburse.

Disbursement fees are applied and immediately paid as soon as a loan is disbursed, regardless of their priority in the fees list.

Make a note that in case of multiple disbursements, this fee is applied every time, to every disbursement.

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Down payment

The Down payment amount is a part of the purchase price that a borrower decides to pay and the loan amount will be calculated as a subtraction down payment from the purchase price.

Waiting for the payment on the Servicing WP. Can not overpay.  'Pending initial payments' status until a customer pays the down payment amount in full.

'0' Installment will be added to the schedule.

One-time fees, when the payment transaction is done by the Customer before disbursement.

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Late fee

Some types of loan products accrue penalties for late payments. A late fee can be added to a credit product as a fixed amount or percent or rate.

The penalty is charged once payment is delayed by a number of days specified in the agreement (Installment past due). There may be several commissions of past due days, and for each of them, different amounts of fine may be charged.

example:

Late fee 1:
DPD = 5 days, percent = 1%

Late fee 2:
DPD = 10 days, amount = $20

Once the rule is applied and a fee is charged, this rule is no longer checked and applied for this installment. However, it can be applied for other installments - the DPD value for each installment is calculated based on this installment's Due Date.

Late Fees are applied to loan installment as soon as this installment's DPD value becomes equal to the DPD value specified in one of the late fee rules.

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Leasing payment

Leasing payment is available when the loan type is - Leasing. 

'Leasing payment' commission can be specified as a percent of the Loan Amount or as a fixed amount (not depending on Loan Amount). 

It is expected that only one lease payment is added to the credit product, however, you are free to add a set of such commissions if it corresponds to your business needs.

For each payment transaction.

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NSF

Non-sufficient funds (NSF) is the term used when the checking account is overdrawn — meaning there is not enough money in the account to pay the check written against it. The bank (payment provider) returns the “bounced” check to the account holder and charges a returned check charge or an NSF fee. A returned check stamped with NSF means that the check wasn't honored by the bank because the account holder doesn’t have enough funds in the account or the account has been closed. In this case, the System will apply an NSF fee on the loan in an amount predefined in the Credit Product settings.

NSF fee is accrued automatically in case a payment transaction is failed with the following return statuses: 

• result = "Decline Insufficient funds",
  OR

• result = "Returned".

NSF charges apply once a monthly payment from a borrower does not go through. 

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Origination fee

Regardless of the payment schedule calculation method, the Origination Fee adds to the first installment (i.e. it is a part of the first scheduled payment).

An Origination Fee can be added to a credit product as a fixed amount or percent or rate.

A one-time fee applied to loans to cover the price of origination. 

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Past due interest

Interest for late payments is accrued in the system depending on the Past Due Interest setting in the Credit Product. It can be based on:

• Past due principal

• Outstanding principal

• Loan amount

Past due interest may be applied to late payments in addition to a late fee(s).

The interest on arrears is calculated daily/ weekly/ monthly/ yearly(commissions settings) as a percentage.

Daily/ weekly/ monthly/ yearly fees are applied to a loan in case an installment isn't paid on schedule.

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Payment holiday interest fee

The Payment holiday interest fee is an additional charge applied once a Payment holiday is created.The interest on arrears is calculated daily/ weekly/ monthly/ yearly(commissions settings) as a percentage.

Once, when a Payment holiday is applied.

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Payoff fee

A Payoff fee can be can be set in the credit product settings as a fixed amount or percent or rate of the Outstanding principal. 

Once a repayment transaction with the "Payoff" type is created, a calculated payoff fee is accrued and paid first. 

Payoff fee is a sum of all fees that are assigned an Event Type 'On payoff' in the Credit Product.
If Value Type for any of the fees are set as a percentage, then the fee value is calculated from the remaining principal amount.

A one-time fee applied when the loan is paid off ahead of the schedule.

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Pre-approval fee

A fee to be paid by a customer for a new loan before the application will be sent for approval.

A pre-approval fee can be set up on the CP as an amount.

Waiting for the payment on the Originator WP. Can be paid partly, cannot be overpaid.  'Pending initial payments' status until a customer pays the pre-approval fee amount in full. If the payment isn't made, the loan gets expired.

'0' Installment will be added to the schedule.

A one-time fee applied to loans that should be paid while the loan has a status 'Pending initial payments' (Before approval).

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Pre-disbursement fee

A special kind of initial payment. It's a fee to be paid by a customer for an approved loan to allow disbursement.

A pre-approval fee can be set up on the CP as a fixed amount or percent or rate.

Waiting for the payment on the Servicing WP. Can be paid partly, cannot be overpaid.  'Pending initial payments' status until a customer pays the Pre-disbursement fee amount in full. If the payment isn't made, the loan gets expired.

"0" Installment will be added to the schedule.

A one-time fee applied to loans that should be paid while the loan has a status 'Pending initial payments'(Before disbursement).

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Repayment fee

A repayment fee can be added to a Credit Product as a fixed amount or percent or rate.

Once a repayment transaction is applied, a calculated repayment fee amount is deducted from the transaction amount. The rest is applied according to the general rules.

The amount can be chosen:

Amount to be applied – the specified amount will count towards loan repayment. Taxes and fees will be added to it.

Transaction amount – taxes and fees will be deducted from the specified amount and the remainder will count towards loan repayment.

A repayment fee is a sum of all fees that are assigned an Event Type 'On payment' in the Credit Product.
If Value Type for any of the fees are set as a percentage, then the fee value is calculated from the transaction amount.

The base for Repayment Fee, %  doesn't include Sales taxes.

For each payment transaction.

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Sales tax

Sales tax can only be specified as a percentage and can be set as a constant value or with fee ranges.

Sales Tax = Paid Principal * Sales tax % rate.

The amount can be chosen:

Amount to be applied – the specified amount will count towards loan repayment. Taxes and fees will be added to it.

Transaction amount – taxes and fees will be deducted from the specified amount and the remainder will count towards loan repayment.

If some fees with Calculation basis ='Paid Principal' are added to the credit product, then these fees are accrued one by one according to 'Accrual priority', so the Installment payment amount for the second fee includes the already accrued first fee amount.

For each payment transaction.

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Name

Administration fee

Full fee name Can be edited.

Calculation basis

• Loan amount

• Disbursement amount

• Remaining principal

Define the fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Use variable fee value

• Min value - %

• Max value - %

Allows different loans based on this credit product to have different fee values within the available range (Min value, Max value). The fee value is used as the default for every loan created by a borrower.

Who can edit the fee:

• Back-Office users;

• Customers (while applying for financing);

• Both;

• Neither (in the case of using a third-party integration).

If "Use variable fee value" is enabled, it is possible to choose who will be permitted to edit the fee value.

Fee value

• Amount

• Percent

• Rate

This value is used as the Commission Rate for all loans created using this Credit Product.

Accrual mode

• Always is an equal payment

• Over equal payment

• Within equal payment limit

Choose a suitable accrual mode.

Loan phase

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Payoff settings 

General: by date

• All (by default)

Define which part of currently accrued but unpaid amount shall oblige in case of payoff.

Payoff settings

General: future

• Percent

Define which part of currently scheduled but not yet accrued amount shall oblige in case of payoff.

Name

Disbursement fee

Full fee name

Calculation basis

• Loan amount

• Disbursement amount

Define the fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Fee value

• Amount

• Percent

• Rate

This value is used as the Commission Rate for all loans created using this Credit Product.

Name

Down payment

Full fee name

Calculation basis

• Purchase amount

Define the fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Fee value

• Amount

• Percent

• Rate

This value is used as the Commission Rate for all loans created using this Credit Product.

Use variable fee value

• Min value - %

• Max value - %

Allows different loans based on this credit product to have different fee values within the available range (Min value, Max value). The fee value is used as the default for every loan created by a borrower.

Who can edit the fee:

• Back-Office users;

• Customers (while applying for financing);

• Both;

• Neither (in case of using a third-party integration).

If "Use variable fee value" is enabled, it is possible to choose who will be permitted to edit the fee value.

Name

Late fee

Full fee name

Calculation basis

• Past due principal (by default)

Define the fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Installment past due

• Day (number)

The day when the fee is applied (e.g. on the 5th day past due).

Fee value

• Amount

• Percent

• Rate

This value is used as the Commission Rate for all loans created using this Credit Product.

Loan phase

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Name

Leasing Payment

Full fee name

Calculation basis

• Loan amount

• Disbursement amount

Define the fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Fee value

• Amount                            

• Percent                       

• Rate  

per

• Day

• Week

• Month

• Year    

This value is used as the Commission Rate for all loans created using this Credit Product.

Loan phase 

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Payoff settings 

General: by date

• All (by default)

Define which part of currently accrued but unpaid amount shall oblige in case of payoff.

Payoff settings

General: future

• Percent

Define which part of currently scheduled but not yet accrued amount shall oblige in case of payoff.

Name

NSF

Full fee name

Fee value

• Amount( by default)

This value is used as the Commission Rate for all loans created using this Credit Product.

Accrual mode

• Always is an equal payment

• Over equal payment

• Within equal payment limit

Choose a suitable accrual mode.

Loan phase 

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Name

Origination fee

Full fee name

Calculation basis

• Loan amount

• Disbursement amount

Define the fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Fee value

• Amount

• Percent

• Rate

This value is used as the Commission Rate for all loans created using this Credit Product

Loan phase

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Payoff settings 

General: by date

• All (by default)

Define which part of currently accrued but unpaid amount shall oblige in case of payoff

Payoff settings

General: future

• Percent

Define which part of currently scheduled but not yet accrued amount shall oblige in case of payoff

Name

Past due interest

Full fee name

Calculation basis

• Past due principal

• Outstanding principal

• Loan amount

Define the fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Fee value

Percent ( by default)

per:

1. Day

2. Week

3. Month

4. Year

This value is used as the Commission Rate for all loans created using this Credit Product.

Loan phase

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Name

Payment holiday interest fee

Full fee name

Calculation basis

• Remaining principal(by default)

Define the fee base if the fee is set as a percentage rate.

Fee value

Percent ( by default)

per:

1. Day

2. Week

3. Month

4. Year

This value is used as the Commission Rate for all loans created using this Credit Product.

Loan phase

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Name

Payoff fee

Full fee name

Calculation basis

Outstanding principal

The fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Fee value

• Amount

• Percent

• Rate

This value is used as the Commission Rate for all loans created using this Credit Product.

Loan phase

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Name

Pre-approval fee

Full fee name

Fee value

Amount

This value is used as the Commission Rate for all loans created using this Credit Product.

Name

Pre-disbursement fee

Full fee name

Calculation basis

Loan amount

The fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Fee value

• Amount

• Percent

• Rate

This value is used as the Commission Rate for all loans created using this Credit Product.

Use variable fee value

• Min value - %

• Max value - %

Allows different loans based on this credit product to have different fee values within the available range (Min value, Max value). The fee value is used as the default for every loan created by a borrower.

Who can edit the fee:

• Back-Office users;

• Customers (while applying for financing);

• Both;

• Neither (in case of using a third-party integration).

If "Use variable fee value" is enabled, it is possible to choose who will be permitted to edit the fee value.

Name

Repayment fee

Full fee name

Calculation basis

• Payment amount with Sales Taxes excluded (if any)

Define the fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Fee value

• Amount

• Percent

• Rate

This value is used as the Commission Rate for all loans created using this Credit Product.

Loan phase

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Note! When the repayment fee is calculated as a percentage, the base amount used for the calculation does not include the Sales Tax fee.

Name

Sales tax

Full fee name

Calculation basis

Paid principal

Define the fee base if the fee is set as a percent or rate.

If a fee value is "Amount", the calculation basis is unavailable.

Fee value

• Percent (by default)

This value is used as the Commission Rate for all loans created using this Credit Product

Use variable fee value

• Min value - %

• Max value - %

Allows different loans based on this credit product to have different fee values within the available range (Min value, Max value). The fee value is used as the default for every loan created by a borrower.

Who can edit the fee:

• Back-Office users;

• Customers (while applying for financing);

• Both;

• Neither (in case of using a third-party integration).

If "Use variable fee value" is enabled, it is possible to choose who will be permitted to edit the fee value.

Loan phase

• Grace period

• Main period

Define the loan phase(s) applicable if Grace Period is defined for the Credit Product.

Add fee cap

Who can edit the fee:

• Back-Office users;

• Customers (while applying for financing);

• Both;

• Neither (in case of using a third-party integration).

If "add fee cap" is enabled, it is possible to choose who will be permitted to edit the fee value.

Value type - Amount(by default)

Value - $

Fill in the value.