"Payoff"

There may be situations when the Customer is eager to pay off the loan earlier.

Each fee defined in the system may or not be applied on the loan pay-off. These settings are defined in the Fee settings → Payoff Settings.

These settings define if the fee shall be accrued for future periods and required on the payoff.

The percent value in the Payoff settings is the percent of all the fee amount that would have been paid if the loan was paid during the initially defined period that should be paid on the payoff.

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When enabled, the “Payoff settings” of each fee will be applied during this period.

You can enable the “Payoff grace period”, and set special payoff rules for every fee during the payoff grace period.