Moneylender 3 Professional - Loan Servicing Software

User's Guide and

Grace Period, Late Fees

Screenshot of the form to set the grace period and late fees on a loan.

Grace Period

You can have the loan follow the portfolio's grace period. If the portfolio settings are changed, this will affect the loan retroactively since the beginning of time. If you intend to use multiple grace periods, you can set the grace period specifically on each loan.

Late Fees

Check the box to set up late fees on the loan. Moneylender supports a variety of late fee structures, and changing the setting will provide details about how each type of late fee will be charged.

Fixed Amount - the fee will be a fixed amount of currency each time the loan goes unpaid beyond the grace period.

Percent - the fee will be a percent of the regular payment amount that triggered the late fee. If the regular payment is ¤200, and the late fee is 25%, the late fee will be ¤50.

Incrementally Increasing - the fee is multiplied by the number of due dates past due on the loan. For example, if the loan is two payments behind, twice the specified fee amount will be added to the loan.

Per-Diem - the fee is added every day after the grace period until the account is paid current. If the fee is ¤5 and the payment arrives 10 days after the end of the grace period, a total of ¤50 will be added to the loan.