Moneylender Forums

I'd like to change a loan payment due date from the 1st to the 25th, but I can't find where to adjust it where ML recognizes it as the new due date moving forward, for the purpose of late fees, etc.

I made a video showing how to do this. https://youtu.be/pv6QU9OGwMk

Essentially, you add a second payment setting on the Settings tab. There can be consequences for interest depending on various settings. I touch on it briefly in the video.

If you want to do daily interest during the odd period between the last period on the old due date and the first full period for the new due date, you can add two interest settings to the loan (so you have three interest rate settings). Add an interest setting that takes effect on the last due date of the old schedule. Set it to daily and make sure "Follow payment schedule" is NOT checked. That tells Moneylender to add interest to the loan each day starting on the last day of the old schedule.

Then add another interest rate setting that takes effect on the first due date of the new schedule. Check the box for "Follow payment schedule." to tell Moneylender to go back to monthly interest cycles after the odd period between due dates. Leave the original interest rate intact, as that tells Moneylender how to calculate interest from the start of the loan util the due date shenanigans.

Thank you Josh! Very helpful!