General Portfolio Settings
Moneylender can produce Metro2 formatted files. If you have a data submission agreement with Innovis, Equifax, Experian or TransUnion you can submit these files to them to report your borrowers' performance on their loans.
Metro2 requires several specific fields to be correctly set on loans, borrowers and lenders to produce a valid Metro2 credit report. This is turned off by default because many users will not need to enter all these details. Check the box to enable Metro2. A series of checks are run when loans are recalculated to determine if any required metro 2 data is missing from a loan or borrower. If it is, you will see the warning icon next to a loan turn red, and you can see the details of the missing information from the warning icon.
Check the box to include secondary borrowers on the report if that is your preference. All non-primary borrowers will also be included in the report when this box is checked.
Small outstanding amounts don't trigger late fees. Check this box an Moneylender will skip late fees if the amount due after the grace period is less than one fourth of the regular payment amount on the loan. For example, if a borrower is scheduled to pay 1080.37 each month, and pays $1080. The remaining $0.37 won't trigger a late fee. If they pay $1000, it still won't trigger a late fee. If they pay $500, it will trigger a late fee. If the box is not checked, even the $0.37 underpayment will trigger a late fee.
Save a copy of each template to the loan when printed or emailed. Check this box, and a PDF copy of any template sent to the borrower will be attached to the loan. Select the loan and click the Attachments tab to see the statements. This can cause your portfolio to become quite large as statements can each be 10kb or larger. 100 loans with monthly statements for a year can easily add 21MB of attachments to the portfolio. The portfolios performance won't be adversely affected, but the additional size is something to be aware of.
Unpaid fees always cause late fees. - Check this box and an outstanding fee balance will trigger a late fee after the grace period, even when the regular payment has been paid. Unchecked by default. When unchecked, Moneylender will test if it was possible to send a statement to a borrower before a fee was added to a loan, and will not charge a late fee if the borrower paid everything else on time except the newly added fee. For example, if it was possible to generate a statement on the 15th for the due date on the 25th for a normal amount due of $1000, and a $500 fee is added on the 18th. If the borrower pays $1000 before the grace period ends, the fee won't cause a late fee to be added this month if this box is unchecked. Checking this box implies that you are notifying the borrower anytime a fee is added to a loan so they can pay it immediately.
No late fee if the borrower pays at least ___ % of the regular payment. - Check the box and enter a percentage; a borrower who pays at least that portion of the regular payment within the grace period won't be charged a late fee. Individual late fee settings on a loan can override this choice.
Show borrower's Company instead of First/Last Name when present. - Check this box and Moneylender will display the company name wherever the borrower's name appears, for borrowers that have a company entered.
When emailing statements, BCC the email to the sending address. - Check this box to receive a copy of every emailed statement in the sending account's inbox.
Set replyto on emailed statements to the sending email instead of the lender's email. - Check this box if you want borrower replies to emailed statements to go to the sending email address instead of the lender's email address.
New Loan button creates: - Choose which loan wizard opens when you click the New Loan button on the main window's toolbar.
After the last scheduled payment on a loan: - Choose what Moneylender should do by default when a loan reaches the end of its payment schedule; each loan can override this on its Loan Settings.