Informal Loan Amount, Interest
When creating an informal loan, minimal information is necessary to get set up.
Loan Amount – how much is being loaned out.
Start Date / Disbursed – the date when the funds are given to the borrower.
Interest Rate – what’s the interest rat that’ll be calculated on the loan.
Interest will accrue daily – select this option to have the interest calculations occur whenever a payment is applied to the loan. The balance will be multiplied by the interest rate and the number of days since the last interest calculation to determine the interest to charge.
Interest will accrue on a set schedule – select this option to have interest added to the loan periodically, regardless of other events on the loan like payments arriving, or additional funds being disbursed.
Interest Schedule – if interest is on a set schedule, choose the frequency that you want Moneylender to add interest to the loan.