How to Add a Charge to a Loan Account

Owned by Laurie Wilmot (Unlicensed)
Last updated: Jun 26, 2019 by Massabe Lydiane
1 min read

Charges (fees and penalties) can be charged to loan accounts in three ways: 

  • Charges are inherited from the product definition. A loan officer may have the ability to remove one or more of these charges from a loan account. When a charge is removed from a loan account, other loan accounts are not affected.
  • Charges (not yet associated with the loan account) can be selected and attached to the loan account.
  • Miscellaneous charges (one time charge) can be charged to a loan account. The loan officer specifies the amount, which is added in the next payment.

Charges may be added at the time of loan account application and when a loan account is Pending Approval, Approved, and Active. Adding a charge to a loan account does not affect the loan account's status.

On this page:

To inherit charges from the product definition

While completing a loan account application for a client, keep the charges that appear in the loan account. Complete any fields that do not default such as a date that may be required.

To add charges to a loan account

When editing a loan account, navigate to the Charges section. See Loan Account Fields Charges.

To add miscellaneous (one-time) charges to a loan account

When viewing a loan account, click +Add Loan Charge on the action bar.

  1. Select Charge type from the list.
  2. Complete the fields required for the charge.
  3. Click Submit.


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