Loan Cancellations

Everything you need to know about cancelling a paid out loan

You may wish to cancel or reverse a paid out loan due to unforeseen circumstances. To do this, locate the Loan Menu and select the Reverse Payout option, as seen below ->

Choose the reverse payout option to cancel a loan.

Canceling a receipted loan

Mobiloan will detect that a receipt has been posted on the loan you are trying to cancel and will present the appropriate warning message

To continue, simply navigate to the Client Ledger and unlink or contra all of the receipted transactions on the loan.

This will clear the account status of the loan and will allow the reversal.

Cancelling the loan

In the Reverse Loan screen, you will be require to select a reversal action ->

Reverse Loan Screen

Reverse Payout Transaction Only (Uses existing promissory)

This option will ->

1. Change the loan status back to approved (which can be paid out again in Verify Payout in Active Loans)

2. Refunds the Capital Payout

3. Cancels collection tickets (if cash)

4. Sends an email to Branch Manager

Reverse payout transaction and cancel loan (Cancels Promissory)

This option will ->

1. Change the loan status Reversed (which is then sent to SACCRA for resubmission at day end)

2. Refunds the Capital Payout

3. Cancels collection tickets (if cash)

4. Cancels the active promissory

5. Sends an email to Branch Manager

Although the loan is reversed, it can be reinstated in the loan menu