Loan Ledger

Introduction

The Loan Ledger extends the capabilities of the Client Ledger by offering a dedicated space for:

• Creating Manual Transactions: Process receipts or refunds for loans directly within the ledger.

• Viewing All Transactions: Gain a clear view of all loan activity, including both manual entries and system-generated records.

• Generating Settlement Letters: Keep your clients informed by generating and printing settlement letters.

• Updating Loan Statuses: Conveniently track loan progress by updating their statuses within the Loan Ledger.

Accessing the Loan Ledger:

The Loan Ledger becomes available whenever you select a specific loan from the loan table within the Client Ledger.

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Screen Layout and Functionality

By understanding what each component in the Loan Ledger Screen has in store, you can effectively manage your loans in Mobiloan

• Loan Summary: A clear summary table displays the client's current balance, full-term balance, and account status at a glance.

• Transaction History: A dedicated table conveniently lists all transactions that affect the loan balance, including both manual entries and system-generated records. This comprehensive overview provides a clear picture of the loan's activity.

• Action Panel: Located above the transaction table, this panel offers various functionalities, which will be documented in detail later in this guide.

• New Transaction Button: This primary button allows you to create a manual receipt or refund that directly impacts the loan's balance.

Account Statuses Mobiloan' s integration with SACCRA ensures your credit report accurately reflects your loan activity.

For more information on updating the status of a Loan, click the link below

Loan Status Updates

Loan Transaction Table Options

By selecting a Promissory ID from the table, Mobiloan will present the Allps Promissory Screen

By selecting a Transaction that has been reconciled, you will be presented with the following options

By selecting an unreconciled transaction , you will be presented with the following options

Editing an Unreconcicled Transaction

• Select the Transaction: Locate the transaction you want to edit or delete within Mobiloan.

• Edit Transaction Screen: Clicking on the transaction will open the "Edit Transaction Screen." This screen allows you to modify details like date, description, amount, or category selection.

• Deleting Transactions: If you need to completely remove the transaction, you'll also find a delete option within the Edit Transaction Screen.

Important Note: These editing and deletion functionalities are only available before the transaction is reconciled at the day's end. Once a transaction is reconciled, modifications are no longer possible.

The screenshot below provides an example of the Edit Transaction Screen for a debit order transaction (specific details may vary depending on the transaction type).

Live Instalment Schedule

Select the `` icon to access the repayment schedule of the current loan.

The repayment schedule outlines the scheduled instalments against the receipted instalments along with a detailed loan amortization table, as seen in the screenshot below.

The Loan Installment schedule showing the current Scheduled vs Receipted breakdown of capital

Generate Settlement Letters

Need to settle your loan before the next payment date? No problem! The Loan Ledger allows you to do this anytime during your pay period.

By selecting the "" option (visible beneath the summary table), the user may view the collected amount against the required amount, as seen in the screenshot below:

• Loan Capital: This is the initial amount of money you borrowed. It's like the starting point of your loan.

• Fees to Date: This is the total amount of any fees you've been charged so far. These could be origination fees, late fees, or other charges.

• Balance Current: This is what you owe right now. It includes the loan capital, any accrued interest, and any fees you haven't paid yet. Think of it as a snapshot of your loan at this moment.

• Balance Full Term: This is the total amount you'll owe by the end of your loan, if you make all your payments on time. It includes the loan capital and all the interest that will be charged over the life of the loan. It's like the finish line for your loan repayment.

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Creating Manual Transactions

The Loan Ledger empowers you with the ability to create manual transactions for your loan. This can be useful in scenarios such as :

• Missed Payment: If you accidentally miss a scheduled payment, you can manually add it to the system to keep your records accurate.

• Partial Payment: You may choose to make a partial payment outside of your regular schedule. Use the manual transaction feature to record this payment and update your loan balance.

• Additional Payment: Want to get ahead on your loan? Make an additional payment manually to reduce your outstanding balance and potentially save on interest charges.

How to Create a Manual Receipt or Refund ?

1. Navigate to the Loan Ledger.

2. Select the New Transaction Primary Button.

3. Enter the required details presented to you (seen in screenshot below)

The New Loan Transaction Screen

Early Settlement Discounts

Just toggle the "Settlement Journal" (as seen in the screenshot above) at the bottom of your screen. This will display the discounted settlement amount available today.

Note: This functionality might be dependent on your specific loan product and eligibility.

Enable the toggle to apply the settlement discount

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How to create a manual POS Receipt

1. When creating a manual transaction in Mobiloan, ensure that you select POS as the installment receipt method.

2. Thereafter, enable the ALLPS POS toggle switch and enter the corresponding Card Type and Amount

Select POS as the instalment receipt method

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Loan Status Updates

SACCRA, a credit reporting agency, uses specific loan statuses to maintain your credit report. Here's how it works:

• Standardized Statuses: SACCRA defines these statuses, ensuring consistency across lenders and credit reports.

• Monthly Balance Updates: Your loan balance significantly impacts your creditworthiness. We submit your balance to SACCRA monthly to reflect any changes and ensure your report is accurate.

• Fast Updates for Account Changes: When you open or close a loan account, we submit this information daily. This means SACCRA will have the most up-to-date information typically by the next day, reflecting your current credit situation.

How to manually update the status of a loan ?

Users with sufficient rights can manually change the status of the loan by selecting the `` option within the utility bar.

This will present the the following screen (shown below) which allows you to select a status from the loan status drop-down menu as well as the reason for updating the status.

Account Statuses

1. Active - Loan is active on credit bureau: This status indicates a current loan with ongoing payments.

2. Settled/Paid Up: Use this option when the loan has been fully repaid and the account is closed. NCR regulations require lenders to report loan settlements to credit bureaus within 1 business day.

3. Handed Over : Select this status when the account is handed over to external debt collectors. NCR regulations mandate lenders provide debtors with a written notice before and after handing over the account.

4. Written Off: This status signifies the lender has ceased collection efforts due to the unlikelihood of repayment. NCR regulations require lenders to report written-off accounts to credit bureaus within 30 business days.

5. Deceased: Use this status only upon confirmation of the borrower's death. NCR regulations do not explicitly address deceased borrowers, but responsible credit providers should handle such situations with sensitivity.

You cannot set a loan to handed over or written off status for a loan that has not passed 92 days after the last loan receipt.

The Written-off status does not automatically remove the debt from the borrower's credit report.

Streamlined Loan Management with Automated Write-Offs:

To minimize the need for manual bulk status changes, we've implemented a built-in scheduler. This scheduler automatically writes off loans after a predefined period of inactivity.

You can easily customize this write-off period to suit your specific needs. Simply navigate to Setup > Configuration > Adverse as seen below