Advanced Loan Options - Collecting Interest
- 28 Sep 2022
- 1 Minute to read
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Advanced Loan Options - Collecting Interest
- Updated on 28 Sep 2022
- 1 Minute to read
- Print
- DarkLight
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The traditional way Bryt collects interest is at the end of a pay period. This Advanced Loan Option will allow you to collect interest at the start of a pay period.
Contact Bryt Support
If you'd like to have this Interest Collection option when creating a loan, please contact Bryt Support to have the Advanced Loan Options claims assigned to your account.
When going through the loan creation wizard with these claims, you'll have the option to select whether you want interest to be collected in Arrears (Default) or Advance.
Note
If you select the Advance option you will only be able to specify prorate collections for 'At Closing'. The option to collect at the end of the prorate period or with the first payment will be disabled.
Please make sure to report any technical issues you may be experiencing with this feature by contacting Bryt Support.