Create a Loan - Closing and Term - Twice Monthly

If your payment frequency is Twice Monthly, you will have an extra question on the Closing and Term Information page.  This question asks you to select the day of the month for the second payment:

Closing Date (Loan Start Date): The date that interest will start being charged. Generally, this is the date that the loan funds are received by the borrower. If you have an existing loan that you are putting onto the Bryt system, this would be the date interest was paid through (i.e. the end of the prior month).

Term: The length of the loan in increments of weeks, months, or years or the number of payments you will be receiving for the loan.

Additional Payment Day: The Twice Monthly payment frequency settings allows you to collect payments 2 times per month. Generally, these payments would be collected approximately 14 or 15 days apart, but you can choose any two dates. For example, you could choose the 1st and the 15th of every month.