Loan Modification - Modify Due Date

To modify the Due Date settings for an existing loan, follow the overview's steps until you're at the desired loan's "Modify Loan" drop-down menu. 

While viewing the loan, using the "Modify Loan" drop-down menu, click on "Modify Due Date".

You will now be on the Modify Schedule (Due Date) Summary page. This page will display the payment frequency type for your loan and the current due date. You will be prompted with two options, which are described on the page itself in terms of what they may impact on the loan.

• New Day of the Month the Loan will be Due - Select a new day for the pay period to be due on
• Collect interest for the days between the old and the new schedule? 
  • Collect - Collects interest on the days between the current period (old) and future (new) pay period date (due date).
  • Ignore - Ignores the interest for the days between the current (old) and future (new) pay period date (due date).

In our example, we set the new due date for the loan to be on the 15^th of each month. We will be collecting on interest for the days between the current period and the new pay period due date with the following (new) due date. 

Once you're ready, click 'Next' to view the new loan's pay schedule.
Then click on 'Accept' to confirm the changes made.

Note: This changes the amount of interest that will be collected upfront with the first payment (as selected previously). Since this is a fully amortized loan, the remainder of the principal not collected in this first period is added to the end of the loan during the last pay period as a lump sum or balloon amount.

To Undo the Modified Due Date

To undo the due date modification changes, follow the previous steps using the 'Modify Loan' button's drop-down menu and you'll be prompted with an 'Undo' or 'Cancel' button. If you'd like to undo the changes, then click on 'Undo'.

The loan will now return to its original state and you may select another due date following the previous steps if you'd like.