Loans Overview
  • 12 Jun 2023
  • 1 Minute to read
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Loans Overview

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Article summary

There are four basic functions that the Bryt system performs for you.  Those functions are: 

Creating the Loan

Bryt uses a Loan Wizard to collect the information necessary to create your loan by asking you a series of questions about your loan including:

The Loan Wizard allows you to configure loans using standard loan configurations, as well as countless custom configurations. 

Configuring the Notices for the Loan

Notices are automated ways to inform the borrower of the condition of their loan. Notices includes late notices, payment reminders and payment confirmations. Notices may be automatically emailed to borrowers or manually sent.  

Recording the Loan Payments

When you accept a payment for your loan, the Bryt system allocates the payment to principal, interest and late fees.  Users can manually re-allocate these amounts, if necessary.

Tracking all other activity related to the loan

The Loans section is where you will find much of the information related to your loans.  The basic components of the Loan section include:

  • Loan List - A table listing all your loans
  • Loan Summary – The important details about your loan including Loan Status, Loan Configuration, Loan Balances, Loan Issues and Loan Story 
  • Loan Schedule – A list of past payments and scheduled future payments for the loan. 
  • User Notes – Notes added by Bryt users related to the loan.
  • Email – Emails that have been sent related to the loan
  • Files – Documents that have been uploaded related to the loan

*** You may have additional tools (modules) and features related to your loans depending on your Bryt configuration.