Loans > Loan Screens > Account Information Screen Group > Consumer Line-of-Credit Screen > Options tab

Use this field group to view and edit billing and payment information for the selected customer line-of-credit (LOC) loan account.

laicloc_billingpayment

To learn more about how LOC loans function, see the Line-of-Credit Loan Information help page. The fields in this field group are as follows:

Field

Description

Finance Charge Code

Mnemonic: LNRLFC

Use this field to indicate a finance charge code for use on the customer line-of-credit loan account. See below for more information.

This code is entered in XYY format, where X tells the system the balance on which interest should be calculated and YY tells the system the number of days prior to the due date the next billing should be created (if your institution uses a bill and receipt method of billing). When charging periodic interest, the YY code also indicates how many days prior to the due date finance charges should be assessed.

This code also controls and automatically enters the Coupon & Billing Cycle field.

Possible codes entered in this field are as follows:

X	Description

0	Actual balance

1	High balance

2	Low balance

	Note: Charging interest on the actual balance has the same effect as charging on the average balance. If your loan note is written to assess finance charges on the average balance, use "0."

YY	Description

00	Billing created the night before the due date

01-31

Number of days before the due date*

50	Billing will occur 1 day after the grace days

90	Billing occurs monthly, Billing Cycle code set to 230.

*For example, if you want billing created 5 days prior to the due date, use "05."

Coupon & Billing Cycle

Mnemonic: LNBCYC

Once information is entered in the Finance Charge Code field above, this field displays the cycle by which the coupon or bill and receipt statement on the customer loan account will be printed. This field also determines whether a loan should receive a year's worth of coupons, coupons for the life of the loan, coupons up to the next P-I change date, or coupons to the reserve analysis date. See Coupon & Billing Cycle codes for more information about these codes and coupons in general.

Interest Collected With Payment

Mnemonic: LNRLDP

Use these fields to indicate when your institution wants interest collected as payments are received on the customer loan account.

•Mark the Daily radio button to indicate daily simple interest. Interest will be collected from date of payment to date of payment on this loan.

•Mark the Periodic radio button to indicate periodic interest. Interest will be collected from due date to due date on this loan.

This is a required selection.

Payment Type

Mnemonic: LNRLPT

Use this field to indicate how payments on the customer loan account should be calculated by the system. See Payment Type codes for a list of possible selections in this field.

Payment Percent of Balance

Mnemonic: LNRLPB

Use this field to indicate the percentage of the original balance that your institution uses to determine the Minimum Payment it will accept from a customer loan account (see below).

Minimum Payment Due

Mnemonic: LNRLMD

Use this field to indicate the minimum payment amount accepted by your institution on the customer loan account.