Loans > Loan Screens > Account Information Screen Group > Signature Loan Details Screen > Loan tab > Payment Information field group

The frequencies available in the Frequency field are determined by your institution. For example, your institution may only allow monthly, bi-weekly, and weekly payment frequencies. In that case, only those types of frequencies will be available to select in this field.

To set up the type of frequencies allowed for your institution, use the Loans > System Setup Screens > Client Code Setup > Loan Frequencies screen. The frequencies set up on that screen are displayed in this field. Frequencies are generally indicated at loan origination but can be changed using this field.

Click <Recalculate PI Constant> to view the changes made to the payment if the value in this field is changed. If the customer is satisfied with the new value, click <Save Changes>. The new loan payment will be displayed in the Next Payment Due field.

For more detailed information concerning each payment frequency, see the following table:

Code	Description
1	Monthly payment
2	Bi-monthly payment (payment every 2 months)
3	Quarterly payment (every 3 months)
4	Payment every 4 months
6	Semi-annual payment (every 6 months)
12	Annual payment
13	Floating: The day of the week of the Due Date and its occurrence in the month determines the floating recurrence. So if the Due Date was set for the third Wednesday of the month, each successive Due Date would be the third Wednesday of the month. However, if the Last Day box is checked, the system uses the last occurrence of that day instead of the 4th occurrence. For example, if the Due Date was set to 04-26-2013 (a Friday) and Last Day was checked, the Due Date for the last week in May would be 05-31-2013 instead of 05-24-13, even though 05-24-13 is the 4th occurrence of Friday (i.e., May has five Fridays, and the system would use the fifth Friday as the Due Date). Any day 22 or greater can potentially use the Last Day option. Loans using this frequency will be automatically charged off after 4 payments are missed.
24	Semi-Monthly: This frequency processes the Due Date of the loan on a 15-day cycle with the exception of when the month does not have at least 30 days. In those months, the end-of-month day is used. The cycle is based on the Due Date Day field. See also: Optional Semi-Monthly field on the Origination/Opt Out tab for an option that affects this frequency. Due Date Day is: 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 Next Due Date Day is: 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 If the Due Date Day is 31, then the payment follows a cycle of the end-of-month to the 16th of the next month. EOM - 16 - EOM - 16 Example: January 31 February 16 February 28 March 16 March 31 April 16 April 30
26	Bi-weekly (every 2 weeks)
52	Weekly: Seven days will be added to the previous Due Date to obtain the next due date. If the first payment is on a Wednesday, then every payment will be on Wednesday.