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More information coming soon.

 

Option for Restoring the Promotional Rate

 

The promotional rate is only applied to the account for the number of days designated when the account was opened. In the afterhours of the Promotion Period Expiration Date, the system drops the promotional interest rate and applies the Default Rate of the loan.

 

Additionally, there is an option you can set on the loan that causes the promotion to lose its promotional interest rate if a payment is made after the Due Date + Grace Days. If a payment has not been made by then, the promotion defaults to the penalty rate (Default Rate), and the system designates the account's penalty status. The loan can be cleared of its penalty status and restored to its Standard Rate if the customer makes a designated number of payments on time (Institution Option CMRP designates this number).

 

The account can also be returned to its promotional rate by clicking <Reinstate Promotion> button on the Promotion Status tab, if you have the proper security. However, if today's date is past the Promotion Period Expiration Date, you will not be able to reinstate the promotional interest rate unless you update that date to a date in the future. Obviously, only very few people should be allowed the security to do this. Most institutions will not allow this under any circumstances.