Penalties are managed from SETTINGS (Admin).
Select Penalties from the main menu.
Give your penalty a name.
We provide you with three (3) ways to apply penalties.
1. A fixed amount. Just decide how much you wish to charge and enter it.
2. Based on a percentage. If you choose this option you can use several formulas to calculate penalties:
a) Overdue Principal + Overdue Interest + Overdue Fees
b) Overdue Principal + Overdue Interest + Overdue Penalty
c) Overdue Principal + Overdue Interest
d) Outstanding Principal
e) Outstanding Interest
3. Select a penalty rule, if applicable.
Decide if you will give borrowers a grace period before penalties will be applied.
Save it and you're done.