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.