Creating a loan
Every loan is created for a customer. You can pick one you already have or add them on the spot, without leaving the form.
Open the form
- From any tab: tap the + button in the bottom bar.
- From a customer with loans: in Loans, tap the customer and then New Loans. The customer is already selected.
If you work in Team, the + button only appears if your role can create loans and customers.
Choose the customer
If you open the form with the + button, the app first asks who the loan is for:
- Tap Existing customer and pick the customer from your list.
- Or tap New customer and choose Manual entry (opens the Customer Creation form; when you tap Save you return to the loan with the customer already filled in) or My contacts (pick someone from your phone's contacts).
My contacts only appears if you gave LoanAdmin permission to see your contacts. If you don't have any customers yet, the app goes straight to New customer. More details in Add a customer.
The customer's name and phone appear at the top of the form. To change the customer, tap their photo or the + icon at the top. If the customer has lost loans, a warning appears.
Fill out the form
The fields appear in this order:
- Loan Type: Fixed Interest, Amortized or Open-ended Note. You only see the types you have turned on in the menu (☰) › Settings › Loan configuration, under Visible loan types.
- Loan Amount: the principal you lend. If you work with more than one currency, tap the currency next to the amount to change it.
- Interest Rate: the percentage. A line underneath reminds you how it is applied. By default it is a monthly rate split across the month's payments. If you chose Per period in Loan configuration, you'll see a Per period tag next to the rate and it is charged in full on each payment. Tap the ⓘ icon for the explanation.
- Payment Frequency: Daily, Weekly, Biweekly or Monthly.
- Preferred payment day: appears on weekly, biweekly and monthly loans. With Automatic calculation, dates follow the start date and the frequency. If you pick a day, payments are scheduled on that day.
- Calculate by installments: in By Installments you enter the # of Installments and the app shows the Estimated end date. In By Date you pick the end date and the app works out the installments.
- Enable Late Fee: only appears if you turned on late fees in Loan configuration, under Late Fee Defaults. When you enable it you can adjust the Late Fee % and the Grace Period (days). Check your country's laws before charging late fees.
- Date range: From is the start date. To is the end date, or the # of Installments if you calculate by installments.
- First Payment Date: calculated automatically from the start date and the frequency. You can change it; later payments are calculated from that date.
The app remembers the frequency, rate and calculation mode of your last loan, so you don't have to type them again.
Open-ended Note
The Open-ended Note has no end date and no number of installments. Instead of To you'll see No end date with the value Indefinite, and the Calculate by installments switch doesn't appear. The customer pays each period's interest, and anything paid on top lowers the principal, until the balance reaches zero.
To see how interest is calculated for each type, read Installments and interest.
Review the numbers
Below the form, Loan Information updates as you type: Loan Amount, Total Payments, Payment per Period, Interest, First Payment and Total to Pay. On Amortized loans you can tap Amortization Schedule to see every installment.
The Continue button turns on once you've chosen a customer and entered a valid amount.
Confirm and create
- Tap Continue. The SUMMARY opens with the Beneficiary's Information and the Loan Information.
- On Amortized loans you can expand the Amortization Schedule and print or share it.
- If everything looks right, tap Create loan.
Loan created
You'll see Loan created! with the amount and the customer's name. From there you can:
- Share summary: send the summary as a PDF by WhatsApp, email or any app you like.
- Print summary.
- Print to Thermal Printer: only appears if you have a Bluetooth printer connected. See Bluetooth printer setup.
- Continue: takes you to Home.
Edit a loan
Open the loan, tap its card to see the Options and tap Edit Loan. The same form opens with the loan's data, and the button at the end says Update instead of Create loan.
To edit loans you need a paid plan (Essential, Professional or Business) or to be in the 60-day trial. Without an active plan, Edit Loan shows a lock and takes you to the plans screen.
What you can and can't change is in Editing or deleting clients and loans.
On the web
On loanadmin.app you can create loans from Loans with the New Loan button, or from a customer's page with New Loan (the customer is already selected). On the web you can choose Fixed Interest or Amortized; the Open-ended Note is created from the app.