Daily payment loans
Daily collection is the backbone of many lending businesses. LoanAdmin supports it natively: set a loan to Daily frequency and every installment becomes a single day's payment. This guide shows how to set one up and keep it on track.
When daily payments make sense
Daily loans work well when:
- You collect in person on a fixed route.
- Your customers earn every day — market vendors, drivers, small shops.
- The term is short, a few weeks rather than months.
If your customer earns weekly or monthly, pick that frequency instead. The schedule should match how the customer actually gets paid.
Set a loan to Daily
When you create the loan, Frequency is the fourth field on the form. Choose Daily.
A few things to remember:
- Interest rate is per period. With Daily frequency the rate is per day. If you agreed on 1% a day, enter 1 — not the monthly figure.
- Number of installments is the count of daily payments. A 24-day loan has 24 installments.
- First payment date defaults to the next day, but you can override it.
Use Calculate by date if you think in end dates instead of installment counts — LoanAdmin works out how many daily payments fit between the start and end date.
How the daily schedule is built
After you tap Create loan, the backend builds one installment per day from the first payment date. The live summary already shows the per-day amount, total interest, and total to pay, so there are no surprises.
Each installment appears in the Payments tab on its due date and feeds the expected-payments report, so you always know the day's collection target.
Collecting each day
Open the loan and tap Receive payment. Daily loans benefit from the quick-amount buttons — the exact installment is one tap away. If you collected yesterday but are recording it today, set the payment date back; LoanAdmin keeps the schedule accurate.
After saving, share the receipt by WhatsApp so the customer has same-day proof.
Keeping a daily loan on track
- Record payments the same day you collect — it keeps the dashboard and reports trustworthy.
- A missed day shows as overdue. If you charge late fees, enable mora when you create the loan.
- Check the expected-payments report each morning to plan your route.
Related
Questions? Email support@loanadmin.app and we'll help.