Late fees (mora)
A late fee (mora) is an extra charge you collect when a customer falls behind on an installment. This guide explains how it's calculated, how to turn it on for your loans, how to collect it and how automatic late fees work.
How it's calculated
- Per overdue installment: the late fee is the Late Fee % applied to the installment amount. It isn't a daily charge: each overdue installment adds it only once.
- Grace days: an installment starts generating a late fee once the Grace Period (days) after its due date have gone by.
- Total: the accumulated late fee is the fee per installment multiplied by the number of overdue installments.
Example: with an installment of 350 and a 5% late fee, each overdue installment adds 17.50. With 2 overdue installments, the accumulated late fee is 35.
If you use the Work Calendar, the Count mora on non-work days option decides whether days off count toward late fees.
Set your default late fee
- Open the menu (☰) › Settings › Loan configuration.
- In the Late Fee Defaults section, turn on Enable Late Fee.
- Enter the Late Fee % and the Grace Period (days).
- If you want, turn on Apply automatically (see below).
- Tap Save.
These values are suggested on every new loan. While Enable Late Fee is off here, the new loan form doesn't show the late fee section.
Check your local laws on late fees before turning them on: many places set caps and rules for late charges.
Turn on late fees for a loan
When you create a loan with your default late fee turned on, you'll see the late fee section:
- Turn on Enable Late Fee. It starts off on every new loan.
- Check the Late Fee % and the Grace Period (days): they come with your default values and you can change them for this loan only.
- Finish creating the loan.
To change it later, open the loan, tap its card and choose Edit Loan. The late fee section shows that loan's own settings: you can change the percentage and the grace days, or turn off Enable Late Fee. If you turn it off, the loan stops calculating late fees.
Where you see the late fee
In the loan detail, when late fees are on, you'll see the Late Fee Defaults box with the percentage and the grace days. When there's a late fee to collect, it turns red and shows the accumulated late fee and how many installments are overdue.
To see every loan with late fees at once, use the Late Fee Report. See Late fee and balance reports.
Collect the late fee
- Open Receiving a payment on the loan.
- If the loan has an accumulated late fee, you'll see the Late Fee Payment option, with the amount and the number of overdue installments.
- Choose it and confirm the payment.
A Late Fee Payment doesn't reduce the loan balance: it's recorded separately, as a surcharge. If you don't want to collect the late fee right now, choose another option. How this payment is numbered on the receipt is covered in Installments and interest.
Automatic late fees
With Apply automatically on, you don't have to choose Late Fee Payment: LoanAdmin records the loan's accumulated late fee for you, respecting the grace period and the work calendar.
- You turn it on in your default late fee (for new loans) or on each loan, when you create or edit it. It only works while Enable Late Fee is on.
- It's applied when you open that customer's loans in the app. If you don't open them, it's applied the next time you do.
- Each time it records only the new late fee since the last time; it never records the same fee twice.
- It's recorded just like a Late Fee Payment: it doesn't reduce the loan balance.
- If you work inside someone else's business with Team, opening the loan doesn't apply the late fee; the owner's account applies it.
Plan: automatic late fees are included in Professional and Business, and during the 60-day trial. On other plans the switch is locked with the message Automatic late fee application is a Professional feature. Regular late fees (calculating them and collecting them with Late Fee Payment) don't depend on your plan.
On the web
Late fees are turned on for each loan, viewed and collected in the app. On loanadmin.app you'll see Settings › Late fees & surcharges, but those values aren't shared with the app: to have them apply to your loans, set them in the app.