Loan settings
In Loan configuration you decide how the interest rate is read, whether installments are rounded, which loan types show up when you create a loan, and the late-fee values that are suggested. Everything you change here applies to loans you create afterwards: existing loans don't change.
Where to find it
- Open the menu (☰) › Settings.
- In the Loans & Collections group, tap Loan configuration.
- Make your changes and tap Save. You'll see Settings saved.
Interest calculation
Here you answer How do you interpret the interest rate?:
- Monthly (the default): the rate is monthly and is split across the month's payments. Example: 20% with biweekly payments = 10% per biweekly period.
- Per period: the full rate is charged on each payment. Example: 20% with biweekly payments = 20% per biweekly period.
This only affects new loans. Each loan keeps the basis it was created with, even if you change this option later.
When you create a loan, a line under the rate tells you which basis is in use. Tap the info icon to see the explanation and the Go to loan settings button.
How interest is calculated with each basis and each loan type is covered in Installments and interest.
Round installment
Turn on Round installment to always round the installment up to the unit you choose: 10, 1000 or 10000. Examples:
- 10: 816.67 → 820
- 1000: 816,667 → 817,000
- 10000: 816,667 → 820,000
The loan total is recalculated with the rounded installment. Rounding applies to Fixed Interest and Amortized loans; an Open-ended Note isn't rounded because its installment changes with the balance.
Visible loan types
Choose which types appear under Loan Type when you create a loan:
- Amortized: fixed installments, French amortization.
- Fixed Interest: interest on the initial amount.
- Open-ended Note: no end date, interest on the balance. See Open-ended Note.
- Fixed Anticipated Interest: shows a Coming Soon tag and can't be turned on yet.
Tap the info icon next to each type to read how it works. At least one type must stay on. Turning a type off only removes it from the new-loan form: loans you already have of that type keep working the same way.
Late Fee Defaults
In this section you set the late fee suggested on each new loan: Enable Late Fee, Late Fee %, Grace Period (days) and Apply automatically. How each option works, and which plan you need for automatic late fees, is in Late fees.
On the web
On loanadmin.app, click Settings in the sidebar and, under LOANS & COLLECTIONS, choose Loan settings. There you'll find Interest calculation, Round Installment and Visible Loan Types, with the Save and Reset Defaults buttons.
- Interest calculation, Round Installment and the visible types are the same as in the app: what you save on one side is saved to your account.
- On the web you'll only see Amortized and Fixed Interest (plus Fixed Anticipated Interest as Coming Soon). The Open-ended Note doesn't appear on the web, but saving there doesn't turn it off in the app.
- Rounding applies to loans you create in the app; the web loan form doesn't round the installment.
- The web's default late fee lives on a separate screen, Late fees & surcharges. See Late fees.
What you save in the app shows up on the web the next time you open the page. The other way around isn't always immediate: after changing something on the web, open Loan configuration in the app, check the values and tap Save so the new-loan form uses them.