Help /

Loan Types

Loan Types

Loan Types define the employee loan products the company offers.

Fields

  • Loan Type Name - loan label.
  • Loan Type Code - short code.
  • Interest Rate - default interest percentage.
  • Maximum Amount - maximum allowed amount.
  • Maximum Installments - maximum repayment count.
  • Maximum Active Loans - maximum simultaneous active loans.
  • Loan Receivable Account - GL account for principal.
  • Interest Account - GL account for interest, if used.
  • Inactive - disable the type without deleting history.

Workflow

  1. Create loan types before using Loan Request.
  2. Keep account mapping complete if the company posts employee loans to GL.

Notes

  • Blank maximum limits behave like no limit.
  • A Loan Type cannot be deleted once live loans reference it.