Loan Statement

A loan statement is produced and maintained for every loan cycle, both to calculate and track amounts, and to provide a historic record of loan activity.

• Expected repayments
  • Statement records the expected repayment based on the loan illustration
  • At the start of each cycle, the expected repayment is updated to reflect lower that expected repayment from previous cycles and any fees or penalties
• Principal amounts
  • Outstanding Principal
• Interest, including
  • Daily accrued interest for the cycle
  • Posted and repaid interest in the cycle
  • Outstanding interest from previous cycles that has not been repaid
• Fees and Penalties
  • Fees and Penalties applied in the cycle
  • Outstanding Fees and Penalties from previous cycles that has not been repaid
• Repayment allocation
  • Repayments are tracked for interest, fees, penalties and principal