(Available in Deluxe, Diamond and 24karat)

Payday Loans

A Payday Loan (Paycheck Advance, Cash Advance) is a short-term loan (typically up to $1,500) that the borrower is to repay on pay day. Payday loans are sometimes referred to as 'cash advances' though that term can also refer to cash lent against a line of credit.

Loan Types

'Loan Types' can be defined and later selected when adding or editing a Payday Loan.

To set up, go to File, Program Setup, Payday tab.

Enter a name under Loan Schedule Name to identify the loan type (like 'Bad Check').

Enter the APR (Annual Percentage Rate) and fees that will apply to the loan (in decimal form, ie, 1.2 = 120%). Enter dollar amounts without the dollar sign.

Enter the number of days the loan with be 'due in'.

Click Save to save entries.

Process a New Loan

Click on Pawns, Checks, Loans in the Work Areas Menu:

Click on New Loan in the Quick Links Menu:

Select a Client from the List. (If the Client isn't listed, close this screen. Add the Client record and return to this point.)

Enter the amount of the loan on the New Loan Form:

Select the Loan Type from the drop-down menu.

The fees set in Program setup will be auto-entered along with today's date and the current time. The net amount of the loan will be auto-calculated and presented.

To view or edit the loan, click on its record in the table.

Selecting a loan in the table changes the Quick Links Menu to these options:

For support please Email the Help Desk