Skip to content
English
Go to zimplemoney.com
  • There are no suggestions because the search field is empty.

How Do I Renew An Existing Loan Contract?

Lenders can renew an existing loan contract in ZimpleMoney, creating a new loan contract that mirrors the old contract. Lenders can edit the renewed loan details, and the borrower must accept the new loan to make it active.

Renewing an Existing Contract

  1. Open your loan contract.

  2. Click the "Renew Contract" green link above the loan tabs (show below).

Renew Step 1

A new window will pop up showing the details of what it means to Renew Contract:

Renew Loan Contract

When you click Proceed, a new loan file will be started pre-filled with your existing contract's values and balances, which you can adjust before finalizing.

If the borrower accepts the new terms, your old loan closes and the new one activates; if the renewal isn't completed or accepted, your existing loan remains active.