When you Start a New Contract in ZimpleMoney, users can set the loan type by selecting one of the options available in the drop-down menu called Type of Loan.
Follow the steps listed below to find and select a loan type for your contract.
Step 1: After you've clicked "Start a New Contract", scroll down to the section "Fees and Advanced Settings".
Step 2: Under "Fees and Advanced Settings" there are three options: Fees, Product Type, and Other Features. Click "Product Type" to reveal more settings.
Step 3: Under "Product Type" you will see an option to select "Type of Loan" from a drop-down menu. The default loan type is set to "Amortized Pay Date".
Step 4: Click the drop-down menu to choose a loan type. The loan type options available in ZimpleMoney include:
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Amortized Paid Date: Uses standard amortization to set your monthly payment, collecting interest through the date the loan is actually paid. Interest and principal vary based on the number of days between payments.
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Amortized Due Date: Same as above, but collects interest through the due date instead of the paid date — this is what most people think of as a standard mortgage-style loan. Interest and principal stay consistent as long as payments are made on time.
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Interest Only Loan: Payments apply to interest only; the principal balance doesn't decrease unless you make extra payments.
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Principal and Interest at Maturity: All principal and interest accrue and are paid in a single final payment at the end of the term — common for land/property flips or agricultural loans.
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Fixed Payment Paid Date: Lets you specify your own payment amount to match an existing signed note; may result in a final balloon payment.
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Fixed Payment Due Date: Same as Fixed Payment Paid Date, but collects interest through the due date rather than the paid date.
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Final Payment: You set the final balloon amount, and the system calculates a regular payment that amortizes toward that ending balance.
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Add-on Principal & Interest: Equal, fixed principal and interest payments every month regardless of payment timing — commonly used as a workaround for simple interest loans.
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Add-on Interest: A fixed periodic interest payment regardless of days in the month, with a remaining balloon principal balance at maturity.
For Simple Interest Loans, please click here.
