The Loan Terms Summary gives you a complete snapshot of your contract's terms, visible from the loan's Detail Tab regardless of your role in the contract.
Locating the Summary
Open your loan contract and look for the Loan Terms Summary section, which stays visible across all contract tabs alongside the Payment Summary.
What the Summary Includes
- Title: Descriptive name of the contract.
- Amount: Original loan amount.
- Interest Rate: The contract's interest rate.
- Days Interest: Days-in-year method used to calculate interest (360 or 365).
- Type: Loan type selected at setup.
- Term: Original loan term in months or years.
- Payments: Recurring payment amount due each period.
- Final Payment: Contract maturity date and final payment estimate.
- Calculate Interest From: Date interest accrual begins.
- Start Payment Date: First payment due date.
- Late Fee: Late fee amount and grace period.
- Return Fee: Fee charged for a rejected or returned payment.
- Funded: Date the loan amount was funded.
- Originated: Date the contract was created.
A few of these fields, including title, days-interest method, payment amount, late fee, and return fee, are editable by lenders directly from this summary.