ZimpleMoney Glossary of Terms

This glossary defines the core terms you'll encounter across your ZimpleMoney contracts and account, especially where ZimpleMoney's usage differs from common financial terminology.

• Member: A registered ZimpleMoney user, uniquely identified by email address, who can create or participate in contracts.
• Loan Contract: A ZimpleMoney-specific agreement defining loan terms (amount, interest rate, type, term, payment frequency) between a lender and borrower, tracked within the platform — distinct from a traditional paper loan agreement, since it lives entirely inside the ZimpleMoney system with built-in ledger and payment tracking.
• Lender: The party (or parties) who fund a loan contract and generally control manual entries, editing, and contract settings.
• Borrower: The party responsible for setting up a payment account and making payments on a loan contract.
• Guest: A view-only participant on a contract who can be added or removed anytime by the contract owner, unlike lenders and borrowers.
• Basic Loan Tracker: A loan contract type that supports manual entry only, with no online electronic payment processing.
• Premium Loan Tracker: A loan contract type that adds full ACH-based electronic payment automation, including billing, collection, and direct deposit.

• Standard Contract: A contract type where both parties actively participate and must review and accept the terms before it becomes active.
• Managed Contract: A contract type where the creator (typically a lender) enters and manages the borrower's information, bypassing the review-and-acceptance workflow.
• Review and Acceptance Workflow: The process where a newly created contract remains pending until all parties accept its terms, after which it becomes Active.
• Manual Entry: A ledger entry made directly by the lender to record payments received outside the ZimpleMoney system or to make adjustments.
• Ledger: The record of all automated and manual entries tracking a loan contract's payment history and balances.
• Auto-Pay: A borrower payment setting that automatically initiates payment on the contract's due date.
• Scheduled-Pay: A borrower payment setting that initiates payment on a chosen date, either as a one-time or recurring transaction.
• Extra Payment: A scheduled or manual payment made when no amount is currently due; it doesn't advance the loan's due date.
• Additional Contract Fees: One-time or recurring fees added to a contract by the lender, separate from principal and interest.
• Advanced Fee Disbursement: Instructions set by the primary lender to route collected fees into a separate bank account.
• Global Assign: A feature that assigns one bank account or credit card to all of a user's contracts at once.
• Assign Account: A feature that lets a user selectively assign a bank account or credit card to specific contracts, rather than all of them.
• Deactivate: The action of closing an active contract so no further electronic payments can be collected; can only be reversed with ZimpleMoney Premium Support.
• Renew Contract: A process that creates a new loan file pre-filled with an existing contract's values, used to extend or modify terms; the old contract closes once the new one is accepted.
• Plan Upgrade: The action of converting a Basic contract to Premium, enabling electronic payments.
• Life of Loan Report: A report estimating the cash flow a lender will receive over the full life of a loan.
• Payment Summary: A daily snapshot of a loan's status, including payment status, balances, and payoff amount.
• Loan Terms Summary: A summary panel showing a contract's core terms, such as amount, interest rate, term, and fees.
• My Portfolio: The central tab where a member views all active, pending, and deactivated contracts.
• My Clients: A feature allowing authorized third parties (CPAs, bookkeepers, custodians) to manage another member's account with Full Access or View Only permissions.