Loans - Change Loan Amount (Loan Adjustment)

If loan conditions change during the life of the loan it is possible to make the following changes without processing an adjustment:

• change 'Repayment Amount' for the current period only
• change 'Repayment Periods' for the loan
• change 'Annual Interest' Rate for the loan

See this link for further information on how the above changes can be done.

Adjust the loan balance

There may be instances where you would like to adjust the balance of a loan. This may occur in various circumstances, including, where the employee:

- been given an additional amount that increases the loan, or

- made a repayment outside the payroll to reduce the loan amount.  

In this case a Loan Adjustment should be processed.  It involves creating a Loan Adjustment Transaction Code and processing the loan adjustment.  See this link for more information about how to process a loan adjustment.