Payment Terms
Payment Terms define the conditions a loan is repaid under — how long the borrower has, and what the agreement says about timing. They sit alongside the due frequency to make up the repayment arrangement.
Where to find it
Go to Customer Loan > Settings > Payment Terms.
Field reference
| Field | Description |
|---|---|
| Name | What the term is called, as it appears when issuing a loan. |
| Days | The period the term allows. |
| Description | What it covers. |
Terms and due types
| Payment Term | Due Type | |
|---|---|---|
| Defines | The conditions of repayment. | How often a due falls. |
| Set on | The loan. | The loan. |
Keep the term list short. Every additional term is another decision at the point of issuing a loan, and a long list is how two similar borrowers end up on different arrangements for no recorded reason.