The Fixed Term Loan Accounts Module provides core functionality to operate both Consumer and Commercial Loan Accounts.
A wide range of options for Interest and Fees are included as are options for Term, structured Payments and Overdue processing. Interest is calculated on the outstanding daily balance and charged according to a defined frequency.
This module is ideal for Loans offered under the CCCFA (Credit Contracts and Consumer Finance Act) in New Zealand and NCCPA (National Consumer Credit Protection Act) in Australia, such as Small Amount Credit Contracts (SACC's) and Medium Amount Credit Contracts (MACC's) and is constantly being updated to reflect the changing nature of consumer protection legislation.
It can cater for both "Interest Only" and "Principle and Interest" Payments, Balloon Payments, Payments in Advance and Residual Values.
