finPOWER Connect Revolving Credit Loan Accounts Module
Revolving Credit Loan facilities are becoming an important financing tool for the modern finance company as they embrace the "Customer for life" philosophy. Once a client has your store card, your line of credit or even your credit card, they are more likely to stay a customer - compared to a traditional term loan where the client may seek finance from other sources once the loan has been repaid.
The Revolving Credit Loan Accounts Module provides functionality that facilitates a flexible line of credit for clients that can have multiple drawdown's, a variety of repayment options and flexible interest calculation methods.
It incorporates a great deal of flexibility such as:
- Flexible minimum payment calculations, including the higher of a fixed value or the percentage of balance
- Variable start up interest rates
- Flexible Interest frequencies
- Flexible Statement cycles
- Up to three Credit Limits
- Default Interest charged on overdue payments
- Flexible fee structures