Start Options

Loans require a start option to define the adjustment type that is used to create the adjustment to book the initial principal amount when the loan is activated. Loan start options can also specify default values for loan amount, payment amount, and number of periods.

Create at least one start option for each loan SA type. The following information should be defined:

• Adjustment Type should reference the adjustment type defined above to book principal.
• Recurring Charge Amount (Payment Amount) should only be defined if you have standard loan payments.
• Total Amount To Bill (Loan Amount) should only be defined if you have standard loan amounts.
• Number of Payment Periods should be the number of payment periods in the loan (if you have a standard loan period).
• If you want to define a set of standard APRs for a loan SA Type, set up a Contract Value on the Rate Info page. The Bill Factor should match the interest bill factor specified on the SA Type.