The Fixed Term Accounts Module provides core functionality to operate standard Consumer Credit type Loan Accounts and any sort of Account with a structured payment plan. A wide range of options for Interest and Fees are included as are options for Term, Payments and Overdue processing. Interest is calculated on the outstanding daily balance and charged according to a defined term.
This module is ideal for loans offered under the Australian NCCPA (National Consumer Credit Protection Act) 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. The Fixed Term Accounts modules can cater for both "Interest Only" and "Principle and Interest" Loans, Payments in Advance, Balloons and residual amounts. Where you need the flexibility of multiple draw downs and a variety of repayment options, the Fixed Term Account Module is a must.
Where an Account is provided with a floating or variable interest rate, the Fixed Term Floating Rate Loan Accounts module is ideal. It has all the features and flexibility of the Fixed Term Loan Accounts but also includes the ability to change the interest rate on the Account during the term of the loan. Interest rate changes can trigger changes in repayment amounts or a variation in the term, provide a grace period for the interest rate changes to take affect and send out Rate Change notifications.
Revolving Credit 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 rather than a traditional term loan where the client is likely to seek finance from other sources once the loan has been repaid.
The Revolving Credit Accounts Module provides functionality that facilitates a flexible line of credit for clients that can have multiple draw downs, a variety of repayment options and flexible interest calculation methods.
The finPOWER Connect Revolving Credit Module incorporates a great deal of flexibility such as: