For line of credit (LOC) loan products, this field (in Tool #470) is optional. If you choose to use this field when calculating the loan payment, be sure to match the percentage that is currently configured at the loan category configuration (Tool #458). See help topics below.

If you use this field, you may need to adjust the maturity and review dates on these loans manually, if you want them to reflect your standard “term." See bullet below.
  • IMPORTANT: If a % is entered, the system will still be required to run the loan through the normal amortization steps in order to establish the payment and related data points to populate the loan record.  This means that the maturity and review date will NOT be set according to your “# of payments” setting in the loan product configuration. Instead, the system will record what the maturity date had to be in order for your desired payment amount to be calculated, which may be further into the future than you expect. (If the loan had insurance/debt protection, that maturity date may be even further out.)  Or it may be less far in the future, depending on other considerations.