Custom payment date using payment due days
CL Loan enables lenders to set a payment due date that is different from the bill date. The ACH date can be set to this later date through the automated payment setup option on the loan contract. This option applies to all types of loan, such as regular and LOC.
The field Payment Due Days is added to the lending product and CL contract page to enable this functionality.
For the same lending product or contract, you can specify either Pre Bill Days or Payment Due Days, or none. The value specified for the contract overrides the product level value.
For more information on this field, refer to the Field Reference table in the section Create a Simple Loan Product and Create a Line of Credit Product.
If this field is not visible on the interface by default, you can add this manually on the Lending Product and CL Contract page layouts. For more information on adding these fields to the page layout, refer to the section Modify the Page Layout.
Recommended layout
The following image displays the suggested layout for the new field in the lending product page. Similarly, you can add the field to the CL Contract page.
