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Home > Payments > Change Base Rate of Variable Interest Rate Loans
Change Base Rate of Variable Interest Rate Loans
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There are two ways to change a loan’s base rate:

  • Either within the loan; or
  • Processed within a bulk action

 

Changing the Base Rate Within A Loan:
1.Go to Payments > Transactions > Click +Add
2.Select Transaction Type: Set Interest Rate 
3.Fill out all required fields and adjust the Base Rate field to what the new base rate will be 

4. Click Save
               

 

Changing the Base Rate in Bulk Actions
1. Go to Payments > Actions > Change Base Rate
               

2. Using the filter icon and dropdown menus, capture the loans you want to adjust base rates for and then select the loans by using the checkboxes on the left

                 

3. Click Change Base Rate
4. Enter in the appropriate Effective Date, new Base Rate, and click Change.  You will then be prompted one more time to click Change Rate.

          

5. The system will start applying the base rate to your selected loans. After it has completed the task, you will receive a brief message on the number of successful changes (NOTE:  This message is temporary but detailed records of the action are housed in the History tab)
6. It is STRONGLY recommended that you view the complete History of the Change Base Rate within Actions > History by clicking on the hyperlink of the record.

          

7. The record will show loans’ base rates that were successfully changed, and any loans where the base rate did not change, it will tell you why the action was skipped.
           

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