Select ‘Transactions’ then ‘Loans’ from the Compliance Menu, then click ‘Add New Loan’ and either select a pending loan or click ‘Add New’. If adding a new loan you will see a list of participants in a drop-down box; select the participant for whom you want to add a loan, enter a description for the loan and click 'Create New Loan'. On the next screen you will see the amount that is available for a loan, based on data from the Transaction menu; if this is not accurate you can click 'Max: Review/Edit' to override the available amount
Q.S. Tip: For the available amount fields to be populated you must have transactions posted and you must have viewed the data by printing statements in the Transaction Menu. |
You need to enter the following information:
- Origination date - must be within the current plan year
- Principal (amount being borrowed)
- Annual Interest rate – if the rate is linked to prime you can look up the current prime rate
- Repayment Type – select number of payments or payment amount and enter the number or amount in the field below
- First repayment date
- Adjust the other options as required including repayment rules and amounts of any loan fees
- Click the update button when you are done
