Loan Request Payment Selection

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Loan Request Payment Selection


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This screen appears after all information has been filled in on the Loan Request screen (and after collateral items have been updated, if any).

Check out the video related to this topic: Loan Request with Insurance (More videos below!)

Helpful Resources

Learn how to complete tasks related to opening a new loan.

Screen Overview

This screen automatically amortizes a loan according to the settings on the Loan Request screen, and will include up to 9 different payments (or terms), both with and without insurance premiums (or debt protection fees).

To select one of the payments and proceed to the Loan Recap screen, click the images\1216secondpaymentg_shg.gif icon to the right of the payment amount.

To make the screen easier to read, click the images\1216hightlightg_shg.gif highlight button in front of any line to apply shading to that line.

If Miscellaneous coverages exist appears at the top of the screen, Miscellaneous coverage has already been included with the loan and may be configured to be amortized into the loan. Click the Misc Coverages button to view the Miscellaneous Coverage and its configuration.

NOTE: The Insurance/Debt Protection Cost columns show the average cost per payment, per month, and per day for insurance premiums or debt protection fees. This is a simple analysis of the cost when the loan is created; it does not reflect changing premiums over time as the loan is paid down.

Calculating the Difference Between Two Payments

When reviewing this screen with your member, there is a handy tool that will calculate the difference between two of the quoted payment amounts, and will even break down the difference per day. Use this procedure:

  1. Click the Compare Payments button

  2. Click on the images\1216firstoneg_shg.gif button next to a payment amount

  3. Click on the images\1216secondpaymentg_shg.gif button next to another payment amount

The following window will appear showing the difference between the two payments selected:


Click Continue (or press Enter) to return to the original screen. Repeat the steps again for a different set of payments as needed.

Why wasn't insurance quoted automatically?

If insurance premiums (or debt protection fees) are not being quoted automatically, check the following:

Are codes entered into the “Insurance Options” fields in the box at the right edge of the screen? (Click the lookup button images\magnifyingglasslookup_shg.gif to choose from a list of your credit union's configured codes.) Make sure that the codes you choose are actually set up to offer that type of insurance!

Has a co-borrower birthdate been specified? This can be done using the date field at the top of this screen (or on the previous Loan Request screen).

Do the loan amount, term, and other settings fall within the eligibility requirements for this type of insurance?

Is the borrower (or co-borrower) eligible for insurance based on his/her age?

For single premium insurance codes, also be sure to specify the following settings:

Add to balance

If the insurance selected is single premium insurance, this flag should be checked, meaning that insurance premiums should be added to the balance of the loan.

Include in balloon

If this is a balloon loan, and the insurance you have selected is a single premium insurance type, this flag lets you choose whether the balloon amount should be included in the insurance coverage and therefore included in the premium calculation.

Your ability to offer this choice to your members will depend on your state regulations.

Additional Video Resources

Check out these additional video resources!

Creating a Loan Request for a Non-Member

Editing a Loan Request

Loan Request with Collateral

Simple Loan Request

Special Loan Request Features

View more lending videos.

Visit the CU*BASE video library.



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