Configurable payment schedules allow lenders to create customizable payment schedules in for a determined amount of payment periods. For example, a loan product might offer an introductory 5% interest rate on the first three periods of a loan but a 15% interest rate for the remaining periods.

This request uses the "simple" option configuration option which uses fewer parameters than the standard configurable payment schedule tool. Note the following when using the simple payment schedule tool:

Configurable payment schedules will only affect loan accounts that are not currently activated. Adding a configurable payment schedule to an activated loan will not alter its payment schedule.

The overwrite function allows users to place a custom payment schedule during a separate schedule. This is most useful when a payment already exists and should not be altered.

For an example of how configurable payment schedules work within the UI, take a look at our Create a Configurable Payment Schedule article.

Database

For information regarding configurable payment schedule database tables, see the following articles:

Database – Loan Schedule Roll Entity (loan_schedule_roll_entity)

Database – Schedule Roll Template (schedule_roll_template_entity)

{
    "payment": "125.00",
    "date": "2024-07-22",
    "revertSchedule": 1,
    "term": 3,
    "overwrite": 1,
    "interestRate": "0.00"
}