Log payment

This request logs a payment on a line of credit account.

 Click here to learn more about logging payments

Logging Payments

Payments reduce a line of credit account's current balance and free up available credit. Here's what you need to know about payments made on line of credit accounts:

If the line of credit is linked to other line of credit accounts, there are two ways to make payments:

1. individually on the child line of credit

  • Logging a payment on the parent line allows you to split the payment across child lines. LMS will automatically update the child lines to reflect the payment.

2. broadly on the parent line

  • Logging a payment on the child line allows you to apply payments on individual accounts. LMS will automatically update the parent line to reflect the payment.

Payments within LMS fall into two categories: logged only and logged and processed.

  • Logged payments, such as cash payments, are processed externally—meaning LoanPro is not directly involved in the transfer.
  • Logged and processed payments, such as bank account payments, are processed internally—meaning LoanPro is directly involved in the transfer by sending information to an integrated payment processor.

Database

For information regarding Line of Credit and Payment database tables, see the following articles:

{
    "LineOfCreditPayments": {
        "results": [
            {
                "amount": 298.38,
                "status": "lineOfCredit.transactionStatus.active",
                "applyDate": "2024-07-17",
                "description": "July 2024 Payment",
                "isSplit": 0,
                "paymentMethodId": 1,
                "paymentType": 1,
                "__logOnly": true
            }
        ]
    }
}
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