Interest rate adjustments change the interest rate on a line of credit account. Note the following when using this request:

The date parameter acts as an apply date. The new interest rate will kick in on this date.

Interest rate adjustments cannot be applied before the account's open date and cannot be applied in previous billing cycles.

ℹ️

This request interacts with Compliance Guardrails.

Compliance Guardrails are a LoanPro feature that helps ensure actions taken on accounts are done so compliantly with lending laws. Once configured, these guardrails are applied to a line of credit program, ensuring all accounts within that program adhere to the same compliance standards.

Guardrails are configurable, allowing you to set rule criteria for which accounts should either result in a warning or an error. If your request attempt is flagged by a guardrail, a 409 response code is returned along with one of the following responses:

Guardrail warningGuardrail error

{
    "error": {
        "message": "",
        "type": "GuardrailEvaluationException",
        "code": 409
    },
    "warnings": [
        "<p>CARD Act Warning: This is a configurable warning message.</p>"
    ]
}

{
    "error": {
        "message": "CARD Act Compliance: This is a configurable error message.",
        "type": "GuardrailEvaluationException",
        "code": 409
    }
}

Guardrail flags can be ignored for testing purposes by adding "ignoreGuardrailWarnings": true to the payload of this request.

Database

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

Database – Line of Credit Interest Rate Adjustment (line_of_credit_interest_rate_adjustment_entity

Database – Line of Credit Account (line_of_credit_entity)

{
    "lineOfCreditId": 938289,
    "bucketId": 1,
    "date": "2023-10-30",
    "title": "Interest Rate Increase",
    "newRate": 24.99,
    "ignoreGuardrailWarnings": false
}