Advance Loan Due Dates

Lending Lending Advance Loan Due Dates

This document provides technical guidance for utilizing the “Advance Loan Due Dates” program within the FLEX system. This program allows for the modification of loan due dates based on specified criteria.

Accessing the Program

The “Advance Loan Due Dates” program can be accessed through the FLEX Main Menu:

  • Navigate to the Loans option.
  • Select Advance Loan Due Dates.

Note: This program does not support Credit Card Loans. To skip the next billing cycle for a credit card, refer to “Maintain Credit Card Loans” under the “Cards” option in the FLEX Main Menu.

Processing Options

The “Advance Loan Due Dates” program presents several processing options to define the scope and parameters of the due date advance.

Loan Type

  • Purpose: To specify which loan types will be affected.
  • Input: Enter a specific loan type.
  • Default: Leave blank to include all loan types.
  • Important: If advancing only certain loan types, the program must be run individually for each desired loan type.

Payment Type

  • Purpose: To filter loans by their payment type.
  • Input: Indicate the allowed payment type.
  • Default: Leave blank to include all payment types.

Open/Closed End

  • Purpose: To specify whether the advance applies to Open-End or Closed-End loans.
  • Input: Enter ‘O’ for Open-End or ‘C’ for Closed-End.
  • Default: Leave blank to include all loans (both Open and closed-end).

Current Due Date (From-To)

  • Purpose: To define a date range for current due dates to be included.
  • Input: Enter the desired date range (From-To).
  • Default: Leave blank if current due dates vary and a specific range is not required.

Number of Frequencies

  • Purpose: To specify how many payment frequencies to skip.
  • Input: Enter the number of frequencies (e.g., ‘1’ to advance one monthly payment).
  • Consideration: This option is based on the loan’s frequency (e.g., weekly, bi-weekly, monthly). Ensure the entered number aligns with the intended skip for various frequencies.

Or Minimum Due Date

  • Purpose: To set a minimum due date for affected loans when the “Number of Frequencies” option is not used.
  • Input: Enter the minimum due date.
  • Default: Leave blank if this option does not apply.

Or Set Due Date to

  • Purpose: To set a new specific due date for all affected loans when the “Number of Frequencies” option is not used.
  • Input: Enter the new due date.
  • Default: Leave blank if this option does not apply.

Include Delinquent Loans

  • Purpose: To determine whether currently delinquent loans should be included in the due date advance.
  • Input: Enter ‘Y’ to include delinquent loans.
  • Default: (Implied ‘N’ if left blank, though not explicitly stated in the document).

Grace Days

  • Purpose: To specify the number of days a member can be delinquent and still be eligible for a due date advance.
  • Input: Enter a 2-character field representing the number of grace days.
  • Limitation: Loans delinquent in excess of 99 days will require manual modification.

Update Files: Yes / No

  • Purpose: To control whether the program performs a worksheet run or updates the actual loan files.
  • Recommendation: FLEX strongly recommends running a worksheet before updating files.
  • Input:
  • Enter ‘No’ to run a worksheet (report only).
  • After reviewing the worksheet and confirming parameters, enter ‘Yes’ to update the files.

Reporting

A report detailing the affected loans can be found in the Document Manager under LN3021R.