Creating a Pre-Existing Loan

Overview

Creating a pre-existing loan in Lendiom differs from creating a new loan because the loan already exists outside of Lendiom. To ensure that the amortization schedule and loan balances are accurate, you'll need to provide additional details about what has already been paid on the loan.

Interest Follows Payment Schedule

If the loan’s interest follows the payment schedule (typical for amortized loans), gather the following information before you start:

• Original loan terms (loan amount, interest rate, term length and payment frequency).
• The first payment date of the existing loan.
• The total principal paid so far (exclude partial payments).
• The total interest paid so far.
• The last paid-in-full payment number (for example, payment #6 if the sixth payment was the last one paid in full).
• The next due date for the loan.

When you toggle the New or Existing Loan field to Existing in the loan creation form, four additional fields appear: Principal Paid, Interest Paid, Last Paid in Full Payment Number and Next Due Date. Enter the values you gathered and verify the amortization schedule that Lendiom generates. The system will create a new schedule starting with the next payment due and apply all previous payments to principal and interest accordingly.

Interest Accrues Daily

If the loan’s interest accrues daily, you must also collect the following information:

• The unpaid interest balance that has accumulated.
• The last payment date applied to the loan.

These fields appear in the loan creation form when you select daily accrual. Lendiom will use the unpaid interest balance and last payment date to calculate the outstanding interest and adjust the amortization schedule.

Important Notes

• Exclude any partial payments when calculating the total principal and interest paid—only full payments should be counted. Including partial payments can cause the new amortization schedule to be inaccurate.
• Always verify the generated schedule before saving the loan. If the schedule doesn't match your expectations, double-check your input values.
• Contact Lendiom support if you’re unsure about the data required or need help calculating values.