There are 4 types of Loan Status.
- When you add a new loan, the loan will have the Open status.
- Fully Paid
- When the loan has been fully paid by the borrower, the system will update the loan to Fully Paid.
- You can set loans as Defaulted if you don't expect any further payments from the borrower. This can be done by clicking Loans >> View All Loans - Branch >> View/Modify >> Loan Terms >> Edit Loan.
- If the borrower is having trouble paying off the loan or wants different terms (such as interest rate, maturity, repayment cycle..), you can restructure the loan. This will change status of the loan to Restructured and you will have to create a new loan with the new terms. So every restructured loan must have a corresponding new (Open) loan. The new loan will have the released amount that is equal to the total due amount of the restructured loan. So every time you add