Add/Update Loan Setup

This request allows you to add or update the loan setup information of a loan.

General

The LoanSetup object is nested within the Loans entity, and it holds loan information such as loan amount, interest rate, term, and more. Here's what you need to know about this request:

  • The values in LoanSetup directly affect how a loan is calculated.
  • Due to this, you cannot update these values if the loan is activatedactivated - Activating an account will cause the calculations on the loan to take into account actual dates and payment history. An account that hasn’t been activated exists in an abstract piece of time with no sense of past or future..

For more information on this topic and examples of how it works within the UI, take a look at our Setup Terms article.

Database

For information on loan database tables, see the following articles:

{  
  "LoanSetup": {
    "loanAmount": "12000.00",
    "discount": "500.00",
    "underwriting": "0.00",
    "loanRate": "12.0212",
    "loanRateType": "loan.rateType.annually",
    "loanTerm": "36",
    "contractDate": "2015-05-07",
    "firstPaymentDate": "2015-05-08",
    "amountDown": "0.00",
    "reserve": "5.00",
    "salesPrice": "12000",
    "gap": "1120.",
    "warranty": "2500",
    "dealerProfit": "1000",
    "taxes": "125.25",
    "creditLimit": "15500",
    "loanClass": "loan.class.carLoan",
    "loanType": "loan.type.installment",
    "discountSplit": "1",
    "paymentFrequency": "loan.frequency.monthly",
    "calcType": "loan.calcType.simpleInterest",
    "daysInYear": "loan.daysInYear.frequency",
    "interestApplication": "loan.interestApplication.betweenTransactions",
    "begEnd": "loan.begend.end",
    "firstPeriodDays": "loan.firstPeriodDays.frequency",
    "firstDayInterest": "loan.firstdayinterest.yes",
    "discountCalc": "loan.discountCalc.straightLine",
    "diyAlt": "loan.diyAlt.no",
    "daysInPeriod": "loan.daysinperiod.24",
    "roundDecimals": "5",
    "lastAsFinal": "loan.lastasfinal.no",
    "curtailPercentBase": "loan.curtailpercentbase.loanAmount",
    "nddCalc": "loan.nddCalc.standard",
    "endInterest": "loan.endInterest.no",
    "feesPaidBy": "loan.feesPaidBy.date",
    "graceDays": "5",
    "lateFeeType": "loan.lateFee.3",
    "lateFeeAmount": "30.00",
    "lateFeePercent": "10.00",
    "lateFeeCalc": "loan.lateFeeCalc.standard",
    "lateFeePercentBase": "loan.latefeepercentbase.regular",
    "paymentDateApp": "loan.pmtdateapp.actual"
  }
}

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Try It Instructions

Our requests often provide sample payload information so that you can receive a 200 response from simply hitting the Try It button. This request is a bit different.

We can’t provide sample ID values that will work for multiple users. But, if you’d like to see a sample of a 200 response, click the response examples located under the Try It button.

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