Interest Adjustment Transaction

This request allows you to increase or decrease the amount of interest due in the next payment.

General

Interest adjustment transactions are used by lenders to increase and decrease the interest due on an account. Here's what you need to know about this request:

  • An Interest adjustment transaction works like a chargecharge - Additional fee applied to an account after origination such as Late fees, Convenience fees, Repossession fees, etc. or a creditcredit - Transaction placed on an account to forgive portions of the debt.—all of these affect a loan's amounts. In other words, instead of simply logging adjustments for bookkeeping's sake, these cause a borrower to pay more or less on their loan.
  • Multiple interest adjustment transactions can be applied to the same date, but they must take place after the contract datecontract date - The date that the loan officially begins. Interest typically begins accruing on this date..
  • Interest adjustment transactions do not affect a loan's interest rate.

For an example of how interest adjustment transactions work within the UI, take a look at our Interest Adjustment Transactions article.

Database

For information on interest adjustment transaction database tables, see the following article:

{
    "InterestAdjustments": {
        "results": [
            {
                "id": "",
                "date": "04/07/2022",
                "type": "loan.interest.adjust.type.decrease",
                "amount": "125.00",
                "categoryId": 1,
                "title": "Testing"
            }
        ]
    }
}

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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 ready for you—expand the object by clicking the "+" symbol and hit Try It to send the request.

If you would like to try this request with your own tenant account, make sure to change the headers to match your own authentication information.

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