The Interest Tables define the rate of the service charge that may be charged for a loan. Also in this section the store owner may set the amounts of minimum/maximum loans, and also define whether a loan may have cents or if the loan always is to be an exact dollar amount. The first column is the interest rates, the second is the maximum dollar amount for this interest rate. The system assumes that the second column, the loan amounts, will be continually larger until the maximum dollar amount is reached. Note, there are two columns of numbers, CURRENT RATES, and LAST YEAR'S RATES. The reason for keeping last years rates is that when a loan is paid or redeemed the interest is calculated using the rates as of the date the loan was made.
NOTE: THERE ARE TEN LINES IN THE INTEREST TABLE. IF ALL THE LINES ARE NOT NEEDED BE SURE TO ALWAYS HAVE ZEROS IN ALL THE UNUSED FIELDS.
Field # |
Field Name |
Description |
|---|---|---|
1-10 |
INTEREST RATE |
Enter the annual interest rate as a whole number. |
MAXIMUM AMOUNT |
Enter the maximum loan amount for this interest rate. |
|
MINIMUM CODE |
Either a '1' or a '2'; this defines how a refund is to be computed. A '1' says that the refund amount has a minimum dollar amount. A '2' says that the minimum is computed by using the annual percentage rate. |
|
MINIMUM AMOUNT |
If the MINIMUM CODE is a '1' then enter the dollar amount of the minimum in this field. |
|
21 |
CURRENT RATES AS OF |
Enter the date that the current rates are valid. Any loans made on that day or past that date will use the Current Rates |
22 |
MINIMUM LOAN |
Enter the minimum loan amount for this particular store. |
MAXIMUM LOAN |
Enter the maximum loan amount that the store allows. |
|
LOAN CENTS |
Enter either a 'Y' or 'N' for yes or no this store allows loans with cents. |
|
MODIFY RATE |
This option will let the operator enter a different rate than the standard rate for a loan as it is being entered by the operator. |
Alabama Settings
There are two additioinal fields displayed in the Alabama version.
|
Grace Days |
Enter either Yes or No for allowing grace days for loans that are by month. |
|---|---|---|
|
Loan extensions |
Are by either D = Days or M = Months |
Georgia Settings
The State of Georgia has it's own version of the interest tables maintenance. The difference is that the third column is a maximum days for the rate and that the State as of May 1992 has mandated a 10 day grace period with a lower rate. The additional option that is different is the "waive" days that a pawnbroker may chose to use (fields 15,16,17). This option says to NOT charge any extra interest for a number of days past the maturity date (field 20).
