What is a loan?
The loan register is a protocol or diary that is used to monitor maturity data associated with loans issued by a particular creditor. The register is usually arranged in a chronological order, which makes it much easier to determine what loans come in the near future. The credit register acts as a set of maturity of Tickler, warns loans of loans where to make contact with debtors and remind them of the approaching due date for the loan. Registers of this type are most useful with time loans and other similar loans that include balloon payments rather than a series of monthly installments.
The actual structure of the loan register may vary somewhat on the basis of local custom. There are several basic types of information that is likely to appear in any register of this type. The debtor's name together with the account number of the loan assigned to the debtor will first be recorded. The amount payable on the loan is also given. Finally, the date on which the loan is due is usedto sort items into a chronological order.
Some creditors prefer to add additional data to the loan register, usually for internal purposes. For example, the creditor may decide to add contact information for each loan listed in the registry, such as the postal address and telephone number. This helps to speed up the process of generating a letter reminder to the debtor or to remind the debtor that the due date is approaching rapidly.
Loan register can usually be structured to include details for all mosquitoes or deductibles on the loan. Depending on the politicians and procedures of the credit institution, it may be a reminder and notification that the due date for this loan may be sent to both the primary debtor and the Cossigner, or only for the primary debtor. If the due date goes without receipt of payment, the MAY creditor decided to use the data forMeaning in the loan register to draw attention to the problem and ask for a payment for an outstanding balance, plus any interest that began to increase after the maturity date.
While the first loan register was kept as a record of a printed copy, most accounting software today provides the ability to create and maintain an electronic credit register, some of which have decided to use a simple table format. This approach is also facilitated by adding comments or notes to each loan entered to the directory. In addition, many software packages provide the ability to mark loans for some type of communication in two weeks and monthly intervals before the actual due date.