Author Topic: Suggestion: Allow partial repayment of loan  (Read 41 times)

Aquantis

  • Newbie
  • *
  • Posts: 21
    • View Profile
Suggestion: Allow partial repayment of loan
« on: December 06, 2019, 01:11:26 am »
I'm not exactly sure how the logic would work, but it's be nice to see a system where we can pay off parts of the loan over time, instead of being stuck with, for example "$2 million/week for 200 weeks or pay off all $400 million right now". Maybe something along the lines of "Pay off X weeks now", where X is the user input, and the cost of paying off in segments is: (Initial Loan (no interest) /Weeks Remaining) * (User Selected Weeks (X) * early repayment percentage factor).

For example, if I have a $100 million dollar loan for 100 weeks at 10%, I will end up paying $110 million, which will cost me $1.1 million a week (1 million a week to pay off the loan + 100k interest), or, I have the option to pay off 50 weeks worth (50 weeks * 1 million base weekly payment = $50 million) plus say a 10% early repayment fee, so I can reduce the loan time by 50 weeks by paying $55 million. Obviously the repayment fee would be slightly higher than the interest but I tried to keep it simple for this example I'm writing on my phone.

patson

  • Administrator
  • Hero Member
  • *****
  • Posts: 788
    • View Profile
Re: Suggestion: Allow partial repayment of loan
« Reply #1 on: December 06, 2019, 12:10:46 pm »
Thanks for the suggestions! What you said is probably more realistic! Though it might take quite a bit of effort to implement and get the UI right ;)

Meanwhile, perhaps u can just "refinance" ? like pay off completely the current loan and get a smaller loan ? Not exactly the same as what you suggested but similar? :)