Cash Advance Length (days): The most common entry here is 14, for a default 14 day loan. This field does not limit the number of days a loan can be, this is merely the default (most common) loan length in days.Minimum Loan Length in days - Normally left blank unless you have a Minimum Loan Length. Maximum Loan Length (in days): Normally 30 or 31. This sets a limit for the maximum loan length in days. Some states limit the maximum number of loan days, so be sure to use the correct upper limit for your state, if applicable. Cash Advance Contract: Be sure to select the appropriate contract for your state. State-specific contracts are prefixed with the state's postal code. So contracts for Tennessee start with TN, contracts for Missouri with MO, etc. Do not try to type in this field: click
on the dropdown control and scroll up or down to the contracts for your state. If there is not a contract for your state, you can select the Any State contract (which will be toward the top of the list), or you can submit a contract to Alpha Omega to be added to the contract list. If you're not sure which contract to use, select the highest numbered contract for your state as the highest numbered contracts are the most recent. After you have done a cash advance loan, you can print the loan with each contract to see what they look like. You do not have to change the company setup to do this: you can select any contract from the contract print dialog. Be sure to write the contract number in the upper right hand corner of each contract so that you can tell which printed contract matches the contract number in the program. Once you have decided which contract you want to use, you can return to this field in the company setup and make it the default contract. (Note: If you have an internet connection, you can "Click Here" to view all contracts, letters, forms, reports, receipts and notices that are automatically generated by Title Loan Professional Plus.)
	Renewal Receipt: This field is normally left blank. Cash Advance Calculation Method: Cash Advance Calculation Method: the options here are Flat APR (in which case the default APR is entered in the next field below), Flat Fee, and Flat Fee based on advance length. If the Flat Fee methods are chosen, you will see a table appear that allows you to set up your fee for each loan amount your company offers. It is very important to choose the appropriate method for your state's regulations and the way your company intends to operate. Use the "Flat APR" method if your company changes the fee based on the number. For instance, if your company charges $20 per $100 on a 14-day loan, and the fee decreases for fewer days and increases for more days, you would select the Flat APR method with an APR of 521.43%. Be sure the APR is entered exactly as shown,
with the percentage sign at the end. Common APRs based on a 365 day year are: $20 per $100 on a 14 day loan: 521.43% $18 per $100 on a 14 day loan: 469.29% $15 per $100 on a 14 day loan: 391.07% $10 per $100 on a 14 day loan: 260.71% To calculate the APR based on a 365 day, use this formula: APR = desired fee on a $100 loan, multiply by 365, divide by 14 To calculate the APR for loans other than 14 days or for years other than 365 days, use this: APR = desired fee on a $100 loan, multiply by days in year, divide by loan days Use the "Flat Fee" method if your company charges the same fee for a loan regardless of the number of loan days. For instance, in a flat fee state like California, you may charge the same fee for a $100 loan regardless of the number of days on the contract and regardless of whether the client pays before or after the contractual payment due date. Use the "Flat Fee based on advance length" method if your company charges different fees for a loan based on the loan length days. For instance if you charge a $15 fee for a $100 loan of seven days, a $20 fee for a $100 loan of 14 days, and a $25 fee for loans of over 14 days, but do not adjust the fee if the client pays before or after the contractual payment due date, you could use this method. If you can use the "Flat APR" method, it is more flexible and is probably preferable for most Cash Advance companies. (Note: To view APR Calculations and Common Percentages Click Here.)
Cash Advance Contract: Be sure to select the appropriate contract for your state. State-specific contracts are prefixed with the state's postal code. So contracts for Tennessee start with TN, contracts for Missouri with MO, etc. Do not try to type in this field: click on the drop down control and scroll up or down to the contracts for your state. If there is not a contract for your state, you can select the Any State contract (which will be toward the top of the list), or you can submit a contract to Alpha Omega to be added to the contract list. If you're not sure which contract to use, select the highest numbered contract for your state as the highest numbered contracts are the most recent. After you have done a cash advance loan, you can print the loan with each contract to see what they look like. You do not have to change the company setup to do this: you can select any contract from the contract print dialog. Be sure to write the contract number in the upper right hand corner of each contract so that you can tell which printed contract matches the contract number in the program. Once you have decided which contract you want to use, you can return to this field in the company setup and make it the default contract.
Print Checks for Cash Advances: Check this option ONLY if you have checks compatible with Title Loan Professional, which you can order from our forms company through us. If you are giving out cash or handwriting checks, do not check this option. Print Privacy Notice: Check this option if you want a Privacy Notice to be generated with each contract. If not, leave it unchecked. Enable Early Payoff Credit: Check this option if you want the system to offer the user the option to adjust the fee if a client pays before or after the contractual date. If your company does not adjust the fee on early and late payoffs, leave this option unchecked. Waive Late Fee: Normally unchecked. Means if the customer pays late you would be able to increase the fee.
Force using the payoff screen if a payment seems to satisfy all principal and interest due?: If checked, the program makes sure the company doesn't lose any money. It forces a payoff calculation. Grace Period in Days: Tells computer how many days they have to pay the loan off without having to pay the interest part of the loan. Days Credit Allowed: This field is not normally used, please contact AOCG. Non-refundable Portion of Fee: If you are going to recalculate the fee how much of the fee is not subject to refunding. Allow user to adjust late charges on payoffs and renewals: If checked the user can override the figures the computer calculates. Computer can make the decision or let the user make the decision. Allow user to adjust credits on payoffs and renewals: If checked the user can override the figures the computer calculates. Computer can make the decision or let the user make the decision. Max Finance Charge for Each New Loan: Percentage that says, what percentage of the principal is the maximum you can charge. Automatically Mark Renewals: Computer will automatically make a note of each time a payment is a renewal. Maximum Number of Renewals: If your company always makes a client pay off the loan in full before issuing a new loan, this fields should be blank (not zero). If this field is blank the renewal feature is disabled. If there is a limit on the number of times a loan can be renewed, the number of renewals allowed should be entered here. Please note that the original loan is counted not a renewal. Entering 3 here means that the original loan can be made and subsequently renewed three times, resulting in a maximum of four installments.
Allow Principal Increase with Renewal: If your company allows the client to increase the loan principal during a renewal, check this option, otherwise leave it unchecked. Renewal APR: tells the system what percentage to charge on the renewal if it was a different amount than the original loan. Minimum Renewal Payment: Fees Plus __% of starting with Renewal Number : These three fields help the computer determine how to calculate the minimum payment required to renew the loan. There are various options: If your company does not do renewals, the first and third fields should be blank (not zero) and the second field does not matter. If your company does renewals but does not require a percentage of the loan amount with any renewal, the first field should be 0.00% and the other two fields do not matter. If your company does renewals and requires a percentage of the loan amount starting with a particular renewal number, you need to fill in all three fields correctly (and be sure to check that this is working as you require when you start doing renewals). The first field should be the percentage of the loan amount you require to be paid in addition to the fee. The second field must specify whether the percentage is applied to the Original Loan Amount or the Current Loan Amount. The third field tells the program which renewal commences the requirement of the percentage of the loan amount being added to the minimum payment. Minimum Finance Charge Percentage: For most companies, this will be 0.00% since the fee is either a flat fee Maximum Finance Charge for all Renewals: For most companies this will be blank (not zero). Entering zero or zero percent here is wrong, as this tells the software you cannot charge a finance charge on renewals. If you state limits the total finance charge to a maximum percentage, enter the percentage here (example: 75.00%). If you use this option, be sure to limit the number of renewals so that you don't end up giving away free interest. For instance, if you average fees of 25% per loan and the state limit is 75%, you might want to limit the number of renewals to 2 even if the state allows more renewals. Since the original loan does not count as a renewal, the original loan and two renewals would put you in a position where a 3rd renewal might be largely or entirely interest free.