Title Loan Payoff, Daily Interest Method
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Daily Interest Method:

Calculating a loan payoff on a loan with interest posted daily is not done using the Payoff Act button on Additional Information, for a very simple reason: there is no interest reduction on a loan where interest is calculated and posted on a daily basis. The payoff amount for such a loan is simply the current loan balance (the principal plus all accrued interest and fees). So to pay a daily interest loan in full, simply have the customer pay the current loan balance and enter the payment as a regular transaction using the transaction Submit button. Of course, you should be sure to check the account first, and make sure that the principal, interest, fees and payments posted to the account are correct, and that the current loan balance is correct, before telling the customer the payoff amount, entering it, and pressing the Submit button!