For the GMI calculation, we use the following multiples. Allegedly, the state of Illinois DFI provided this information. Weekly – 4.333 Biweekly – 2.1666 Semi-Monthly – 2 Monthly – 1
What is an early payment adjustment
An EPA (early payment adjustment) is an internal number that we use to calculate interest allocations when payments are made. This transaction occurs anytime principal is paid down.
File Uploads / Attachments
You can upload file attachments to the borrower. Please note, the file size limit is 20 mb.
How To Setup Up Business Rules / Notifications
The Intro XL system can automate text messages and emails (Admin > Notification Maint) for the following scenarios, like payment reminders and more. Please note, this works for our online lending solution only at this time. Please submit a support ticket to set this up. Notification Types: Scheduled Payment – […]
Precomputed vs Simple Interest Loans
Loan Product Types in Intro XL First and foremost: Always confirm with your state’s regulatory body which loan products are permitted. Federal law prohibits pre-computed interest using the Rule of 78s for loans longer than 61 months, and 17 states ban such loans entirely. Intro XL supports two primary interest […]
Export loan agreement into Word (for E-sign Contracts)
Lenders may need to provide a sample contract in Word format to the state licensing body or as response to a legal request to provide sample loan agreement for review. For online lenders utilizing e-sign contracts in Intro XL: Identify a Loan to use as a sample. Go to : […]
How to add a debit card to a borrower or loan
Adding a debit card to an account is easy. You add the card on the loan details for borrower profile. Pro Tip: Doing a Pre-Authorization is a best practice. This will put a $0.05 hold on the account that will drop off after a few days. This is similar to […]
NACHA Rules for ACH
ACH Return Thresholds & Best Practices If you’re not actively monitoring these return statistics, there’s a good chance you may be exceeding the allowed thresholds. Here are some practical tips to help you stay compliant and protect your processing relationships: Never use ACH as a collection tool. For high-risk customers, […]
Adding a New Lead Provider
Go to Admin > Lead Sources Pro tip: Clone an existing lead source and update the name and password. Provide the following information to your lead provider. The company name is the acronym you use when logging into Intro XL. Think of this like a user id. <Company>XYZ</Company> <Storeid>1</Storeid> <Password>*******</Password> […]
Auto Debit Card Payments
We can auto charge a debit card on a loan. This auto payment happens everyday around 3:30am est. To view ALL “auto” and scheduled payments, use the Auto Schedule Report. The repayment method is Debit Card The repayment status must be set to “Debit Card”. The payment is due today […]