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Tracking Late Fees

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Our Calculator Makes It Easy

Each Land Contract loan agreement can be unique especially when it comes to charging late fees. In an ideal scenario, a borrower pays like clockwork each month. In our software you enter a date and an amount paid and you are done. In the real world, this is not always so.

Please visit our booking payment tips pages for real world examples of how to easily map loan payment behavior to our Land Contract software loan administration tool and account for late fees. In the meantime, read on for more details on how it works.

Setting Up Late Fees

When you first setup the loan you are required to make three simple choices regarding late fees.

  • Don't track them automatically (you will enter them manually)
  • Track them as x dollars per day
  • Track them as a % of the payment amount

A Few Minutes Work

You may include an optional grace period and specify the dollar amount or the percentage. There is a separate Worksheet to further assist detailed late fee administration as well. The two work together. It's easy.

Late Fee Administration

Manually Override Any Late Fee

You may always type over any late fee formula and adjust it. You always have full control of how late fees affect the loan balance (do or don't) and exactly how much is charged to the borrower.

This is a very powerful loan administration tool for only $99.

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