Line of Credit Advance
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Overview of IL803
Once you’ve created a new line of credit, you can begin advancing funds to the borrower as requested up to the designated credit limit. Advancing funds against a line of credit reduces the amount of credit available under this line until the money (minus any fees due) is repaid.
- From the DDI Connect main menu, double-click on Financial Services
- Double-click Line of Credit
- Double-click Transactions
- Double-click Line of Credit Advance. You will see this screen:
Type the line # in the field and click Find, or click the list icon to select from a list of lines of credit in the system. The information will populate the screen:
The following fields are available on this screen:
| Field | Description |
|---|---|
| Last advance | Date of the most-recent advance for the selected line of credit. Display only |
| Credit available | Dollar amount of available (un-advanced) credit for this line. Display only |
| Credit limit | Maximum dollar amount available to advance. Display only |
| Advance | Dollar amount requested in this advance. An error displays when you attempt to save the advance if the requested amount is greater than the available credit for this line. This field is editable while in the default mode. Clicking the Mode button in the toolbar makes this a display-only field whose value is calculated based on the value input in the Net advance field |
| Credit balance | Cumulative advanced amount that has not been repaid by the borrower. Display only |
| Less fees | Fee amount applicable on the requested advance. The amount in the Advance field times the percentage in the Fee rate field. Display only |
| Fee rate | Fee percentage applicable on this advance request. Display only |
| Interest due | Current interest-due balance for this line of credit. Display only |
| Net advance | Amount of the advance net of any applicable fees. Display only while in the default mode. Clicking the Mode button in the toolbar makes this field editable |
| Advance payee | Individual to whom the advance is payable. This comes from the line-of-credit, master-account record |
| Advance method | Method of payment for the advance. Click the drop down arrow to select the method you wish to use |
When you have finished entering the information, click Save. If the advance is successful, you will see this message:
Click OK. The advance will be issued, and you will be returned to the Advance screen.
