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Loan changes and closure

Use a loan action when the agreement must change after lending. This preserves the relationship between the original loan, the requested change, and the resulting terms.

For
Authorised loan-servicing users changing or closing an existing agreement.
Requires
Access to the loan and permission for the selected action, plus any product-specific fields and documents.
Available when
The current loan status and product expose the required action.
Before you begin
Confirm the loan, action type, reason, effective date, changed terms, calculation effect, and required approval evidence.
Expected result
The action records the tested terms and history and leaves the loan in the expected status.

Available action types

Finsaku supports the following loan actions. Your product and process may expose only some of them.

Action Purpose
Change Amend terms of the existing agreement.
Cancel Cancel the loan through the configured process.
Renew Continue or replace the agreement through renewal.
Terminate End the agreement before its normal completion.
Reinstate Restore an eligible earlier state through the configured process.

Loan statuses can also reflect expiry, repayment, cession, or write-off. Those results may be produced by payment actions or automation rather than by the visible loan-action menu.

Change a loan

  1. Open the loan and select Change.
  2. Enter the effective date and the fields allowed by the product.
  3. Recalculate and review the changed schedule and financial summary.
  4. Submit the change application.
  5. Complete the configured review and lending steps.
  6. Return to the loan and confirm the new terms and history entry.

A change is not complete just because the draft was saved. Check the action status and original loan after processing.

Terminate a loan

Termination is a formal closing action. Review the effective date, remaining balance, unpaid costs, deposits, and required supporting documents before confirming it. A confirmation prompt is not a substitute for the organisation's approval procedure.

Check a loan action before saving

  • confirm the correct loan and borrower;
  • review recent payments and pending allocations;
  • check whether another change is already in progress;
  • record the reason and supporting evidence in the appropriate fields or documents;
  • review triggered documents, messages, and integrations after completion.

Do not edit party information or add a note merely to simulate a contractual change. Those operations do not update the loan terms or lifecycle status.