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When a loan pays off with a $0.00 balance, you can "Deactivate" the loan.
Deactivating the loan removes it from "Active" status and places it into an "Inactive" Status. When searching for the loan select All or Inactive in the My Portfolio search.
Inactive loans are retained in the database so you can access them for adjustments, post closing payments and or tax reporting.
Deactivating a loan takes with an outstanding balance stops interest accrual and payment reminder notices.
Deleting a loan takes it out of the portfolio entirely. You lose access to the loan and it is not longer visible to you.
Deactivating the loan removes it from "Active" status and places it into an "Inactive" Status. When searching for the loan select All or Inactive in the My Portfolio search.
Inactive loans are retained in the database so you can access them for adjustments, post closing payments and or tax reporting.
Deactivating a loan takes with an outstanding balance stops interest accrual and payment reminder notices.
Deleting a loan takes it out of the portfolio entirely. You lose access to the loan and it is not longer visible to you.