Payday Loan Calculator - Questions & Answers

ASP.Net version

• What are the system requirements?
• It is possible to use custom name for the settings file?

Settings file questions: Basics

• What is the settings file?
• We are not able to create settings file that matches our fees schedule. Can you help us?

Settings file questions: Basic options

• It is possible to change currency symbol?
• How to disable display of APR in calculation results?
• How to change maximum loan amount?
• How to change origination/processing fees?
• How to round up loan amount being entered by the user?

Settings file questions: Input elements

• How to switch amount input from combobox to text input?
• How to switch loan length input from combobox to text input?

Settings file questions: Financial charges

• Rate per $100 financed per week, not prorated
• Rate per $100 financed per week, prorated
• Fixed rate per $100 financed regardless the loan term
• Using Annual Percentage Rate (or APR)

Settings file questions: Advanced rates schedule

• Our fees schedule have non-standard features, we have amount-based rates or administrative fees schedule. It is possible to configure the calculator for our company?

What are the system requirements for ASP.Net calculator?

System requirements:

• Windows hosting
• ASP.Net 2.0 or higher

No database or third-party components are required.

It is possible to use custom name for the settings file?

Yes, it is possible. Simply pass the path to your new settings file in SettingsFile parameter just like it done in the following example:

		<!-- registering user control prefix -->
		<%@ Register TagPrefix="uc" TagName="Calculator" Src="~/Controls/PayDayLoanCalculatorCtrl.ascx" %>
			
		...

		<!-- placing user control on the page -->
		<uc:Calculator runat="server" ID="calc" SettingsFile="Settings.xml" />
	

What is the settings file?

Settings file is a file in XML format that has all calculation scenario parameters. This file is mandatory, you must have at least one proper settings file to make calculator works.

Default name of the settings file is "PaydayLoanCalculator.xml", but you may change it's name with the particular scripting properties.

We are not able to create settings file that matches our fees schedule. Can you help us?

Sure, we may help you with this matter. Please, send us your fees schedule and we will send you the ready-made settings file or even create an update to the software that would support your financial charges scheme. This service is free of charge for all our customers.

It is possible to change currency symbol?

Currency symbol could be changed with settings file variable CurrencySymbol. Simply copy and paste one of the following lines to your settings file:

		<CurrencySymbol>$</CurrencySymbol>
			
		<CurrencySymbol>€</CurrencySymbol>
			
		<CurrencySymbol>£</CurrencySymbol>

		<CurrencySymbol>¥</CurrencySymbol>	

How to disable display of APR in calculation results?

Pretty easy, this is DisplayAPR variable in settings file which is responsible for this particular feature.

		<!-- Disable display of APR in results -->
		<DisplayAPR>0</DisplayAPR>

		<!-- Enable display of APR in results -->
		<DisplayAPR>1</DisplayAPR>

How to change maximum loan amount?

There is MaxAmount variable in the settings file which denotes the maximum loan amount available to the user. Please, do not type any characters except the numbers in this value.

		<MaxAmount>1000</MaxAmount>

If your user type in amount that exceeds this value, loan amount will be capped by the maximum value of MaxAmount.

How to change origination/processing fees?

If you charge fixed origination or processing fee that being added on the top of every loan you issue, you may put any value greater than zero to the OriginationFee variable in settings file as in the following example:

		<OriginationFee>10</OriginationFee>
		
		<!-- Put 0 to turn off this feature -->
		<OriginationFee>0</OriginationFee>

How to round up loan amount being entered by the user?

Our calculator support three types of amount rounding -- you may round up to the nearest $25, $50 or $100.

		<!-- Turn off rounding -->
		<AmountRoundUpType>0</AmountRoundUpType>
		
		<!-- Round up to the nearest $25 -->
		<AmountRoundUpType>1</AmountRoundUpType>

		<!-- Round up to the nearest $50 -->
		<AmountRoundUpType>2</AmountRoundUpType>

		<!-- Round up to the nearest $100 -->
		<AmountRoundUpType>3</AmountRoundUpType>

How to switch amount input from combobox to text input?

Put 0 value to the AmountType variable to switch amount input to the text box or put 1 to make it combobox again.

Please, take a note, that you must define AmountValues variable if you are planning to use combobox. Also, it would be not possible to use MaxAmount variable if you'll choose to use combobox for the loan amount.

		<!-- Using text input -->
		<AmountType>0</AmountType>
		
		<!-- Using combobox -->
		<AmountType>1</AmountType>		
		<AmountValues from="100" to="1000" step="100" />

How to switch loan length input from combobox to text input?

Put 0 to the TermType variable to switch amount input to the text box or put 1 to make it combobox again.

Please, take a note, that you must define Terms array if you are planning to use combobox. Terms array must contain at least one variable that defines the length in days and the label for that particular timespan as defined in the following example:

		<!-- Using text input -->
		<TermType>0</TermType>
		
		<!-- Using combobox -->
		<TermType>1</TermType>
		<Terms>
			<Term length="7">7 days</Term>
			<Term length="14">14 days</Term>
			<Term length="21">21 days</Term>
			<Term length="28">28 days</Term>
		</Terms>

Rate per $100 financed per week, not prorated

Set RateType variable to 0 if you wish to calculate the financial charges based on "per $100 per week" basis. In this case amount being rounded up to the nearest $100 and loan length rounded up to the nearest week. Lets take an example:

• You set the charge as $15 per $100 per week.
• Customer borrow $150 for 9 days.
• Rounding up $150 to $200 and 9 days to 2 weeks.
• Total financial charge would be 2 * (2 * $15) = $60
• Total charge for credit would be $160.00

Rate per $100 financed per week, prorated

Set RateType variable to 1 if you wish to calculate the financial charges based on "per $100 per week" basis. Since we are using prorated amount is not being rounded up nor loan length do. This could be described by this example:

• You set the charge as $15 per $100 per week.
• Customer borrow $150 for 9 days.
• Total financial charge would be 1.5 * (9/7 * $15) = $28.92
• Total charge for credit would be $128.92.

Fixed rate per $100 financed regardless the loan term

Another charges option would be to setting fixed rate per $100 regardless of the loan length.

• You set the charge as $15 per $100 per week.
• Customer borrow $200 for 9 days.
• Total financial charge would be 2 * $15 = $30
• Total charge for credit would be $130.00.

Using Annual Percentage Rate (or APR)

This option could be useful for those, who are using APR to calculate their financial charges. If you wish to use this option, please, put 3 to RateType variable of settings file.

Our fees schedule have non-standard features, we have amount-based rates or administrative fees schedule. It is possible to configure the calculator for our company?

Absolutely! Our calculator is quite flexible enough to fit every calculation scenario you can imagine, but if your scheme does not supported by the calculator at the time, please, contact us, and we would be happy to create configuration file or software update for your company.