finPOWER Connect is developed to fit a wide range of business requirements and lending environments. To cater for this diversity, finPOWER Connect offers a range of modules that allow the system to be configured to meet individual requirements, allowing you to purchase only the specific features you require. These include:

Fixed Term Accounts

The Fixed Term Accounts Module provides core functionality to operate standard Consumer Credit type Loan Accounts and any sort of Account with a structured payment plan. A wide range of options for Interest and Fees are included as are options for Term, Payments and Overdue processing. Interest is calculated on the outstanding daily balance and charged according to a defined term.

This module is ideal for loans offered under the CCCFA (Credit Contracts and Consumer Finance Act) in New Zealand and NCCPA (National Consumer Credit Protection Act) in Australia. It can cater for "Interest Free Periods", "Deferred Payments", "Interest Only" and "Principle and Interest" Loans.

Where you need the flexibility of multiple draw downs and a variety of repayment options, the Fixed Term Account Module is a must.

Revolving Credit Accounts

Revolving Credit facilities are becoming an important financing tool for the modern finance company as they embrace the "Customer for life" philosophy. Once a client has your store card, your line of credit or even your credit card, they are more likely to stay a customer rather than a traditional term loan where the client is likely to seek finance from other sources once the loan has been repaid.

The finPOWER Connect Revolving Credit Module incorporates a great deal of flexibility such as:

  • Flexible minimum payment calculations, including the higher of a fixed value or the percentage of balance
  • Variable start up interest rates
  • Definable Interest cycles
  • Definable Statement cycles
  • Up to 3 Credit Limits
  • Default Interest charged on overdue payments
  • Flexible fee structures