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Author Topic: Loan  (Read 553 times)

Livesay81

  • Former member
Loan
« on: August 26, 2011, 01:49:26 PM »
Okay, so I'm in the red a little with cash as a whole. However I've turned a profit now and will be in the Black soon... but my loan payments are not being made now that I'm making money? Whey do you have to have a positive balance in order to make a payment?

Zabuti

  • Former member
Re: Loan
« Reply #1 on: August 26, 2011, 02:17:24 PM »
Hello

Paying a loan means taking money from your account and put it back in the bank's pocket. So, if the back is taking your money but you don't have it, it's like lending you money to take it back, so the bank does not recover its funds.

To pay for a loan, you need to have a positive cash balance.

Hope this helps

minerva

  • Former member
Re: Loan
« Reply #2 on: August 26, 2011, 04:08:39 PM »
Okay, so I'm in the red a little with cash as a whole. However I've turned a profit now and will be in the Black soon... but my loan payments are not being made now that I'm making money? Whey do you have to have a positive balance in order to make a payment?

I believe you get a month's grace period before the bank will try to take payments from you after stopping over a missed payment.  If you don't have enough cash on hand on that Monday when they want to start taking payments again then your bank rating will drop, but you'll get another month's grace.  The process repeats until you are at a D rating.  Then you start getting the threatening messages from Scarface and Big Knuckles to pay up (bankruptcy warnings).

 

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