Unsecured loan

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What should be entered as an Unsecured loan

  • The following should be added as an Unsecured Loan:
    • Personal loans with flexible repayments

    • Unpaid credit card debts on which interest is being paid

    • Car loans (even if they are secured by the car, in Pathfinder it should be entered as an Unsecured Loan)

  • (error) Do not enter under Unsecured Loan:

    • Credit Cards if they are paid off on timeIf no interest is being paid on credit card payments, then it is not necessary to enter it as a Personal Loan (it is assumed that the credit card bill payments will be covered in their Annual living expenses)

How to add an Unsecured loan

  • To add an existing Unsecured Loan, go to the Current situation step (top menu), then the Assets & Loans sub-step. And then click the +Add Assets button (on the left menu).
  • To add a new Unsecured Loan, go to the Cash flows & Goals step (on the top menu), then the Review Assets & Loans sub-step. Then click the Add new Assets & Loans button (at the end of the page), and choose Unsecured loan. Note that new unsecured loans can only be done as part of the Optimo Financial SDS)

Modelling options for Unsecured loans

Pay off the loan early

Go to the Cashflows & Goals > Review Assets & Loans step and choose one of the following options:

  • Pay off loan by specified year - set the year the loan should be paid off by, and Pathfinder will calculate the schedule or repayments
  • Make extra repayments - year-by-year you can set how much extra to pay off the loan (this amount is in addition to the minimum repayment). For more information on editing repayments year-by-year see How to increase or decrease a value in the series builder.

Early termination fee

If the loan has an early termination fee for early repayments, this will not be included automatically. However if the loan is paid off early, you can add the early termination fee as an Expense in the Cash flows & Goals > Cash flows step.
Additional modelling options

Results for Unsecured Loan

See Unsecured Loan results.

Related items

Strategy Development Service (SDS) options

If the case includes complex analysis that you are not able to do in Pathfinder yourself, it may need to be submitted to the Optimo Financial SDS. Complexities include, but are not limited to:

  • New Personal Loans
  • Refinancing Personal Loans