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Unsecured loan

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 time - If 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:

  1. Go to the Current situation step (top menu), then the Assets & Loans sub-step.

  2. And then click the +Add Assets button (on the left menu).

To add a new Unsecured Loan:

  1. Go to the Cash flows & Goals step (on the top menu), then the Review Assets & Loans sub-step.

  2. Then click the Add new Assets & Loans button (at the end of the page), and choose Unsecured loan. Note that new unsecured loans are outside the scope of standard modelling, so you may need to review Modelling outside the scope of Pathfinders's standard modelling

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.

Adjust interest rate year-by-year

If you would like to adjust the interest rate year-by-year, then you can use the series builder on the Interest rate % field. For more, see How to increase or decrease a value in the series builder

Compare outcomes of different interest rates

If you have an existing unsecured loan, and want to explore the outcomes of different interest rates in different scenarios, then you can use the Change interest rate field at the ‘Review assets & loans’ sub-step (under the Cash flows & Goals step). Filling in this field will overwrite the interest rate you entered in the Current situation > Assets & loans step.

Additional modelling options

Results for Unsecured Loan

See Unsecured Loan results.

Related items

Strategy Development Service (SDS) and Background adjustment options

If the case includes complex analysis that you are not able to do in Pathfinder yourself, Optimo Support may be able to do some background adjustments to help you get the results you need. Depending on the complexity, this may be included as part of the standard support or additional charges may apply. For more details, please see Modelling outside the scope of Pathfinders' standard modelling.

Some examples of things that are outside the scope of Pathfinder's modelling and how Optimo support can help, are listed below:



Information required by Optimo Support

Examples where additional charges may apply

New personal loans

You can add a new personal loan, however Pathfinder will calculate how much to borrow, which may be too much or too little. Optimo support can enter specific borrowing amounts for you.

  • The name of the case

  • The name of the scenario(s) you want the change to be in

  • The name of the loan you have entered

  • How much you want to borrow and in which year. It is possible to set an exact or maximum amount.

Setting an exact amount to borrow in a particular year would be part of standard support.

More complex requests, such as the borrowing being relative to another asset, may require the Optimo Financial SDS .

Refinancing personal loans

You can add the existing personal loan and the new personal loan, however the borrowing on the new loan may not match the balance of the original loan. Optimo support can enter the specific borrowing amounts for you.

As a workaround, if the refinancing is simply moving the loan to a lower interest rate, you can also adjust the interest rate on the original loan.

  • The name of the case

  • The name of the scenario(s) you want the change to be in

  • The names of the old and new loans you have entered

  • The year you want the refinancing to happen

A single loan being refinanced is part of standard support.

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