Approving member loan repayments

Members can pay towards their loans by transferring to the cooperative's bank account and uploading the receipt. Each payment waits here until you confirm the money arrived.

Before you startCopy Anchor Link

You need the Administrator or Treasurer role, and the cooperative's bank statement to hand.

Review a paymentCopy Anchor Link

What happens nextCopy Anchor Link

• Approved — the repayment is recorded on the loan like any other (interest first, then principal), the outstanding balance and next payment update, and any savings held against the loan are released in proportion. The member is notified.
• Rejected — nothing is recorded. The member is notified and shown your reason.

If the loan has been paid down since the member submitted — so the payment is now more than they owe — the approval is refused and the payment stays in the Awaiting tab for you to reject or sort out. A payment can only be reviewed once. You can't decide your own payment — if you are also the borrower, another officer has to approve or reject it.

You can still record a repayment directly, without a member's receipt, from CooperativesLoans. See Repayments and repayment schedules.