A loan payment invoice is a form that allows a borrower to make a payment on a current loan. The invoice should detail the balance of the loan after payment is made and include the initial principal loan amount. Use this invoice every time a payment is made on the loan.
Table of Contents
A loan payment is an amount needed to pay off the current balance owed on a loan, which is usually done on a monthly basis until the full amount of the loan is paid off. A loan payment is a calculated portion of the principal loan amount that includes interest. Interest is how the lender makes money by lending the borrower a loan. When making a loan payment, either by check or online, there needs to be proof showing the loan payment as paid which is where a loan payment invoice is helpful. The borrower should be notified to keep a record of all the loan payment invoices until the loan is settled. Use a loan payment invoice when making a payment on any of the following loan types:
- Car (auto) Loan Payment
- Student Loan Payment
- FHA Loan Payment
- Home Loan Payment
- Personal Loan Payment
A loan officer is a person that works for a financial institution that’s in charge of issuing loans to borrowers. As of 2019, there are estimated to be about 305,000 people working as loan officers in the United States.
Hourly Rate: $36.67
(Source: Bureau of Labor Statistics)