Setting up a secured loan

gregnugget Member ✭✭✭

Is there a way to track a Secured Loan, that is a loan where you borrow against your own cash? In olden dqys, this was called a Passbook loan. In essence, your bank holds a certain amount as collateral and lends you that amount. You make monthly payments (principal and interest); the principal pays down the loan. The account where the money was taken (i.e., Shared Secured Funds account) still accummulates interest on the total secured amount.

While I know how to handle the loan portion (that's straight forward), I haven't figured out how to do the payback piece so I have entered the payback manually each month into the Shared Secured Funds account.

Any thoughts?

Thanks to all


This discussion has been closed.