How can I connect my Happen Bank personal loan to Quicken?

Question

I am trying to connect my Happen Bank personal loan to Quicken. Quicken tells me I need a Direct Connect user name and password. Happen Bank support says that my existing user name and password is the only password that I need. My Happen Bank account was created before the change from Lending Club but I had never tried to connect it to Quicken.

Please note that I am not looking for information on setting up a manual account. I know how to do that. That defeats my major purpose for using Quicken which is having all of my current information in one place without having to go to individual web sites to get data.

Please advise.

NotACPA · Answer

It's not apparent that Happen Bank supports the download of loan info into Q, entirely the bank's decision.

Happen Bank	https://www.happen.com/	800.242.0272	https://banking.happen.com/enroll	ACTIVE	ACCOUNTINFO,BANKING&DIRECT	BANKING&WEB-CONNECT

They only seem to support Banking (i.e., checking & savings) type accounts for download and not CREDIT/Loan type accounts.

And, in any event, the download of loan info is an incomplete effort at best.  ONLY the principal payment portion would download into the loan account, NOT any interest or escrow amounts.

IF this is a mortgage type loan, Q's Loan Wizard works quite well for calculating the Prin/Int split and you can add any escrow components to the payment, which would then properly record the splits from within your checking account.

IF, however, this is a "Daily Interest Loan", which most personal loans are, then the interest due with each payment is partially dependent upon when the lender posted the prior payment … and Q can't calculate that.  In this case, your best bet is to guesstimate the split and then edit the payment when you get the next statement.