Skip to content
English - United States
  • There are no suggestions because the search field is empty.

Renewal Method Options

Learn about the five Renewal Method options in Bravo that control how a loan restarts when renewed. This article explains how each method affects the loan's start and due dates, interest calculations, and term resets. Options include renewing from today, the end of a period, the final due date, or a custom start date.

Last Updated: 5/14/25

This article covers the different renewal methods in Bravo, giving customers the opportunity to renew a loan by simply paying the interest due, and the remaining balance will be set up as a new loan contract.

Renewal highlights:

  • If a customer wishes to make a payment toward the principal, discuss new terms, or if store policies limit extensions, a Renewal might be needed.
  • A Renewal is different from an extension; it’s considered a new loan. While the customer and loan details may stay the same, a Renewal resets the loan's terms.
  • A new loan number signifies a Renewal, but even if the number is the same, it represents a fresh start.
  • Renewals begin a new pawn term, grace period, and loan history.
  • All previous amounts are associated with the original loan; new amounts fall under the Renewal.

Five Renewal Methods

1. Normal

2. End of This Period (Daily After Due Date)

3. End of This Period (Also Past Due Periods)

4. End of Final Period

5. Prompt for Start Date

1. Normal

  • Starts on transaction day with a new due date for one term.
  • Rebates apply if renewing within interest periods.
  • Example: Loan starts 8/1, due 9/1; renew on 8/5 gives new dates of 8/5 and 9/5.

2. End of This Period (Daily After Due Date)

  • Two start dates based on renewal timing.
    • Renew within term to the closest interest period.
    • Renew after term ends, starting from transaction date.

Be aware that interest only starts accruing after the Loan Date, which cannot be in the future.

When renewing a loan, the Loan Date moves to the end of the final interest period, marking the end of the term. The term is the loan's total duration, while interest periods vary based on state requirements. The End of Final Period setting charges all interest and fees at the end of the term.

Example:

  • A loan begins on June 1 and ends on October 1 (4-month term) with interest periods ending on:
  •  - June 3
  •  - July 31
  •  - August 31
  •  - September 30
  • If renewed on July 15, the loan restarts on October 1, as the next period ends on September 30.
  • After renewal, the Loan Date changes to October 1, with a new Due Date of February 1.
  • If the loan is renewed after the term ends (e.g., on December 11, 71 days late), interest increases based on late periods.
  • The new Loan Date becomes December 11, and the Due Date changes to March 1.

3. End of This Period (Also Past Due Periods)

  • Pushes start date to the end of the nearest interest period.

Example:

  • Renewing on 8/5 changes dates to 9/1 and 11/1.
  • The Past Due Periods variation allows renewals to continue as they did during the term.
  • If the Due Date passes without a renewal, Bravo will calculate beyond the Due Date to find the next interest period, regardless of how overdue the loan is.

Example:

  • If a loan started on July 1st and is renewed on Dec. 6th (35 days late), it will renew to January 1st.
  • Here, the Loan Date and Due Date remain the same, with the renewal occurring on December 6th.
  • Then the new loan will show the Loan Date as January 1st.

4. End of Final Period

  • Two functions based on renewal timing.
    1. Renew within term, set new start on due date.
    2. Renew late, set new start on transaction date.

5. Prompt for Start Date

  • Designed for California stores; call support for setup.
  • Allows stores to choose the new start date.
  • Options include starting the new loan today, end of period, end of final period, or another date.

California law for example prohibits double payment of interest. Therefore, regulatory settings are set for "Renewals. A Prompt for Start Date window popup allows Bravo users to select a start date for renewals made mid-term.

Depending on how a store is configured, only the Start Date defined as default for renewals  will be used.

The four choices for "Prompt for Start Date" if none are set as default are:

  • Today - This will renew the loan immediately with the current date as the start date of the new loan.
  • End of this period - This will renew the loan upon the end of the current period.
  • End of final period -This will renew the loan at the end of the final period (Due Date shown above)
  • Other date (choose) - This allows the user to choose an date between the time the loan started and the date of the transaction.

Note that if your Loan Date is in the future, you won't earn any interest until that date occurs.