Yes, it's one of our most widely used features!
In addition to creating a new loan from scratch, you can also import existing loans into your account to help you track payments and earn rewards on any ongoing loan agreement you already have in place with your friends, family members, or someone you're in a loan with.
To add an existing loan arrangement to your Pigeon, start by clicking the Create a New Loan button in your dashboard. From there you'll be presented an opportunity to select Add an Existing Loan where you will be prompted to input details about any pre-existing loans you already have with people you've made before discovering Pigeon.
On the Add an Existing Loan screen, you will be asked to enter the following details of your existing loan agreement:
- Original Loan Amount: The total value of your loan including Principal + Interest. For example, if you agreed to loan a friend $1,000 USD for 1 year at an interest rate of 5%, then you would enter an Original Loan Amount of $1,000 * (1 + .05) = $1,050.
- Remaining Loan Amount: The amount of Principal + Interest still owed to the Lender. This is the Original Loan Amount you just entered minus any repayments that the Borrower has already made to the Lender since the loan started. Using the same example as above, if your friend has already paid you back $100 of the $1,050 Original Loan Amount, then you would enter $950 as your Remaining Loan Amount. If your friend hasn't paid you back anything yet, then you would enter $1,050.
- Date Started: Enter the original start date of your existing loan agreement.
- Remaining Number of Months: Enter the number of months remaining in your existing loan agreement (i.e. how many months are left from today's date, not from your original start date).
- Annual Interest Rate Percentage: Enter the annual interest rate percentage that applies to your existing loan agreement. (note: interest rates entered are for documentation purposes only - we will not add, subtract, calculate, or recalculate interest at any point during or after adding existing loan details. Please create a loan from scratch if you would like us to compute interest for you.)
Once you have finished entering the details of your existing loan, a copy of your newly imported loan details will be sent to the other party to review and accept.