Statements for a line of credit provide a detailed summary of activity on the line, including transactions, fees, interest charges, payments, and the current balance.
They serve as a critical communication tool between lenders and borrowers, ensuring transparency and helping borrowers track their financial obligations. Statements can be generated on a cycle-based cadence (e.g., monthly or quarterly, depending on the line's cycle policies) to align with billing cycles or created ad-hoc for specific needs, such as upon request or after significant account changes.
Our system supports both types, offering flexibility to meet regulatory requirements, borrower preferences, and operational needs while maintaining accurate and timely financial records.