How does the loans feature work in Grassfeld?

The Debts & Loans feature is designed to help you effortlessly track all your financial obligations in one place. Whether you're managing a mortgage, car loan, student debt, or money you've lent to friends, this tool ensures you always know exactly where you stand.

Choose from Default Loans or Create Your Own

The app comes with a selection of common loan types ready to use, making it quick and easy to get started. However, if your situation requires something more specific, you have complete flexibility to create a custom loan tailored to your exact needs—whether it's an unusual payment schedule, a personal agreement, or any other arrangement.

Creating a loan  

The process is completely straightforward. You'll specify the total loan amount, link it to the relevant account, set the date of your next payment, and enter your regular monthly payment amount. Once you've entered these details, the app takes care of the rest—automatically calculating your projected payoff date so you can see the finish line from day one.
 

Track Payments and Stay on Schedule

After setting up your loan, you'll add payments as you make them. The loan dashboard displays the date and amount of your next scheduled payment, keeping you informed at a glance. 

But if you decide to make extra payments to pay off your loan faster, you can easily add those too. All payments linked to your loans are automatically reflected in the “Payments” sections and all the upcoming payments –  in your scheduled transactions, ensuring your budget stays accurate and up-to-date.

Track Both What You Owe and What's Owed to You

This feature isn't just for tracking your debts—it works equally well for managing money that others owe you. Lent money to a friend or family member? Record it as a loan, set up the repayment terms, and keep track of incoming payments. This way, you maintain a complete picture of your financial relationships, both what you need to pay and what you're expecting to receive.