Credits & Debts

Wambai's Credits system helps you stay on top of everything you owe — from mortgages and car loans to credit cards and personal loans.

Credit Types

Traditional Credits (Loans)

Fixed-term loans with a defined payment schedule:

• Mortgages — Home loans.
• Car loans — Vehicle financing.
• Personal loans — Any fixed-term borrowing.

When you add a loan, Wambai generates the complete amortization schedule — every installment with the principal, interest, insurance, and fee breakdown. You can see exactly how much you'll pay over the life of the loan.

Key fields when adding a loan:

• Original Amount — The total borrowed.
• Interest Rate — Annual interest rate.
• Term — Number of months.
• First Payment Date and Payment Day — When payments are due.
• Additional Charges — Insurance, fees, and other recurring costs per payment.

Revolving Credits (Credit Cards)

Credit cards with variable balances and monthly billing cycles:

• Credit Limit — Your maximum credit line.
• Cutoff Day — When the billing cycle ends.
• Payment Due Day — When the minimum payment is due.
• Minimum Payment — Percentage or fixed amount.

Wambai creates monthly statements that track purchases, payments, interest, and fees for each billing cycle.

Payment Schedules (Loans)

Each loan installment is tracked individually:

• Payment Number — 1, 2, 3... up to the total term.
• Due Date — When the payment is due.
• Breakdown — Principal, interest, insurance, fees, and total.
• Opening and Closing Balance — See your balance shrink over time.

Payment Status

• Pending — Not yet due.
• Scheduled — Due soon, a pending payment has been created.
• Paid — Payment recorded and linked to a transaction.
• Overdue — Past due date without payment.
• Partial — Partially paid.

Credit Card Statements

Each billing cycle generates a statement showing:

• Previous Balance — What you owed from last cycle.
• Total Purchases — New charges during the period.
• Total Payments — Payments you made.
• Interest & Fees — Any charges applied.
• New Balance — What you owe this cycle.
• Minimum Payment — The least you must pay by the due date.

Recording Payments

When you make a loan or credit card payment:

1. Go to the credit detail page.
2. Tap Record Payment on the specific installment or statement.
3. Confirm the amount and payment account.
4. Wambai creates a Credit Payment document that's automatically linked to the schedule.

The payment appears in your transaction history and updates the credit balance.

Credit Status

• Active — Currently being repaid.
• Paid Off — Fully repaid.
• Closed — Closed by the user.
• Defaulted — Marked as defaulted.

Integration with Pending Payments

Upcoming loan installments and credit card statements automatically appear in your Pending Payments view alongside recurring bills. This gives you one place to see everything that's due.

Plan Limits

Tips

• Add all your loans for a complete debt picture.
• Review the amortization schedule to see total lifetime cost.
• Record payments promptly to keep balances accurate.
• Check Pending Payments regularly to avoid missing due dates.