Getting Started with KorLoans

KorLoans helps you track money you’ve lent to friends, family, or clients. Whether you’re a lender managing multiple borrowers or a borrower keeping track of what you owe, this guide will get you up and running in minutes.

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Creating Your Account

Step 1: Sign Up

1. Download KorLoans from the App Store or Google Play, or visit kor.loans
2. Tap Continue with Email, Continue with Google, Continue with Apple, or Continue with Facebook
3. If using email, enter your name, email address, and a password (minimum 8 characters)
4. Tap Agree and create account

Step 2: Explore Your Dashboard

After signing up, you’ll land on your Lender Dashboard. This is your home screen where you’ll see:

• Total Lent — the total amount you’ve disbursed across all loans
• Total Collected — the total payments you’ve received
• Outstanding — the remaining balance across all active loans
• Active Loans — the number of loans currently in progress

The dashboard is empty at first — let’s change that by adding your first borrower.

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Adding Your First Borrower

Before you can create a loan, you need to add the person you’re lending to.

Step 1: Navigate to Borrowers

1. Tap Borrowers in the side menu
2. Tap the + button or Add Borrower

Step 2: Fill in Borrower Details

1. Enter the borrower’s name (required)
2. Add their email and phone number (optional but recommended)
3. Tap Save

Your borrower now appears in the list. You can add as many borrowers as you need.

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Creating Your First Loan

Step 1: Navigate to Loans

1. Tap Loans in the side menu
2. Tap the + button or Add Loan

Step 2: Set Up the Loan

1. Select a borrower — search by name and pick the person
2. Principal amount — the amount you’re lending (e.g., $5,000)
3. Interest rate — the flat interest rate as a percentage (e.g., 5%)
4. Term — the number of months for repayment (e.g., 12)
5. Start date — when the loan begins
6. Notes — any additional details (optional)
7. Tap Add loan

Understanding the Interest Calculation

KorLoans uses flat interest, which means:

• Total Interest = Principal x Rate / 100
• Total Owed = Principal + Total Interest
• Monthly Payment = Total Owed / Term

For example, a $5,000 loan at 5% over 12 months:

• Total Interest: $250
• Total Owed: $5,250
• Monthly Payment: $437.50

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Recording a Disbursement

A disbursement is money you send to the borrower. You might disburse the full amount at once or in parts.

1. Open the loan from the Loans list
2. Go to the Disbursements section
3. Tap Add Disbursement
4. Enter the amount and date
5. Tap Save

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Recording a Payment

When the borrower pays you back:

1. Open the loan from the Loans list
2. Go to the Payments section
3. Tap Add Payment
4. Enter the amount and date
5. Tap Save

The loan’s remaining balance updates automatically.

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What’s Next?

Now that you have the basics down, explore these features:

• Managing Borrowers — edit profiles, delete borrowers, and invite them to the borrower portal
• Managing Loans — view loan details, track balances, and delete loans
• Borrower Portal — give your borrowers their own login to view their loans

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Need Help?

If you run into any issues, contact our support team at support@korloans.com.