# LoanPay

[[Source]](https://github.com/XRPLF/rippled/blob/release-3.1/src/xrpld/app/tx/detail/LoanPay.cpp)

Makes a payment on an active loan. Only the borrower on the loan can make payments, and payments must meet the minimum amount required for that period.

LendingProtocol
A loan payment has four types, depending on the amount and timing of the payment:

- **Regular Payment**: A payment made on time, where the payment size and schedule are calculated with a standard [amortization formula](https://en.wikipedia.org/wiki/Amortization_calculator).
- **Late Payment**: A payment made after the `NextPaymentDueDate` in the `Loan` ledger entry. Late payments include a `LatePaymentFee` and `LateInterestRate`.
- **Early Full Payment**: A payment that covers the outstanding principal of the loan. A `CloseInterestRate` is charged on the outstanding principal.
- **Overpayment**: A payment that exceeds the required minimum payment amount.


To see how loan payment transactions are calculated, see [transaction pseudo-code](https://github.com/Tapanito/XRPL-Standards/tree/xls-66-lending-protocol/XLS-0066-lending-protocol#a-3-loanpay-implementation-reference).

## Example  JSON


```json
{
  "TransactionType": "LoanPay",
  "Account": "rBORROWER9AbCdEfGhIjKlMnOpQrStUvWxYz",
  "Fee": "12",
  "Flags": 0,
  "LoanID": "ABCDEF1234567890ABCDEF1234567890ABCDEF1234567890ABCDEF1234567890",
  "Amount": 1000,
  "Sequence": 10,
  "LastLedgerSequence": 7108701
}
```

##  Fields

In addition to the [common fields](/docs/references/protocol/transactions/common-fields),  transactions use the following fields:

| Field Name | JSON Type | Internal Type | Required? | Description |
|  --- | --- | --- | --- | --- |
| `LoanID` | String | Hash256 | Yes | The ID of the `Loan` ledger entry to repay. |
| `Amount` | Number | Amount | Yes | The amount to pay toward the loan. |


##  Flags

Transactions of the  type support additional values in the [flags field](/docs/references/protocol/transactions/common-fields#flags-field), as follows:

| Flag Name | Hex Value | Decimal Value | Description |
|  --- | --- | --- | --- |
| `tfLoanOverpayment` | `0x00010000` | 65536 | Indicates that the remaining payment amount should be treated as an overpayment. |
| `tfLoanFullPayment` | `0x00020000` | 131072 | Indicates that the borrower is making a full early repayment. |


## Error Cases

Besides errors that can occur for all transactions,  transactions can result in the following [transaction result codes](/docs/references/protocol/transactions/transaction-results):

| Error Code | Description |
|  --- | --- |
| `temINVALID` | The `LoanID` field is missing or set to zero. |
| `temBAD_AMOUNT` | The `Amount` field must specify a positive value. |
| `tecNO_ENTRY` | The loan specified by `LoanID` doesn't exist. |
| `tecNO_PERMISSION` | The account submitting the transaction isn't the borrower on the loan. |
| `tecTOO_SOON` | The loan hasn't started yet. |
| `tecKILLED` | The loan is already fully paid. |
| `tecWRONG_ASSET` | The asset specified by `Amount` doesn't match the asset of the loan. |
| `tecFROZEN` | The borrower's account is frozen for the specified asset, or the loan broker's pseudo-account is deep-frozen and can't receive funds. |