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Setting up a season ticket loan
Setting up a season ticket loan
Rebecca Russell avatar
Written by Rebecca Russell
Updated over a week ago

As an admin, you can add a season ticket loan to an employee, where the total loan amount can be deducted in regular monthly deductions.

Feature Overview: Loan Repayments

βœ… PayFit calculates the monthly deduction applied to the employee depending on the total cost of the loan and length of time selected.

βœ… You can choose the description that will appear on the employees' payslip (e.g., travel loan).

βœ… Loan repayments can be added in bulk if you need to add multiple loans in a month.

βœ… You can report on loan repayments using Custom Reports

❌ You can't adjust the monthly deduction amount. Instead, you can use an additional deduction.

Add a season ticket loan to an individual employee

  1. From the employee's record, click the Pay items tab.

  2. Under the Additional deductions section, click Add a new deduction.

  3. From the Deduction type drop-down, select Loan repayment.

  4. Enter a description, then add the total value of the loan.

  5. Enter the date that the last repayment should be taken.

    PayFit automatically calculates the monthly deduction based on the number of months remaining.

  6. Click Save loan repayment.

The Season Ticket loan repayment is displayed in the employee section under Additional deductions. The Season Ticket loan deduction also appears on the employee's payslip.

Add season ticket loans in bulk

If you have multiple season ticket loans to add at the same time, you can upload the loans in bulk:

  1. From the left, choose Pay Items, then Additional Deductions.

  2. From the Select deduction type drop-down, select Other deductions.

  3. From the Select other type of deduction drop-down, choose Loan repayments.

  4. Click Import Loan Repayments.

  5. Download the Excel document, add the relevant values, then upload your saved copy back to PayFit.

For more information about bulk uploads, please refer to our Help Centre article.

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