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Daily & weekly collection lending: how to track it
If you lend a sum and collect it back in small daily or weekly installments — what many call daily finance or pigmy collection — the challenge isn't the math, it's keeping track of dozens of tiny payments and knowing instantly who's behind. Here's how it works and how to stay on top of it.
How collection lending works
Unlike a monthly-interest loan, a daily/weekly loan is usually a flat, fixed total agreed up front and split into equal installments. The borrower repays a small fixed amount each collection day until the total is cleared.
A worked example
Lend ₹10,000, to be collected as ₹220 a day for 50 days:
| Item | Value |
|---|---|
| Principal lent | ₹10,000 |
| Daily installment | ₹220 |
| Number of days | 50 |
| Total repayable | ₹11,000 |
| Interest (fixed) | ₹1,000 |
The total is fixed up front — it doesn't reduce if the loan is repaid early. (Weekly collection works the same way, just on a weekly installment.)
Why it's hard on paper
One daily-collection loan means 50 entries; ten borrowers mean hundreds. It's easy to lose track of who paid today, who skipped, and who's several installments behind — and recalculating each person's remaining balance by hand is tedious and error-prone.
How LendBook handles it
- Daily & weekly loan types with the installment schedule built in — record a collection in one tap.
- Today's dues list shows exactly who to collect from, and a clear overdue list shows who's behind.
- Skip Sundays (or any non-collection day) is handled in the schedule.
- Running balance per borrower is always current — no manual tally.
- Flat, fixed-total terms are disclosed clearly on the agreement.
Run your collection book in your pocket
See today's collections, who's overdue, and every running balance — at a glance.
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