You might find sometimes that MoneyWiz is preventing you from creating a loan account by flashing the Payment plan button - despite having filled out all the necessary information. In this guide, we explore the reason for this and offer a solution.

It happens because you've selected the same category for both interest and principal. MoneyWiz does not allow this because the loan formula we've applied to make the loan account mechanism provide meaningful information requires this. In order to use the loan account in MoneyWiz, you have to select different categories for interest and principal - this way you'll know how much you're contributing towards paying off your loan and how much your bank is earning on each payment.