diff --git a/DECISIONS.md b/DECISIONS.md
index 95f8fd0..11bfb24 100644
--- a/DECISIONS.md
+++ b/DECISIONS.md
@@ -540,3 +540,9 @@ Implementation decisions not spelled out in `memory-bank/implementation-plan.md`
 - **The endpoint returns the full new `PlayerState`** so the client can switch straight to the post-tutorial UI.
 - **Exactly once:** the player lock serializes accepts, and `isDealAvailable` requires `deal_accepted` to be false, so a second or simultaneous accept fails with `deal-not-available` and changes nothing.
 - **The old automatic tutorial end (`maybeEndTutorial`, Step 6.7) is deleted;** accepting the deal is now the only way the tutorial ends (decision 0.5.4 as replaced).
+
+## Step 10A.9
+
+- **Within one resolution pass the balance carries forward:** each arrival repays against what the previous one left, so several arrivals resolving together never repay more than the balance.
+- **Repaying is checked against the amount actually taken:** `payment = min(amount, balance)`; if that exceeds credits the request fails with `insufficient-funds` and nothing changes. With a zero balance, a repay request succeeds and moves nothing.
+- **The repay endpoint returns `{ company }`** (credits and balance) and runs inside `withPlayer` like every money change.
diff --git a/apps/server/src/game/loan.ts b/apps/server/src/game/loan.ts
new file mode 100644
index 0000000..0df2c44
--- /dev/null
+++ b/apps/server/src/game/loan.ts
@@ -0,0 +1,33 @@
+import type { Company } from "@deadhead/schema";
+import { eq, sql } from "drizzle-orm";
+import type { Queryable } from "../db/client";
+import { companies } from "../db/schema";
+import { gameError } from "../http/errors";
+import { requireCompany } from "./fleet";
+
+/**
+ * Pays the loan down by up to `amount` credits (decision 0.5.32): only the
+ * balance is taken, and paying more than the player has fails with no change.
+ * Run inside the player lock.
+ */
+export async function repayLoan(tx: Queryable, playerId: string, amount: number): Promise<Company> {
+  const company = await requireCompany(tx, playerId);
+  const payment = Math.min(amount, company.loanBalance);
+  if (payment > company.credits) {
+    throw gameError("insufficient-funds", `You only have ${company.credits} credits.`);
+  }
+  const [updated] = await tx
+    .update(companies)
+    .set({
+      credits: sql`${companies.credits} - ${payment}`,
+      loanBalance: sql`${companies.loanBalance} - ${payment}`,
+    })
+    .where(eq(companies.playerId, playerId))
+    .returning();
+  return {
+    id: updated!.id,
+    name: updated!.name,
+    credits: updated!.credits,
+    loanBalance: updated!.loanBalance,
+  };
+}
diff --git a/apps/server/src/game/resolve.ts b/apps/server/src/game/resolve.ts
index 12dab66..8740124 100644
--- a/apps/server/src/game/resolve.ts
+++ b/apps/server/src/game/resolve.ts
@@ -6,7 +6,8 @@ import { companies, discoveredLocations, dispatches, pilots, players, ships } fr
 
 /**
  * Resolves every in-flight dispatch of a player that has arrived by `now`, in
- * arrival order, applying credits, XP, ship/pilot location and discovery. Run
+ * arrival order, applying credits (net of loan repayment), the repayment, XP,
+ * ship/pilot location and discovery. Run
  * it inside `withPlayerLock`. Each dispatch moves from in_flight to resolved
  * exactly once: the status update is conditional, and effects are applied only
  * when it changed a row. Returns how many dispatches were resolved.
@@ -34,6 +35,9 @@ export async function resolveArrivedDispatches(
     .from(discoveredLocations)
     .where(eq(discoveredLocations.playerId, playerId));
   const discoveredIds = new Set(discovered.map((d) => d.locationId));
+  const [company] = await tx.select().from(companies).where(eq(companies.playerId, playerId));
+  // Carried forward so each arrival repays against the balance left by the previous one.
+  let loanBalance = company?.loanBalance ?? 0;
 
   let resolvedCount = 0;
   for (const dispatch of due) {
@@ -41,14 +45,7 @@ export async function resolveArrivedDispatches(
     if (!pilot) throw new Error(`Dispatch ${dispatch.id} has no pilot`);
 
     const result = resolveDispatch(
-      // The loan balance is applied in Step 10A.9.
-      {
-        record: dispatch.record,
-        pilotIsAvatar: pilot.isAvatar,
-        discoveredIds,
-        loanBalance: 0,
-        now,
-      },
+      { record: dispatch.record, pilotIsAvatar: pilot.isAvatar, discoveredIds, loanBalance, now },
       content,
     );
     if (result.status !== "resolved") continue;
@@ -61,10 +58,14 @@ export async function resolveArrivedDispatches(
       .returning({ id: dispatches.id });
     if (claimed.length === 0) continue;
     resolvedCount++;
+    loanBalance -= resolution.loanRepayment;
 
     await tx
       .update(companies)
-      .set({ credits: sql`${companies.credits} + ${resolution.credits}` })
+      .set({
+        credits: sql`${companies.credits} + ${resolution.credits}`,
+        loanBalance: sql`${companies.loanBalance} - ${resolution.loanRepayment}`,
+      })
       .where(eq(companies.playerId, playerId));
 
     await tx
diff --git a/apps/server/src/routes/player.ts b/apps/server/src/routes/player.ts
index 733b118..83b18eb 100644
--- a/apps/server/src/routes/player.ts
+++ b/apps/server/src/routes/player.ts
@@ -5,6 +5,7 @@ import { realToGame } from "@deadhead/sim";
 import { fromNodeHeaders } from "better-auth/node";
 import type { FastifyInstance } from "fastify";
 import { acceptDeal } from "../game/deal";
+import { repayLoan } from "../game/loan";
 import { createPlayer } from "../game/new-player";
 import { loadPlayerState } from "../game/player-state";
 import { acknowledgeSummaries } from "../game/summaries";
@@ -57,4 +58,10 @@ export function registerPlayerRoutes(app: FastifyInstance, ctx: AppContext): voi
       return loadPlayerState(tx, playerId);
     }),
   );
+
+  registerRoute(app, routes.repayLoan, options, async (input, { playerId }) =>
+    withPlayer(ctx, playerId, async (tx) => ({
+      company: await repayLoan(tx, playerId, input.amount),
+    })),
+  );
 }
diff --git a/apps/server/test/loan.test.ts b/apps/server/test/loan.test.ts
new file mode 100644
index 0000000..ca789da
--- /dev/null
+++ b/apps/server/test/loan.test.ts
@@ -0,0 +1,131 @@
+import { content } from "@deadhead/content";
+import { companyResponseSchema, errorResponseSchema } from "@deadhead/schema";
+import { eq } from "drizzle-orm";
+import { describe, expect, it } from "vitest";
+import { companies } from "../src/db/schema";
+import { setCredits, useTestDatabase } from "./db";
+import {
+  call,
+  getState,
+  insertDispatch,
+  signUpOwner,
+  testContract,
+  useTestApp,
+  type Guest,
+} from "./game";
+
+const database = useTestDatabase();
+const testApp = useTestApp(database);
+
+async function setLoan(guest: Guest, loanBalance: number) {
+  await database()
+    .db.update(companies)
+    .set({ loanBalance })
+    .where(eq(companies.playerId, guest.playerId));
+}
+
+const share = content.config.loanRepaymentShare;
+
+describe("loan repayment on delivery", () => {
+  it("adds the net to credits, lowers the balance by the repayment, and records it", async () => {
+    const { app, clock } = testApp();
+    const owner = await signUpOwner(app, database().db);
+    await setCredits(database().db, owner.playerId, 1000);
+    await setLoan(owner, 5000);
+    const record = await insertDispatch(database().db, {
+      playerId: owner.playerId,
+      shipId: owner.shipId,
+      pilotId: owner.avatarId,
+      departAt: clock.now,
+      contract: testContract({ payout: 2000 }),
+    });
+    clock.now = record.arrivalAt;
+
+    const state = await getState(app, owner);
+    // The avatar flew it, so there is no pilot pay.
+    const repayment = Math.floor(2000 * share);
+    expect(state.company).toMatchObject({
+      credits: 1000 + 2000 - repayment,
+      loanBalance: 5000 - repayment,
+    });
+    expect(state.summaries[0]).toMatchObject({
+      credits: 2000 - repayment,
+      loanRepayment: repayment,
+    });
+  });
+
+  it("repays only what is owed when the balance is small", async () => {
+    const { app, clock } = testApp();
+    const owner = await signUpOwner(app, database().db);
+    await setCredits(database().db, owner.playerId, 0);
+    await setLoan(owner, 50);
+    const record = await insertDispatch(database().db, {
+      playerId: owner.playerId,
+      shipId: owner.shipId,
+      pilotId: owner.avatarId,
+      departAt: clock.now,
+      contract: testContract({ payout: 2000 }),
+    });
+    clock.now = record.arrivalAt;
+    const state = await getState(app, owner);
+    expect(state.company).toMatchObject({ credits: 1950, loanBalance: 0 });
+  });
+
+  it("puts the full amount into credits when there is no balance", async () => {
+    const { app, clock } = testApp();
+    const owner = await signUpOwner(app, database().db);
+    await setCredits(database().db, owner.playerId, 0);
+    const record = await insertDispatch(database().db, {
+      playerId: owner.playerId,
+      shipId: owner.shipId,
+      pilotId: owner.avatarId,
+      departAt: clock.now,
+      contract: testContract({ payout: 2000 }),
+    });
+    clock.now = record.arrivalAt;
+    const state = await getState(app, owner);
+    expect(state.company).toMatchObject({ credits: 2000, loanBalance: 0 });
+    expect(state.summaries[0]!.loanRepayment).toBe(0);
+  });
+});
+
+describe("paying down the loan", () => {
+  const repay = (guest: Guest, amount: number) =>
+    call(testApp().app, guest, "POST", "/api/loan/repay", { amount });
+
+  it("moves the amount from credits to the loan", async () => {
+    const owner = await signUpOwner(testApp().app, database().db);
+    await setCredits(database().db, owner.playerId, 3000);
+    await setLoan(owner, 5000);
+    const response = await repay(owner, 1200);
+    expect(response.statusCode).toBe(200);
+    expect(companyResponseSchema.parse(response.json()).company).toMatchObject({
+      credits: 1800,
+      loanBalance: 3800,
+    });
+  });
+
+  it("takes only the balance when asked to repay more", async () => {
+    const owner = await signUpOwner(testApp().app, database().db);
+    await setCredits(database().db, owner.playerId, 3000);
+    await setLoan(owner, 400);
+    const { company } = companyResponseSchema.parse((await repay(owner, 2500)).json());
+    expect(company).toMatchObject({ credits: 2600, loanBalance: 0 });
+  });
+
+  it("fails with no changes when repaying more than the player has", async () => {
+    const { app } = testApp();
+    const owner = await signUpOwner(app, database().db);
+    await setCredits(database().db, owner.playerId, 300);
+    await setLoan(owner, 5000);
+    const response = await repay(owner, 1000);
+    expect(response.statusCode).toBe(409);
+    expect(errorResponseSchema.parse(response.json()).error.code).toBe("insufficient-funds");
+    expect((await getState(app, owner)).company).toMatchObject({ credits: 300, loanBalance: 5000 });
+  });
+
+  it("rejects a non-positive amount", async () => {
+    const owner = await signUpOwner(testApp().app, database().db);
+    expect((await repay(owner, 0)).statusCode).toBe(400);
+  });
+});
diff --git a/memory-bank/progress.md b/memory-bank/progress.md
index d36d6d2..18c8880 100644
--- a/memory-bank/progress.md
+++ b/memory-bank/progress.md
@@ -114,7 +114,7 @@ Spec: `memory-bank/change-requests/CR-001-faster-start.md`. Decisions recorded a
 - [x] **Step 10A.6 — Schema and database.** Migration `0002_cr001_faster_start`: `companies.loan_balance`, `players.tutorial_runs_completed` / `deal_accepted`, `contract_boards.tutorial_run` (in the unique key), table `claimed_goals`; repayment stored in each dispatch's resolution JSON. API: `company.loanBalance`, `tutorial.runsCompleted` / `dealAvailable`, `goals`, summary `loanRepayment` / `scriptedId`; routes `acceptDeal`, `repayLoan`, `claimGoal`; error codes `tutorial-active`, `deal-not-available`, `unknown-goal`, `goal-not-ready`, `goal-already-claimed`. `architecture.md` updated.
 - [x] **Step 10A.7 — Server: tutorial flow v2.** Tutorial boards come from the v2 generator, stored per run and period; each resolved tutorial run increments `tutorial_runs_completed`; `dealAvailable` in state; buying ships, leasing bays and hiring pilots return `409 tutorial-active` during the tutorial. Tests for 6.5/6.6/6.8/6.14 now start from an owner; old Step 6.7 tests removed (their trigger is now impossible; the rule itself goes in 10A.8).
 - [x] **Step 10A.8 — Server: accept the deal.** `POST /api/deal/accept` (`acceptDeal` in `src/game/deal.ts`) in one locked transaction: Courier at Earth (named from the seed) crewed by the avatar, Earth bay, loan = `dealLoanAmount`, tutorial off, loaner removed, deal accepted; returns the new player state. `409 deal-not-available` otherwise. Old `maybeEndTutorial` removed (replaces Step 6.7).
-- [ ] Step 10A.9 — Server: loan repayment
+- [x] **Step 10A.9 — Server: loan repayment.** Resolution reads the company loan balance, adds only the net payout and lowers the balance by the repayment (stored in the dispatch resolution, shown in summaries). `POST /api/loan/repay` (`src/game/loan.ts`) moves up to the balance from credits to the loan under the player lock; `409 insufficient-funds` with no changes if credits fall short.
 - [ ] Step 10A.10 — Server: goals
 - [ ] Step 10A.11 — Client: first launch goes straight to work
 - [ ] Step 10A.12 — Client: tutorial board shows the tradeoff