Unexpected requirements in the loan process can lead to frustration, causing borrowers to abandon their applications. To tackle this, incorporating a Loan Request Checklist into your loan product ensures that borrowers are fully informed about what’s required upfront. This approach simplifies the application journey, builds trust, and reduces abandoned applications significantly. Here’s how you can set up a Loan Request Checklist to enhance your customer experience:


Step-by-Step Guide


1. Login to the Admin Console

  • Open your web browser and log into the Lendsqr admin console with your credentials.

2. Click on "Loan Products" under Product Management

  • From the main dashboard, go to Product Management and select Loan Products. This will display a list of all the loan products you have created.



3. Create a Loan Product or Open an Existing One

  • If you need to create a new loan product, click on the Create button. If you want to an existing loan product, click on the product name to open it.



4. Click on the "Product Attributes" Tab on the Product Page

  • In the loan product settings, navigate to the Product Attributes tab. Here, you can manage various attributes of the loan product.



5. Locate the "Loan Request Checklist" Attribute

  • Scroll through the list of attributes until you find the Loan Request Checklist  attribute.
  • Click on the more options button and select "Edit" beside this attribute.




6. Update the "Loan Checklist" Attribute

  • On default, the attribute is active and uses the system configured customizations
{"active":true,"title":"There are a few things you need to do first","is_custom_conditions":false,"conditions":[{"label":"Direct debit","description":"You must have an account you can use for your direct debit mandate"},{"label":"Debit card validity","description":"We require debit cards to have validity at least 3 months beyond the last payment schedule"},{"label":"Location","description":"Your location must be turned on for your loan request to be processed successfully"},{"label":"Maximum loan amount","description":"The maximum loan amount we give to first time customer is N100. However, this would be increased as you take loans and repay"}]}
  • To make it inactive, simply update the value of active to false or simply copy the below and paste in the field: 
{"active":false,"title":"There are a few things you need to do first","is_custom_conditions":false,"conditions":[{"label":"Direct debit","description":"You must have an account you can use for your direct debit mandate"},{"label":"Debit card validity","description":"We require debit cards to have validity at least 3 months beyond the last payment schedule"},{"label":"Location","description":"Your location must be turned on for your loan request to be processed successfully"},{"label":"Maximum loan amount","description":"The maximum loan amount we give to first time customer is N100. However, this would be increased as you take loans and repay"}]}
  • To use your own configurations, simply update the default value of is_custom_conditions to true and update the label and description as required.

{"active":true,"title":"There are a few things you need to do first","is_custom_conditions":true,"conditions":[{"label":"Direct debit","description":"You must have an account you can use for your direct debit mandate"},{"label":"Debit card validity","description":"We require debit cards to have validity at least 3 months beyond the last payment schedule"},{"label":"Location","description":"Your location must be turned on for your loan request to be processed successfully"},{"label":"Maximum loan amount","description":"The maximum loan amount we give to first time customer is N100. However, this would be increased as you take loans and repay"}]}

You can also add more checklist options based on the requirements of your loan product.

   

7. Click on "Save"

  • Once you have updated the Loan request checklist attribute, click on the Save button to apply the changes to the loan product.


Here is what your borrower sees when they apply for that loan product


They must check each option before proceeding with their loan application.