When you become a lender on the Lendsqr platform, you will be provided with two accounts: the Service Account and the Disbursement Account. Both accounts maintain their respective balances.
The Service balance refers to the available amount within the Service Account. This balance is utilized by the system to cover the payment for services rendered. It is specifically used to settle any charges or fees associated with the services provided by Lendsqr.
To view the service balance
- Go to the Service menu Preferences
- You would see your service account and service balance
The Disbursement balance represents the funds accessible to the lender for fulfilling outflow transfer instructions to borrowers. It is important to ensure that the Disbursement balance is equal to or exceeds the total amount of funds held within the customers' wallets. If the Disbursement balance falls short, outward transfers may fail due to insufficient funds.
To avoid any issues with insufficient funds, it is recommended to maintain a Disbursement balance that is sufficient to cover the expected outflow transfers for borrowers on the platform.
To view the disbursement balance
- Go to the Disbursement menu Preferences
- You would see your Disbursement account and balance