The settlement account serves as the designated destination for all incoming funds processed through the Lendsqr app. Lenders are given the flexibility to choose a dedicated account of their preference for this purpose.
Lendsqr ensures that lenders receive timely settlements for loan repayments or wallet funding on the following business day, commonly referred to as T+1 in the financial industry. In the event that the next day falls on a weekend or a public holiday, the settlement will be processed on the subsequent working day.
On another note, the disbursement account is specifically used by lenders to provide funds that can be withdrawn by borrowers upon loan approval. Lendsqr issues this disbursement account, which can be conveniently accessed within the Lendsqr admin console. Lenders have the option to utilize this same account for their settlement needs if they so choose.