Savings and Investments are terms used interchangeably on Lendsqr admin console to depict almost the same concept. What a lender decides to call an investment and what he calls savings is largely dependent on the kind of savings product the lender creates.
Savings products usually have a range of amounts you can save for a particular product, the interest rate and the tenor range. A user can create a savings plan from the mobile app by picking a savings product, setting a target amount to be saved, setting the duration for the plan and finally giving the plan a name. A user can also determine if he wants his plan to initiate automatic debiting of his card to fund his savings or he would prefer to do that manually.
The savings plans created by users can carry different kinds of statuses. They are:
- ACTIVE : This means the savings plan is still active and running.
- INACTIVE : This means the savings plan is no longer active and running.