Recording loan repayment from external sources gives you the flexibility to capture repayments that didn’t occur through the system’s supported channels (card, transfers to the wallet, or Direct Debit). This is useful in cases where a borrower repays their loan via a bank transfer, cash payment, collateral, or any other method not handled automatically by the system. An admin can use this feature to manually repay the loan amount paid outside of Lendsqr’s platform.
This is also used when the user is successfully debited a certain amount for repaying a loan and this amount doesn’t reflect in the user’s wallet. The loan is to be repaid with the amount repaid and the schedule will update and show the outstanding balance or not if it is a total repayment. To manually repay a loan;
- Follow the steps highlighted in the section above to locate a loan.
- Click the three dots at the top right corner, then select “Record Loan Repayment” A modal will appear.
- Fill in the repayment details and click "Submit" to continue.
Amount repaid – the total amount the borrower repaid externally.
Repayment method – choose from Bank Transfer, Cash, Collateral, or Others.
Reference – provide any transaction reference or relevant identifier.
Date of transaction – specify when the repayment occurred.
Supporting document (optional) – upload any related documents.
Additional notes – provide context or any extra information about the repayment.
Verify all repayment details and click "Confirm" to proceed
- Enter your 2FA key to authorize the repayment of the loan.
- You have successfully recorded your loan repayment from an external source!
Manually repaying a loan