To disburse a loan to a third party, follow the steps below:
On the Lendsqr admin console, navigate to “Loan requests” and select an existing loan request. The system will then display all the details of that specific loan request.
Click on the approve loan button and a modal will be displayed informing you that you are about to make a transfer to a third party. Click on continue to confirm
Next, you can select from a list of already existing beneficiaries or click on the plus sign to add a new beneficiary.
Once the details of a beneficiary are inputted and account verified, click on continue and a modal containing the full details of the transfer will be displayed to you.
After confirmation of the details displayed, click on confirm payment and the loan will be disbursed to the third party on behalf of the borrower. A modal displaying the status of your transfer will also be displayed.
Once the disbursement has been completed successfully, an email notification of the loan as well as a second email will a pdf copy of the transaction receipt is sent to the borrower.