A beneficiary refers to a third party whose account a borrower's loan can be paid into by the request of the borrower. Beneficiaries can be educational institutions in the case of Educational loans or vendors in the case of Buy Now Pay Later loans.
To create a beneficiary on the Lendsqr admin console, follow the steps below:
On the Lendsqr admin console, navigate to “Beneficiaries” and click on the new beneficiary button
A modal will be displayed to you where you can fill in the bank details such as bank name and account number of the new beneficiary.
The bank details will then be verified and you can proceed to include the email and phone number of the beneficiary.
Next, click on save beneficiary and the beneficiary's details will be saved on the beneficiaries page.
