Virtual accounts are digital bank accounts that exist only online. They are not associated with physical cards or branches. Users can make payments using these accounts for various purposes, such as bill payments, or transferring funds.
Virtual accounts provide a secure and convenient way to manage finances without needing a physical presence at a bank. They often come with features like real-time transaction tracking and instant notifications.
Once your account setup process is complete, Lendsqr will seamlessly allocate a virtual account to each customer and lender. These virtual accounts are designed to fulfill two essential functions: facilitating loan disbursements and optimizing the loan repayment process. For lenders, Lendsqr provides dedicated virtual service and disbursement accounts, enhancing operational efficiency.
Funding Your Virtual Account
For Borrowers: To ensure timely loan repayment, borrowers can effortlessly settle their outstanding amounts by initiating a bank transfer to their designated virtual account. The Lendsqr platform will then automatically deduct the loan repayment when it becomes due, ensuring a seamless process.
For Lenders: Lenders seeking to finance their service or disbursement accounts can do so by performing a bank transfer to the virtual account's bank name and number, as provided by Lendsqr. Rest assured, the funds will be made available within a span of just 5 minutes, ensuring quick access to your financial resources.