Introduction
Abandoned loans are simply loan applications that users started but did not complete. This new feature allows your users to pick off where they left off rather than starting another loan request from scratch.
Recovering abandoned loans not only boosts your lending success but also improves user experience and trust. It's a win-win for you and your users.
In this guide, we'll walk you through how to make the most of this feature. Abandoned loans can be a real headache, but we've got you covered. Let's dive in!
How users can complete their abandoned loans
To understand how this feature works, kindly view the steps below:
1. Log into the web app, sign up successfully and start a loan application process. Your Web app link can be accessed from the Lendsqr Admin console as in the image below and shared with your users.
2. Once a user gets an offer as in the image below, but does not proceed to complete the loan application process, the loan is then registered as an abandoned loan which the user will be prompted to complete. If at any point after the “Take this Offer” page you exit the loan application, the loan is automatically set to “Abandoned”.
3. Once a loan has been registered by the system as an abandoned loan, your user will receive an email as in the image below, prompting them to complete the loan application process.
4. Once the button in the email is clicked, your user will be redirected to a web app page where they can either accept or decline the loan offer.
5. If the user wishes to decline the loan and clicks the “Decline Offer” button, the loan application will be canceled and they can apply for another loan at any time they wish. However, clicking the “Accept Offer” button will allow the user to complete the abandoned loan application which they left previously.
Alternatively, an abandoned loan request can be accessed on the loans page of your web app.
That's it! You're now equipped to tackle abandoned loans effectively and enhance your lending operations. Remember, this feature not only benefits your business but also improves the user experience, building trust and loyalty among your customers. Happy lending!