lendsqr

Loan reminders are a valuable tool for borrowers to keep track of their loan obligations and ensure timely payments. Lendsqr send reminders to borrowers across various channels about upcoming loan payments, due dates, and other important financial obligations. These reminders serve as a proactive way to help borrowers manage their loans and prevent late payments.

How Lendsqr does loan reminders

The following are the reminders that Lendsqr sends to customers who have loans to pay.

3 days before loan is due

Channels: SMS, email, and in-app messages for lenders with 

Sample SMS message: Hi {{insert name}}, your loan of N1,150 from Irorun is due for repayment {insert due date}. Pay @  {{insert payment link}}

1 day before loan is due

Channels: SMS, email, and in-app messages for lenders with 

Sample SMS: Hi {{insert name}}, your loan of N1,150 from Irorun is due for repayment {insert due date}. Pay @  {{insert payment link}}

3 days before loan is due

Channels: SMS

Sample SMS: Hi {{insert name}}, your loan of N1,150 from Irorun is due for repayment {insert due date}. Pay @ {{insert payment link}}

Due day

Channels: SMS

Sample SMS: Hi {{Name}} your loan of {{amount}} from {{lender}} is due today. Pay @ {{payment link}}

1 day after due date 

Channels: SMS and Email

Sample SMS: Looks like you forgot to pay your loan of {{amount}} on {{lender}} due since {{due date}}.  Pay @ {{ payment link}}

Every 3 days until day 31

Sample SMS: {{lender}} Hi {{customer-name}}, You will be charged penalty per day for not paying your N{{loan-amount}} {{lender}} loan due since Sep 3. Pay @ {{payment-link}}

Every 10 days until day 100

Sample SMS: [{{lender}}] Hi {{customer-name}}, You will be charged penalty per day for not paying your N{{loan-amount}} {{lender}} loan due since Sep 3. Pay @ {{payment-link}}

Lendsqr also provides lenders with up-to-date reports that contain the data of borrowers with past due loans so lenders can engage with them from their end. We recently started experimenting with a link that can directly send WhatsApp messages to these customers if the number does exist on WhatsApp.

Lendsqr has a bespoke collection engine that attempts to charge customers' cards when their loans are due. This system runs continuously until your funds are secured.

What it cost

SMS and loan reminders are totally free for all lenders regardless of the plan you are on. We believe that this is one of the ways Lendsqr can support lenders.