FAQs for General Inquiry

Answers to general frequency asked questions

Who is a lender?
A lender is any individual, company, or financial institution that makes funds available to a person or business, with the expectation that the funds will b...
Thu, 2 Jun, 2022 at 3:24 PM
Who is a borrower?
A borrower is an individual or a company that has received money from a lender with the agreement that the money will be repaid within the conditions set fo...
Thu, 2 Jun, 2022 at 3:26 PM
Can I be a lender?
Lending is a regulated business and is generally regulated by the Central Bank of Nigeria and the various states.  The CBN issue microfinance bank, finance...
Thu, 2 Jun, 2022 at 10:59 PM
How much does Lendsqr charge for services?
Most services on Lendsqr are free but a few are charged and there are some services only available to customers with a paid plan. There are currently 5 ...
Wed, 6 Mar, 2024 at 1:58 PM
How do I change the logo on my web app?
To change your logo on the web app to your organization's logo, follow the steps listed below. Log into your Lendsqr Admin Console. Click on the &quo...
Sat, 2 Mar, 2024 at 10:27 PM
Why was the OTP not delivered?
On rare occasions when the OTP is not delivered to the user, it is as a result of slow delivery by the network provider (MTN, Airtel, GLO etc.) 
Tue, 31 May, 2022 at 8:22 PM
Can my app OTP message carry my sender ID instead of Lendsqr?
OTP sent via SMS typically carry "Lendsqr" as the Sender ID. The option to change the Sender ID is only available to Enterprise lenders only. 
Thu, 2 Jun, 2022 at 11:03 PM
Why was my user blacklisted?
Users typically get banned by Lendsqr lenders because of fraud.  The blacklisted user can always be removed from the blacklist if they are cleared of all c...
Thu, 2 Jun, 2022 at 11:07 PM
Why can't my users use Verve card?
By default, Verve cards are not accepted on our platform due to their frequent need for re-authorization which can hinder automatic debt repayments and othe...
Sat, 2 Mar, 2024 at 11:42 PM
Can my user tie the card of their family or friend to their account?
A user cannot use another person's card even if they were their family or friend, on their account. The Lendsqr platform runs security checks to confirm...
Fri, 3 Jun, 2022 at 7:51 PM