FAQs on Loans and Savings

Answers questions relating to loans and savings

Can a user delete their card from the app?
App users can delete their linked cards from the app at any time. However, this is subject to not having an active loan at the time of deletion if not, they...
Mon, 3 Jul, 2023 at 11:31 AM
Can I disburse loans to user's bank account directly?
Yes you can. When creating a loan product, you have the option of specifying where the loan amount should be disbursed to which can be a choice of the walle...
Mon, 3 Jul, 2023 at 11:33 AM
Can I prequalify customers for loan?
A Lendsqr lender can prequalify customers for loans which means these customers would not be subjected to the lenders normal Risk Assessment Criteria and de...
Sat, 2 Mar, 2024 at 10:46 PM
Can my users apply for loans outside Nigeria?
Lendsqr lenders make the decisions of where their borrowers can come from. A lender comfortable with borrowers from outside of Nigeria can allow borrowers f...
Mon, 3 Jul, 2023 at 11:35 AM
Can a user take a loan without a card?
Users of Lendsqr powered apps cannot take a loan without linking a valid bank card to the app. This is to process loan repayment as a user can pay via bank ...
Mon, 3 Jul, 2023 at 11:35 AM
Difference between straight line and reducing balance
With straight line repayment, the interest on the loan is calculated equally per period and the Equated Monthly Installment (EMI) is the same. The same comp...
Mon, 3 Jul, 2023 at 11:35 AM
How do you check why a user's loan failed?
To check the reason for why a user's loan request was not successful, simply log into Lendsqr  Admin console and use the following steps: Search for ...
Sat, 2 Mar, 2024 at 11:16 PM
How long can the grace period be?
A grace period is the number of days after which a loan is past due before the system starts to charge a penalty fee.  A Lendsqr lender can configure a gra...
Wed, 24 Jan, 2024 at 6:48 AM
What does abandoned loan request mean?
An abandoned loan is a loan request in which a customer has received a loan offer but refused to accept it or delayed in accepting it. The system would auto...
Mon, 3 Jul, 2023 at 11:37 AM
What does cancelled loan status mean?
A loan is set to Cancelled status when the user changes his mind about a loan request and cancels a pending loan before it gets approved.
Mon, 3 Jul, 2023 at 11:37 AM