FAQs on Loans and Savings

Answers questions relating to loans and savings

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...
Sun, 29 May, 2022 at 7:49 PM
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...
Sun, 29 May, 2022 at 7:40 PM
Can 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 ...
Sun, 29 May, 2022 at 7:51 PM
What is the difference between manual and automatic disbursement?
Manual disbursement is when someone from your organization disburses the loan manually to a customer after he/she must have performed all necessary checks t...
Wed, 14 Jun, 2023 at 6:06 PM
What does the pending loan status mean?
When a user applies for a loan, the loan first gets a pending status. It is during this period that the loan request goes through different relevant verific...
Mon, 18 Apr, 2022 at 12:43 PM
What does pending guarantor’s approval mean?
A loan gets this loan status for the period during which the approval of the Guarantor is pending approval.
Thu, 2 Jun, 2022 at 9:35 AM
What does pending status mean?
A loan acquires this status while it is awaiting a lender’s approval. The next step is to review the user and their application before approving or declini...
Wed, 10 Jan, 2024 at 10:16 PM
What does pending email verification mean?
This is for loan products that require official email validation. This status means the user has yet to validate their official email address. As such, this...
Mon, 18 Apr, 2022 at 12:44 PM
What does guarantor validated mean?
A loan gets this status after the guarantor for the loan has been validated.
Mon, 18 Apr, 2022 at 12:45 PM
What does guarantor declined mean?
A loan gets this status after the guarantor for the loan is unable to be validated by the system.
Wed, 1 Jun, 2022 at 4:53 PM