FAQs on Loans and Savings
Answers questions relating to loans and savings
A loan gets this status when the user changes his mind about a loan request and cancels it before it gets approved
Wed, 1 Jun, 2022 at 4:45 PM
This is usually predicated by an event where a loan is disbursed to a user but the user for one reason or the other did not withdrawal the loan amount from ...
Sat, 2 Mar, 2024 at 11:43 PM
When a Lendsqr lender declines a loan, the status changes to Declined. There are various reasons why a Lendsqr lender may decline a loan. The customer's...
Sun, 29 May, 2022 at 8:18 PM
After a lender approves and disburses a loan, the loan acquires the loan status of running.
Mon, 18 Apr, 2022 at 12:47 PM
A grace period is a set amount of time a payment can be delayed without a penalty being imposed.
Mon, 18 Apr, 2022 at 12:47 PM
A grace period is the number of days after which a loan is past due before the system starts to charge a default fee. A Lendsqr lender can configure a grace...
Sun, 29 May, 2022 at 8:12 PM
This status is manually generated on the Lendsqr admin console platform. This is typically used when an admin wishes to write off the outstanding balance of...
Sat, 2 Mar, 2024 at 11:03 PM
An abandoned loan is a loan request which a customer has received a loan offer but either canceled it or refused to accept it. After a period, the system wo...
Sun, 29 May, 2022 at 8:15 PM
On your platform, a failed loan request means the system declined the user’s loan request and the user was deemed ineligible due to various reasons that are...
Sat, 2 Mar, 2024 at 10:57 PM
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...
Sun, 29 May, 2022 at 7:46 PM