FAQs about Lendsqr Payments

Frequently asked questions about how Lendsqr manages payments and transfers for lenders.

What is Remita direct debit?
Direct debit (DD) is a means of payments that allows an account holder to give permission to another entity (company, lender, etc.) to take money from their...
Sun, 9 Jul, 2023 at 2:46 PM
Can I use direct debit to pay for a loan before it is due date?
No, you can't use Remita Direct Debit to pay for a loan before it is due. This is because Remita DD would be activated automatically to manage your repa...
Wed, 28 Jun, 2023 at 12:38 PM
How do I set up the number of days a user defaults in loan repayment before a guarantor is charged?
To set the loan amount multiple for a loan product,  follow the steps below. Login to the Lendsqr Admin Console with your admin credentials. Click the...
Sat, 2 Mar, 2024 at 11:22 PM
Does using direct debit stop users from being charged from their cards?
On the Lendsqr platform, lenders have the convenience of utilizing alternate payment methods through the integration of Remita Direct Debit and Paystack Par...
Sun, 9 Jul, 2023 at 3:27 PM
User’s account gets charged even after the loan is settled with a card or bank transfer.
This happens when a current debit instruction has been sent to the bank to debit the user’s account before the card gets charged. For situations like this, ...
Tue, 16 Aug, 2022 at 6:37 PM
Why are users not able to add their bank accounts for direct debit?
Users would be unable to add their bank accounts for direct debit if their bank is not available for Remita DD. First bank, Stanbic IBTC, and Standard chart...
Sun, 9 Jul, 2023 at 4:01 PM
Loan is past due but money is not taken from users’ accounts.
If a user's loan is past due but the money has not been taken, there could be various reasons for this occurrence. Here are some of the common factors t...
Sun, 9 Jul, 2023 at 4:21 PM
Can I use a bank that is outside Nigeria for Remita direct debit?
When using Remita for Direct Debit (DD) on Lendsqr, it's important to note that currently only Nigerian banks supported by Remita can be utilized for th...
Sun, 9 Jul, 2023 at 4:24 PM
Why am I seeing a higher amount on my mandate form?
This is the amount set by the lender to account for any charge the borrower might incur for defaulting or late payment. As a lender, you can decide to set a...
Fri, 21 Jul, 2023 at 5:10 PM
How do I set up Remita DD on my loan product
Follow the steps below to configure direct debit. Login to the Lendsqr Admin Console with your admin credentials. Click on the “Loan Products” sub-tab...
Sat, 2 Mar, 2024 at 11:06 PM