FAQs about Lendsqr Payments

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

Why was I charged a little above the loan repayment amount?
The extra amount charged is the processing fee from Remita.
Tue, 16 Aug, 2022 at 9:47 PM
Why was I charged even after my loan had been repaid?
This happens when a current debit instruction has been sent to the bank already to debit the user’s account before the card gets charged. For situations lik...
Tue, 16 Aug, 2022 at 9:47 PM
How do I know a user’s mandate is active?
To check for a user’s mandate status, follow the steps below. Login to Lendsqr Admin Console with your admin credentials. Click on “Users” under the “...
Sat, 2 Mar, 2024 at 11:07 PM
Where do I see a user’s mandate on the Lendsqr Admin Console?
To check for a user’s mandate on the Lendsqr admin console, follow the steps below. Login to the Lendsqr Admin Console with your admin credentials. Cl...
Sat, 2 Mar, 2024 at 10:06 PM
Where do customers see their mandates on the app?
To get the mandate status the customers should follow the steps below. Login to the app Click on account Scroll down to where they see “Direct Debi...
Mon, 15 Jan, 2024 at 4:11 PM
Can users’ cancel an existing mandate?
No, users cannot cancel a mandate that has been created, however, a user can choose to create another mandate.
Tue, 16 Aug, 2022 at 9:47 PM
Can users choose whether or not to use a mandate for loan repayment?
No, users cannot specify how they want to pay for a loan. The lender is solely responsible for determining if a loan product will make use of the direct deb...
Tue, 16 Aug, 2022 at 9:47 PM
Do I have to activate a new mandate every time I apply for a loan?
No, an already existing activated mandate can be used to get a new loan as long as its duration and amount are sufficient for the new loan being applied for.
Wed, 12 Jul, 2023 at 7:39 PM
Who do users submit the signed mandate form to?
The signed mandate form is to be submitted to the users’ bank.
Tue, 16 Aug, 2022 at 9:46 PM
Can you debit other accounts tied to a BVN not provided by users?
Unfortunately, not at this time. The ability to do this comes from an initiative by the Central Bank of Nigeria called the Global Standing Instruction (GSI)...
Sun, 9 Jul, 2023 at 3:57 PM