💳 We now support direct debit in loan invites and guarantor verification

Hello there! 👋

Happy New Month and welcome to February ❤️, the month of love, growth, and fresh starts! 

At Lendsqr, we’re here to ensure your hard work pays off. To support you, this month’s newsletter is packed with important updates designed to turbocharge your loan business.

Here’s to a February filled with meaningful strides, rewarding partnerships, and a little extra love (for your business, of course!). 💼✨

Here’s what we have in store for you this month:

What’s New

💳 We now support direct debit in loan invites and guarantor verification for Nigerian lenders

You spoke, we acted!

We understand how risky it can be to rely just on cards for loan repayments – cards can get canceled or replaced, leaving your business vulnerable. That’s why we’ve improved the loan invitation and guarantor verification processes to give you more control and security.

Now, Nigerian lenders can enable direct debit when sending loan invitations and during guarantor verification. This ensures that repayments are more secure, reducing the chances of defaults and keeping your business protected.

✅ Nigerian lenders can now add repayment methods for their customers while manually booking their loans

Not all customers are tech-savvy, and chasing them for repayment details every time a loan is due can be exhausting—not to mention the risk of missed payments.

To make things easier, we’ve introduced a feature that allows lenders to add repayment methods when manually booking loans. Now, you can set up a preferred payment option from the start, ensuring a smoother, more reliable repayment process without the extra hassle.

Why you’ll love this:

💡 Set it once, and forget the back-and-forth.

💡Offer seamless, predictable repayments—they’ll thank you!

💡Reduce delays and focus on growing your portfolio.

Learn more

What’s Better?

🚀 New updates to your web app 

We’ve made your customers’ experience even better this month by making it more intuitive for your customers to request loans and focus on what matters most. Here’s what’s new:

📊 We’ve updated your web app dashboard to make loan applications even smoother. Borrowers can now see key loan options right away, helping them navigate the process with ease and apply faster.

📱You can now configure and display your mobile app download links from the Google Play Store and Apple App Store directly on your microsite. This makes it easier for customers to find and install your app, helping you grow your app user base and increase engagement.

Learn more

🛠️ We have optimized the modals in key modules on the admin console

We understand that a clunky process can slow you down. That’s why we’ve optimized and updated the modals in Request Management, Product Management, and Preferences on the admin console. You’ll now experience faster interactions, fewer disruptions, and a more seamless workflow when managing loans and preferences.

⚖️You can now view and edit penalties tied to approved loans from the admin console

We understand your business needs can change, which means your tools should change too. This is why we have added the ability to view and edit penalties tied to approved or past-due loans directly from the admin console. This gives you more control over penalty adjustments, ensuring fair enforcement and maximizing recoveries.

Learn more

📅 We have now updated the default end dates for direct debit mandates

Requiring customers to create a new mandate for every loan can be time-consuming, especially with bank approvals sometimes causing delays. To simplify this, we’ve extended the default end date for direct debit mandates to five years after creation. This ensures seamless recurring collections without the hassle of frequent reactivations, making repayments more predictable and efficient.

What’s Cooking?

🍳 A New Manual Loan Booking Flow (For all global lenders)

We’re making manual loan booking smarter and faster for everyone! For international lenders, this is a brand-new feature designed to simplify your workflow. For Nigerian lenders, we’re taking what you already love and making it even better.

Here’s how:

• Built for flexibility: Whether you’re lending locally or globally, this feature adapts to your needs, giving you full control over the process.
• Review and approve loans in one place: No more jumping between menus! After entering details in the “Book New Loan” form, you can now review all the information and approve the loan right there—without navigating away.
• Fewer errors, faster decisions: The updated flow ensures you catch mistakes early and make decisions quickly.

🔍 Better loan approval with better visibility

Automatic system declines can be frustrating—for you and your customers. That’s why we’re giving you more power to decide who gets a loan. With better visibility into borrower data and smarter tools, you’ll be able to make informed decisions instead of relying on rigid system rules. Whether it’s a borderline case or a customer with unique circumstances, you’ll have the flexibility to approve loans that deserve a second look. Lend with confidence, not guesswork.

🏠 A fresh home page for your admin console

Your dashboard is getting a major upgrade! We’re designing a new home page that’s cleaner, faster, and easier to use. Everything you need—loan stats, customer insights, and key actions—will be right at your fingertips. No more digging through menus or wasting time on clunky navigation. This new layout is all about helping you work smarter, not harder. Get ready for a dashboard that feels like it was made just for you.

🧾 Get mandates on all your customer accounts at once

We are making an upgrade on how mandates are set up on your customer’s accounts by introducing a configuration that allows you to set up mandates on all of your customer’s accounts tied to their BVN. Previously, your customers could only create direct debit mandates for one account at a time. Soon, they will be able to create mandates on all their accounts in a single process, saving time and reducing friction.

📊 MyBankStatement: Seamless Integration for Bank Statements

We’re working on a complete integration with MyBankStatement to make loan applications smoother and more insightful. Soon, your customers will be able to generate their bank statements directly from their bank during the loan application process. This will help you verify the validity of the statements and give you a clearer picture of your customers’ financial health, enabling you to make smarter, more informed lending decisions before approving loans.

📅 Prepare for our webinar this month!

We have an exciting new webinar coming up in February. Stay tuned for more details and make sure to mark your calendar. This upcoming session will provide you and your customers with insights on managing their credit profile.

For more information about these features and updates, view our changelog or to schedule a consultation on navigating them, please reach out to us at growth@lendsqr.com and we’ll be more than happy to help. Remember, your satisfaction fuels our commitment to excellence.