🔄 What happens when life hits your borrowers?

Hello there! 👋

Hello, and Happy New Month! 🎉

November is here, reminding us that while the year may be winding down, the opportunities are not. As the days grow shorter, the chance to expand your lending business is still within reach. Whether you’re considering introducing new loan products, fine-tuning your existing ones, or embracing new features, each step can bring you closer to your goals. 

As we say at Lendsqr, “The difference between ordinary and extraordinary is that little extra.” Here’s to putting in that extra effort and making the most of the final months of 2024.

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

What’s New

💼 Get the loans you give out to your customers insured with credit life insurance 

What happens when life hits your borrowers? We understand running a lending business comes with its fair share of risks which is why we have partnered with MyCover.ai to bring you credit life insurance. We have done the integration and setting this up on your loans is as easy as it can get. Credit life insurance ensures your loan portfolio is protected even when a customer defaults on their loan. To learn more, reach out to [email protected].

📲 Your customers can now make QR payments from the web app

We know how important it is to have several payment channels for your customers to reduce frustrations when the recipient bank is having issues. This is why we have introduced QR payments on your web app so your customers can easily scan NQR codes and pay merchants directly from the app. With this feature, your customers can send money with just a few clicks without worrying if the wrong account number or bank was entered.

🔔 Set up a webhook to get notified of loan approvals

We understand the importance of sustainable revenue, which is why we’ve introduced the ability to charge subscription fees on loans throughout their entire duration. This ongoing revenue model not only boosts your cash flow but also adds value to your loan products by enabling you to offer extended services. Whether it’s for enhanced loan management features or continuous support, this feature allows you to maintain a steady income while providing ongoing value to your customers. It’s a win-win for both your business and your clients.

Learn more

🔒 Set up restricted wallets and control how your customers use funds

We have had so many lenders complain that their users might not be utilizing loans disbursed to their wallets for the reason they intended during the loan application process. This is why we have introduced restricted wallets to help you control how your customers utilize funds disbursed to them, ensuring the money is used for intended purposes and minimizing potential misuse.

Learn more

What’s Better?

📈 Updates to Lendsqr Direct Debit

Managing loan repayments is easier than ever with improvements to Lendsqr’s Direct Debit service. Here is what is new:

• Edit past due mandate schedules: You now have the flexibility to adjust past due mandate schedules, making it simpler to recover missed payments and mark schedules as paid when the schedule has been paid outside the Lendsqr Direct Debit system  without double debits  disrupting future schedules.
• Get notified on user account debits for mandates: You now receive real-time notifications when your user’s account is debited for a mandate, allowing you to track repayments more accurately.
• Customer notifications for unsupported banks: Your customers will be informed if they try to add banks that do not support direct debit, reducing confusion and ensuring a smoother mandate creation process.

📝 We have optimized your transaction narrations

We know how hard it has been for you and your customers to understand the purpose of a debit or credit transaction.This is why we have optimized the narration for each transaction carried out by you and your user on the admin console and your lender web app respectively, reducing any ambiguity in your records and improving reporting accuracy.

💸 Refer a lender and earn in your currency when they give out their first 10 loans

Do you have  a colleague or friend in the lending space? Share the benefits of Lendsqr, and when they disburse their first 10 loans, you earn a reward in your currency. It’s a win-win for you and your network as we continue to grow the lending ecosystem. To learn more about how you can refer and earn, reach out to us via [email protected] 

What’s Cooking?

🍲 Updates to Direct Debit

We’re working on more enhancements to improve your experience with Direct Debit. Here’s what’s on the horizon:

• Mandates as repayment methods for guarantors: Give your guarantors a more streamlined way to support borrowers by setting up mandates as a repayment option, strengthening repayment guarantees.
• Set up mandates on your product links: Soon, you’ll be able to enable mandates directly from your loan product links, simplifying setup for you and your borrowers.

💳 Choose a repayment method when booking a loan

We’re introducing the ability to select a repayment method right at the time of booking a loan for your less tech-savvy customers. This feature allows you to choose from available options—whether it’s direct debit, card payments —based on what works best for your borrower’s situation. By aligning repayment methods with borrower preferences from the outset, you can improve repayment reliability and enhance borrower satisfaction.

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 [email protected] and we’ll be more than happy to help. Remember, your satisfaction fuels our commitment to excellence.