234Loan is transforming lives, one loan at a time

About 234Loan

In a country teeming with ambitious individuals – the hustling Naija spirit, access to credit has long been a challenge for Nigerians. However, one digital lending business, 234Loan, set out to change that narrative. Led by Adewale Otolorin, a seasoned professional with over 10 years wealth of experience in the banking and financial services industry, 234Loan is transforming lives one loan at a time by providing a range of loan products tailored to meet the diverse needs of every Nigerian looking to fund their dreams.

Inspired by the story of Tunde, a determined entrepreneur who turned his small catering business into a thriving restaurant with the help of a 234Loan SME loan, Adewale realized the immense potential to transform lives and drive economic growth through accessible credit. This encounter fueled his passion to expand 234Loan’s reach beyond state workers and empower dreams across Nigeria. Funding the dreams, goals, passions and aspirations of every Tunde out there.

Like every lending journey, it has been a nostalgic and bitter-sweet experience so far. CEO, Wale who saw an ample opportunity to bridge the credit gap in Nigeria has been able to expand its reach beyond state workers to include a large pool of individuals and SMEs. As their journey progresses, 234Loan has expanded its reach and encountered both challenges and triumphs. Let’s see how it all started and their story so far…  

Also read: A1 Credit: Using digital channels to give loans to Nigerians and SMEs

The Challenge

234Loan knew it was impossible to pull their audacious goals off without using the best technology. However, finding the right tech, at the right price, with the best features proved to be more difficult than previously anticipated. Most of the platforms they found solved only part of the problems or proved too expensive to be useful for their business model. 

Until, Lendsqr which was the answer to their quest; A lending-as-a-service(LaaS) ecosystem that completely automated and streamlined their processes from origination to collection to recovery. Lendsqr was THE platform; one in which they could integrate its existing systems and interface, and customize to suit their business model. Best of all, it came at a steal! And so, they were more than thrilled to move their operations to the cloud. 

Another major hurdle 234Loan encountered was security. They needed assurance that they were not just getting security as an obscure part of the package, but security was built into the ecosystem from the ground up. Lendsqr delivered on their promise of uncompromising security.

Also read: How to restructure loans and work with struggling borrowers

The Solution

234Loan experienced remarkable improvements across their operations with the help of Lendsqr. The implementation of Lendsqr’s decision models enhanced their loan underwriting process, ensuring accurate and swift assessment of the plethora of loan applications they receive.

“We have not only enjoyed top-notch features, but also great customer service that has been more than helpful every step of the way. Lendsqr has provided the necessary support from our go-live phase and even till date. We owe a part of 234Loan’s success to this consistent support” Wale told us.

In addition, 234Loan experienced ease-of-use in navigating Lendsqr’s platform without any hassle and were also able to cater to both tech-savvy and non tech-savvy users through the availability of Lendsqr’s manual loan booking feature, making navigation seamless and easy for all. Moreover, Lendsqr’s affordability and payment flexibility was an even bigger surprise to them and they grabbed at the chance and have since never looked back. 

Also read: How to differentiate your loans in a crowded market

The Result

Using Lendsqr, 234Loan was able to integrate smoothly into the existing systems and customize to suit their business requirement. They also had access to a sustainable and holistic 100% lending stack that allows them to manage their entire lending business and automate the credit lifecycle of borrowers.

They also noted a significant increase in collections and recovery processes as Lendsqr’s rich data stack, custom credit-scoring and security features helped them navigate their loan decisioning as well as thwart bad actors and fraudsters, this further solidified the positive impact of their partnership with Lendsqr.

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234Loan have also utilized Lendsqr’s cloud based system in developing on-the-go mobile and web apps that allows borrowers apply, get approved and get paid all from the comfort of their homes. This has been particularly successful in getting hundreds of customers applying for loans.

The Future

Buoyed by their achievements, 234Loan is now focused on achieving ambitious goals. With a projected timeline of one year, they aim to expand their customer base and increase their loan book value substantially. Fortunately, they have found a reliable partner in us at Lendsqr, and we are committed to supporting and guiding them throughout their growth journey. Together, we are on the right track to become a formidable force in the lending space, spreading the benefits of smart lending to lenders everywhere. Watch this space!