How to verify borrower’s ID
In a country where there’s a huge consumer credit gap, high inflation and poverty rates, loans are definitely in high demand. As a lender, this means you get a high influx of loan applications daily. And guess what? You have to verify the identities of every single borrower that passes through your funnel. Character is […]
Are lenders evil for charging high interest rates?
The average lender today typically charges 4% — 10% per month (48% — 120% per year). Whoa. It makes you wonder how they recover loans at these rates. At first glance, it seems outrageous, even exploitative but there’s more to the story when you consider the risks and costs lenders face in Nigeria’s financial landscape.
How to tell if you’re ready for enterprise-grade lending software
So how do you know when it's time to make the leap? Let's look at the concrete signs that indicate your business is ready for enterprise-grade lending software.