Top loan management software for Trinis: Lendsqr vs. MobiFin

When was the last time you paused to think about how the loans that keep businesses and families afloat in Trinidad and Tobago are actually managed? Don’t worry, most people don’t. Yet, behind every seamless loan approval lies a hidden battleground of algorithms, compliance checks, and customer experience — all fueled by software.

In 2023 alone, Trinidad and Tobago’s lending market grew by over 12%, with small businesses and personal loans accounting for a significant portion of this surge. This growth has placed immense pressure on lenders to adopt smarter, faster, and more reliable solutions. In a market where loan management can feel anything but simple, Lendsqr and MobiFin stand out as platforms promising to simplify the process. 

But which one truly understands the ins and outs of Trini finance? This article dives into their features so you can decide which platform fits your needs and helps you thrive, not just stay afloat.

Also read: Best loan management software for Namibian lenders: Lendsqr vs. Delter IT

About MobiFin

Founded two decades ago by Bankim Brahmbhatt as part of Panamax’s financial technology division — a 100% subsidiary of the Bankai Group — MobiFin has built a strong reputation in the fintech space. Headquartered in Garden City, New York, MobiFin delivers robust and secure digital financial solutions tailored for diverse user segments worldwide.

MobiFin positions itself as a unified platform for digital banking and payments, offering a comprehensive product suite that includes digital wallets, agency banking, loan management, and core banking services. Its platform supports real-time transaction processing, smooth customer onboarding, and initiatives for financial inclusion.

With its blend of a powerful core platform and ready-to-use applications, MobiFin is a one-stop solution for creating and supporting multiple financial services applications, whether for lending, payments, banking, or transaction processing. The platform’s versatility makes it a strong contender for financial institutions looking to modernize (technology) their operations.

About Lendsqr

Founded in 2018 by Adedeji Olowe, Lendsqr is dedicated to simplifying lending and increasing its accessibility for lenders and borrowers. With offices in Wilmington, Delaware; Ruislip, London; and Nigeria, the company combines global technological expertise with a deep understanding of Africa’s financial ecosystem.

The platform empowers lenders to launch, scale, and manage digital lending operations efficiently, providing diverse channels to engage with clients. Its integration with local payment systems ensures smooth credit access for a broader audience. 

From loan applications and credit scoring to collections, Lendsqr offers a comprehensive suite of tools designed to optimize the entire lending process. Its focus is on expanding credit access across Africa and beyond.

Also read: How to get a lending license in Trinidad and Tobago

Getting started

MobiFin requires prospective users to schedule a demo consultation before exploring the platform’s capabilities. This extra step can slow the onboarding process, making it less convenient for businesses looking for immediate access to tools and features.

Lendsqr, however, offers a flexible approach to lending, catering to both startups and established institutions. Its self-service model enables lenders to sign up and begin operations within minutes, making it an ideal choice for smaller organizations or startups seeking a quick, hassle-free setup. For larger institutions with more complex needs, Lendsqr provides a consultative service, collaborating closely with lenders to develop custom solutions tailored to their specific challenges. By combining instant accessibility with personalized support, Lendsqr ensures it meets the needs of agile startups and well-established lenders alike.

Channels and solution

MobiFin provides an automated loan origination and management system designed to handle the entire lending process — from application and approval to disbursement and collections — all through a web browser. However, the platform does not mention support for other channels, limiting its accessibility to browser-based operations.

Lendsqr stands out with its wide range of channels designed to meet diverse lender and borrower needs. Through its web app, lenders can manage loans and offer customers additional financial services like savings, investments, airtime top-ups, and bill payments, all tailored to fit the lender’s operations.

For mobile solutions, Lendsqr provides three adaptable options:

• Progressive Web App (PWA): A cost-effective, quick-to-launch solution particularly suited for microfinance banks, with deployment possible within a week.
• White-label app: Allows lenders to customize branding elements, including colors, text, and logos, ensuring alignment with their brand identity.
• Fully customizable app: Offers complete control over the app’s design and functionality, catering to lenders with specific and unique requirements.

In addition to these many options, Lendsqr extends its reach through a USSD channel, enabling borrowers with basic feature phones to access lending services. This feature is especially valuable in areas with limited internet access, enhancing financial inclusion for underserved communities.

Verification and decisioning

MobiFin focuses on risk management through a system designed to smooth out operations and support informed decision-making. It offers customized dashboards for each applicant, including tools for collateral mapping and tracking potential defaulters or irregular repayment patterns. The platform integrates with credit bureaus and includes built-in credit scoring models to evaluate loan applicants’ creditworthiness. Lenders also benefit from comprehensive credit reports, risk assessments, and decision-support tools. 

Lendsqr, by contrast, offers a flexible and tiered verification process through its customizable Know Your Customer (KYC) configuration. This system allows lenders to classify borrowers based on the level of information they provide, enabling more precise and tailored lending decisions. Beyond standard document verification, Lendsqr includes advanced decision-making tools powered by over 100 risk parameters, giving lenders a detailed view of creditworthiness. A standout feature is its proprietary liveness verification engine, which enhances identity verification while reducing associated costs. To further support data-driven decision-making, Lendsqr’s mobile SDK API allows lenders to ethically access relevant data directly from borrowers’ mobile devices, providing deeper insights and improving the overall lending process.

Repayments and recovery

MobiFin’s system tracks loan disbursement and repayment statuses in real time, ensuring lenders have up-to-date information about their portfolios. For recovery, the platform automates collection management tasks such as setting reminders for overdue payments and handling delinquent accounts. It integrates seamlessly with external systems through open APIs, facilitating connections to payment gateways.

Lendsqr offers a wide range of payment integrations, including popular local and international platforms such as Paystack, Flutterwave, GoCardless, and Rotessa. This flexibility allows lenders to automate repayments via methods like direct debit and mobile money, which can cater to a variety of markets and customer preferences. Lendsqr also emphasizes responsible debt recovery. The platform provides lenders with tools such as schedulers and AI-driven algorithms to manage collections efficiently while ensuring fairness and the process remains balanced and considerate of borrowers’ circumstances.

Reports and analytics

MobiFin provides essential tools for regulatory compliance and reporting. Key features include real-time general ledger and accounting and functionalities for handling loan restructuring, write-offs, waivers for charges or penalties, and tracking non-performing assets (NPAs). The platform also supports regulatory reporting and lawsuit management, ensuring lenders meet legal requirements. Likewise, MobiFin’s analytics tools offer real-time reporting, allowing users to track key performance indicators (KPIs) and gain data-driven insights. These features help optimize lending operations by providing actionable recommendations that improve decision-making and overall strategy.

Lendsqr, on the other hand, offers lenders essential reports that support daily operations, analytics, and audits. These reports cover critical areas such as borrower activity, loan applications, sign-ups, loan performance, transactions, and repayments. With a focus on simplicity and accuracy, Lendsqr ensures that lenders can easily access current, relevant data. The platform emphasizes providing reports that directly impact strategic and operational decisions, helping lenders effectively manage their portfolios and identify trends or issues at an early stage.

Pricing

MobiFin does not publicly list its pricing. Instead, potential users are required to request pricing information directly from the company.

Lendsqr provides a transparent and flexible pricing model designed to support lenders at various stages of growth. Their Free plan offers a zero-cost entry point, including essential features like loan management, decision models, disbursements, and web access. This makes it a solid option for smaller lenders or those just starting. As businesses grow, Lendsqr’s Pro plan is available for $200 per month, offering additional features like customization options, offer letters, and an Android mobile app to streamline operations. For more comprehensive needs, the Business plan at $500 per month includes everything from the Pro plan, plus added modules for referrals, savings, and investments, along with a white-label mobile app. The highest-tier Enterprise plan, priced at $1,000 per month, offers full customization options and integrations with core banking or ERP systems, providing a complete infrastructure for large-scale lenders.

Also read: How to get started as a lender in Trinidad and Tobago

Choose according to your lending needs

Behind every loan lies a silent partner: the software that keeps it all running. Between Lendsqr and MobiFin, the choice ultimately depends on your business needs and growth ambitions. Do you prioritize rapid setup, affordability, and adaptability? Or are you just seeking a legacy platform with global recognition?

Either way, lending in Trinidad and Tobago is progressing rapidly, and the right loan management software is no longer just a tool; it’s a strategic partner in delivering value to your borrowers and staying ahead in a competitive market. The question is: will you settle for managing loans or redefine how lending is done? Reach out today and choose the best solution that transforms your lending.