What is Lending-as-a-service?
Lending-as-a-Service is a type of Software-as-a-Service (SaaS) business model but built and designed solely for lenders. The first thing to note about lending-as-a-service (LaaS) is that it’s in the business of technology. It’s not a money lending business. A LaaS company provides the technology to enable lenders to fund their loan business. A LaaS company […]
How to report unethical lenders
Are you aware that you can report bad lenders who couldn’t possibly care less about conforming to lawful and responsible lending practices? We sincerely hope so. But we don’t live in an ideal world. As much as there are good and responsible lenders who recover loans ethically and understand that borrowers’ have a right to […]
5 lending business activities to monitor
There are key lending business activities to monitor to ensure your lending business is on the right track. Generate reports of these activities and review them daily for best results. Lending is serious and sensitive business and must be conducted with the utmost attention to details. The last thing you want is to have put […]
What license do I need to lend?
Lending has probably been around since dinosaur times. While informal lending between friends, families and cooperative groups is still widely functional, the more formal lending organizations have to be regulated by the government. To own and operate a lending business in Nigeria, you need a license. However, knowing what license is right for you could […]
How mobile SDK works for loan decisions
Are we the only ones who find it alarming that there are digital lenders who give out loans to Nigerians without a credit history? Where exactly is the confidence coming from? Many Nigerians don’t have a formal credit history but this is no surprise. The credit gap in Nigeria is N109 trillion wide and the […]
5 features on Freshworks to improve your customer support team’s productivity
Lendsqr recently partnered with Freshworks to give every lender on our platform $10k credit to use on their robust customer support channels Freshdesk and Freshchat. The Lendsqr team also makes use of these channels to support lenders and we are absolutely stoked aboiut how awesome this platform is. We are super curious over here (our […]
How to obtain a moneylenders’ license in Nigeria
Congratulations on making the decision to contribute your quota in bridging Nigeria’s credit gap and scaling the hurdles to become a lender. Now that you have succeeded in your building efforts so far, you mustn’t forget the final hurdle. You need a moneylenders license to operate your lending business in Nigeria. This is a key […]
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 […]
How to assess loan applications for individual borrowers
While lending is globally known to be very profitable, after all even in the bad economy of Nigeria, banks routinely deliver superlative returns, the thoughts of Non Performing Loans (NPL) ratios would make any lender worry . The reputation of Nigerians not paying back their loans poses a red flag and emphasizes the need to […]
How to start lending for free with Lendsqr
A typical state lender who has about N20 million capital is targeting the working class Nigeria, targeting loan sizes of N30,000 to N150,000. Knowing they stand no chance of growing the business if they demand their borrowers come to an office, they invariably would need technology, such as a mobile or website, to reach their […]