Which is better for loan repayments: Cards or Direct Debit?
A lender’s worst nightmare is being unable to recover loans. This fear has a compelling hold on lenders that many have resorted to scare tactics, harassment and misusing borrowers’ data to force repayment. More often than not, adopting these unethical methods of loan recovery exposes the dire need for improvement of the lenders’ system for […]
APIs for lenders to reduce NPL
The threat that bad loans pose to lenders can’t be overemphasized. A lot of lenders have had to write off an alarming amount of non-performing loans (NPL). As a lender, a big concern you’re often confronted with is “what if they don’t pay back?” It’s imperative to be able to recover your loans. This is […]
What makes a great loan software
Whether you decide to build your loan software or use a LaaS platform like Lendsqr, consider these things
5 lending business activities to monitor daily
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 […]
How to obtain a moneylenders’ license in Nigeria
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.
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 […]
Are lenders evil for charging high interest rates?
The average lender today would typically charge 4% — 10% per month (48% — 120% per year) on a loan. Whoa. Does it make you wonder how they are able to recover loans with these rates? What probably immediately comes to mind is how crazy and horrible these rates are and that there is no […]
Lendsqr’s guide to responsible lending
Credit is one of the surest ways to grow an economy and bring smiles to the faces of small business owners, artisans trying to finish a supply, and fathers trying to provide for their families. If you’re a lender reading this, you’re probably thinking you made the right decision choosing this line of business right? […]
Tell your lending story. Win N50,000! 🏆
We can bet that you will have at least one great lending story. Tell us today, win N50,000.
How big is the addressable market for consumer loan in Nigeria?
Nigeria's 200 million population offers a vast potential for consumer loans. This guide explores strategies to tap into this market.
Lenders battle against fraudsters; a case for an industry blacklist
In Kenya, the lenders battle against fraudsters with an estimated 3.2 million people have been blacklisted on Kenya’s TransUnion credit reference bureau.
