Frequently asked questions about onboarding to Lendsqr

Every lending journey begins with a first step, but the way that step is taken defines the path ahead. Onboarding to Lendsqr is the foundation of how your lending business will scale, and connect with borrowers. The sign-up, setup, and first loan disbursement are linked stages in a cycle of trust and efficiency.

Questions arise at the starting line. What information anchors your account? How do the settings you choose shape future transactions? And when does a loan  move from intention to reality in a borrower’s hands? These are signals of how Lendsqr turns a lender’s vision into tangible operations, without the guesswork.

This FAQ gathers those questions and reframes them into a narrative you can follow. It connects the process and purpose, showing how each step; sign-up, setup, and disbursement, flows into the next. Think of it as both map and compass: giving you answers in the moment while aligning you with the bigger picture of what it means to run your lending business on Lendsqr.

What is Lendsqr and who should use it?

Lendsqr is a modern loan management platform that helps lenders run their operations end to end in one place. It supports borrower onboarding, loan origination, credit checks, disbursements, repayments, and reporting. The platform is designed for fintechs, SME lenders, banks, and microfinance institutions that want to operate at scale. It reduces manual errors and speeds up processes. Any lender aiming to grow and manage risks better can use Lendsqr.

Read further: Signing up on Lendsqr

In which countries does Lendsqr operate?

Lendsqr began by serving lenders in Nigeria, where it built deep expertise in powering digital lending. Over time, the platform has expanded to other African countries such as Ghana, Kenya, and South Africa, making its technology accessible to more lenders. Today, Lendsqr is no longer limited to Nigeria but supports lenders across multiple regions. Lendsqr welcomes partnerships with non-African lenders looking for scalable infrastructure. 

How do I sign up for a Lendsqr account?

Signing up on Lendsqr requires you to use the administrative console, which is the control center for your lending operations. The console provides everything in one place, from borrower onboarding to disbursement and reporting. To start, visit the Lendsqr website, select your role, and fill out the registration form with your details. After submitting, you’ll receive a verification email to activate your account. Once activated, you can log into the console and begin setting up your lending account.

What information do I need to provide during registration?

To sign up on Lendsqr, you need both personal and business details so the platform can customize your account. For personal information, provide your full legal name, mobile number, email address, and home or office address. For business documentation, upload your certificate of incorporation, lending license, and company logo to validate compliance and build brand identity. You must also add your bank account details, which are required to set up your loan app and enable repayments. Supplying this information ensures your account is verified, and ready for lending.

Can Lendsqr assist in getting a lending license?

Lendsqr does not directly provide licensing services but understands how important it is for lenders to operate legally. While we cannot obtain the license for you, we connect new lenders with trusted legal partners who specialize in licensing processes. Our blog also offers practical guides, including what licenses are required, how to obtain them, and the documents you’ll need. These resources help you understand which license best fits your business model and goals. If you need further assistance, reach out to our Growth team at [email protected]

How do I verify and activate my Lendsqr account after sign-up?

Once you complete registration, Lendsqr sends a verification email to the address you provided. Clicking the link in the email confirms your identity and activates the account. This step is necessary to gain access to the administrative dashboard and begin configuring your loan products. Without verification, your account remains restricted with limited functionality.

Can I customize my Lendsqr account to match my lending business needs?

Read further: Frequently Asked Questions about Loan Management Software

Yes. Lendsqr allows full customization of your lending operations, from loan products and interest rates to repayment schedules, fees, and approval workflows. You can also configure risk criteria, automate customer journeys, and adapt settings to reflect your business model. This flexibility helps you to improve borrower experience. 

What roles and permission settings are available on Lendsqr?

The Lendsqr Admin Console comes with three default roles; Super Admin, Admin, and Team, each with distinct, non-editable permissions. However, lenders can create new roles if their plan supports it. You can group  permissions into entities that match specific job functions. For example, a “Loan Officer” role can be set up to access borrower onboarding and repayment schedules but excluded from financial reporting. This granular setup improves security, ensures staff only see what they need, and simplifies workflows. Note: you may need to upgrade your subscription to unlock role creation.

How do I set up my lending products and terms on Lendsqr?

Once you log into your admin console, you can create and configure loan products for your business model. Each product can include details like interest rates, repayment duration, and penalty terms. Lendsqr’s simple interface makes it easy to adjust repayment schedules, loan sizes, and charges. You can also design eligibility rules that determine who qualifies for each loan product. This ensures your lending process aligns with both compliance requirements and your growth goals.

How do I connect my bank or payment accounts for disbursements and collections?

To connect a bank account, simply enter your account details in the payment integration section of the admin console. Lendsqr securely links your account with supported payment providers. This integration enables smooth loan disbursements to borrowers’ accounts. It also allows automated collections through bank transfers or mobile wallets. With this setup, you maintain seamless financial operations while focusing on growing your lending business.

Can I configure loan eligibility criteria and credit policies within Lendsqr?

Yes. Lendsqr gives you full flexibility to design borrower eligibility rules that fit your credit philosophy. You can set criteria based on factors like verified income, employment history, or credit scores. Beyond eligibility, you can define credit policies such as loan size limits and approval authority. These policies make sure your business maintains consistent risk management across all applications. 

What security settings and user access controls can I enable during setup?

Security is built into the platform with features like role-based access and multi-factor authentication. You can assign different access levels depending on the user’s responsibility within your team. All sensitive data is protected with encryption, safeguarding both lenders and borrowers. These settings reduce the risk of internal errors or unauthorized access. Ultimately, they give you control over who can see and act on confidential information.

How do I stop unauthorized users from onboarding in my organization?

Lendsqr gives you admin-level controls to monitor and regulate the onboarding process. You can enable or disable onboarding for specific users or agents from the dashboard. This prevents fraudsters or unauthorized persons from enrolling borrowers into your system. This added control keeps your lending operations secure and compliant.

Read further: What Lendsqr’s free CreditRegistry and CRC access means for lending in Nigeria

Can my support team get training on managing users?

Yes. Lendsqr provides training for your support team to ensure they can manage users and resolve borrower issues. A trained team can address repayment challenges, disbursement delays, or profile issues, ultimately boosting customer satisfaction and trust. To book a training session, please contact our product specialists at [email protected].

How do I add a team member to my organization?

Only users with the Super Admin role or the Create Team Member permission can invite new members. To add a team member:

• Click the Settings button at the top-right corner of your screen.
• Select Team Management.
• Click Invite a Member in the top-right corner.
• Enter the new member’s email and assign them a role.
• Click Send Invite to finalize.

The invited member will then receive an email to join your organization on Lendsqr.

What is a loan product?

In Lendsqr, a loan product is the digital template that defines how a specific loan type is structured and offered to borrowers. It sets all the parameters that determine how the loan works, such as interest rates, principal amounts, repayment schedules, eligibility rules, and penalties for late payments. For example, a lender may design one loan product targeted at salary earners between ₦50,000 and ₦500,000 with a six-month tenor, while another product might focus on small business owners with larger amounts and different documentation requirements. Creating loan products this way allows lenders to serve different customer segments. It also makes it easy to replicate and scale offerings as your portfolio grows.

What KYC and identity verification processes does Lendsqr use?

Lendsqr incorporates multiple layers of verification to protect lenders from fraud and ensure borrowers are genuine. Key steps include validating identity documents, running BVN checks against Nigeria’s central banking database, and using biometric liveness detection to confirm that the applicant is physically present. These checks help lenders remain compliant with financial regulations. 

Can I onboard borrowers manually through the admin console?

Yes. Lenders who want to support customers outside of digital self-service channels can manually onboard borrowers in the admin console. This process allows staff to input a borrower’s personal details alongside uploading supporting documents. Manual onboarding is useful in situations where borrowers lack internet access, prefer face-to-face registration, or encounter technical issues with mobile apps. 

Does Lendsqr support BVN validation and liveness checks?

Yes. BVN validation is a core part of the platform’s KYC process, helping confirm that a borrower’s details match official banking records. This step protects lenders from fraudulent identities and ensures regulatory compliance. In addition to BVN, the system also supports liveness checks, where borrowers are asked to provide biometric confirmation.

How do I manage borrower data privacy and security?

Lendsqr takes data privacy seriously and provides multiple safeguards to ensure borrower information is always protected. Sensitive data is encrypted both in storage and during transmission, preventing unauthorized access. Access to borrower profiles and financial records is controlled using role-based permissions, so staff only see the information relevant to their work. The platform also maintains detailed audit logs that track every user action.

Read further: Lessons from the first lenders who tapped into Lendsqr’s Onlending program

How does loan disbursement work on Lendsqr?

Loan disbursement in Lendsqr follows a two-step process for better control and accuracy. When a loan is approved, the funds are first credited into a borrower-specific wallet created within the system. This wallet acts as a staging point where deductions such as fees, interest, or equity contributions can be applied. After these adjustments, the remaining funds are then transferred to the borrower’s chosen destination; whether that’s their bank account, mobile wallet, or a third-party recipient. 

What payment channels are supported for disbursement?

Lendsqr supports multiple channels to make sure disbursements and repayments are fast and convenient. Borrowers can receive loans directly into their Lendsqr wallet, which can then be linked to a bank account or mobile money service. Direct bank transfers are also supported, allowing funds to move straight into the borrower’s account after wallet processing. Additionally, the platform integrates with third-party gateways for lenders who want broader payment options.

How fast can I disburse loans using Lendsqr?

Disbursement is designed to be almost instant once a loan is approved. Thanks to real-time integrations with banks and payment processors, funds can reach a borrower’s wallet within minutes, and bank transfers are completed shortly after. This speed gives lenders a competitive edge in markets where quick access to credit is important. Unlike traditional systems that may take hours or days, Lendsqr automates the flow end-to-end.

Can I automate disbursement triggers?

Yes. Lendsqr supports automation workflows where loan approval can automatically trigger disbursement, removing the need for manual action. This means once a borrower meets eligibility requirements and the loan is approved, the system instantly moves the funds into the borrower’s wallet or designated account. Lenders can still configure exceptions for specific cases, but for most loans, automation provides the fastest and most reliable way to manage disbursements at scale.

Read further: Understanding the dashboard

Conclusion 

Onboarding to Lendsqr is designed to be simple and straightforward. From setting up your organization and defining custom staff roles to guiding borrowers through their first loan application, every step is structured to minimize friction. Lendsqr provides lenders with the essential tools to manage processes efficiently while maintaining strong oversight.

As your lending operations expand, these features make it possible to scale without compromising compliance, or risking sensitive borrower data. Whether you’re handling a small portfolio of first-time borrowers or processing high-volume disbursements, Lendsqr provides the flexibility and reliability to adapt to your business needs.