How to use Loandisk with Lendsqr

Lendsqr is a flexible loan management software that provides technology to power a wide range of lenders – from small lenders to large commercial banks – including those who already have established their core banking systems or dedicated ERPs.

Loandisk is one of the best cost-effective loan back office systems that we know of in the market, making it a valuable asset in the lending business. In fact, several lenders have successfully integrated Loandisk with Lendsqr. 

Why integrate Loandisk with Lendsqr?

Many lenders are invested into setting up their operations with Loandisk so switching entirely to Lendsqr might not be the most practical or cost-effective option for them. Nevertheless, the capabilities that Lendsqr offers are so powerful and necessary to scale their loan businesses.

Loandisk is a valuable tool for lenders, but it lacks essential features like mobile and web channels customized for lenders. It also doesn’t have great integrations with Nigerian payment providers. Additionally, it offers limited communication  capabilities.

On the other hand, Lendsqr does not have an accounting system at this time and requires that a lender maintains their account ERP for the computation of profit and loss, especially for operational transactions beyond the scope of a typical loan management system.

Hence the need for integration. Instead of leaving one for another, lenders can continue to operate and integrate the two.

So in reality, Lendsqr is significantly superior to Loandisk in certain ways. See more problems Lendsqr is solving for lenders. Lendsqr fills the gaps where Loandisk falls short. It provides those missing features that lenders need, offering a significantly more robust and user-friendly experience.

Instead of forcing lenders to choose between Loandisk and Lendsqr loan management systems, they can access everything from unified platforms, having the best of both worlds.

How to integrate Loandisk with Lendsqr

1. Lendsqr provides an integration interface which allows you to connect to Loandisk. 

2. Your mobile and USSD channels connect with the core Lendsqr system, and then integrate directly to Loandisk.

3. Now, when this integration or channel is active, here’s what happens: 

• Customer synchronization: New customers on Lendsqr are automatically added to your Loandisk database, keeping records consistent.
• Product mapping: You can easily link your loan products in Lendsqr to their matching products within Loandisk. This simplifies management across both systems.
• Unified systems: Both loan disbursements and customer repayments show up identically in Lendsqr and Loandisk, removing the need to manually update multiple systems.
• Savings access (for licensed lenders): If you’re a lender with a cooperative license or similar, you can manage savings products in Loandisk, and those products will be visible and usable from within Lendsqr.

The only feature Lendsqr lacks that Loandisk provides is an inbuilt financial accounting system which includes profit and loss statements. This is because Lendsqr is designed to be the best full-service loan management platform and we believe that accounting is best handled by specialized systems like Enterprise Resource Planning (ERPs) which provide the best tools for the job.

Keep using your proven accounting system

You won’t need to switch to a new accounting platform, which can be a complex and time-consuming process. This means you can continue to rely on Loandisk’s familiar accounting tools and reports that you and your staff are already comfortable with. This continuity helps to reduce any confusion to your internal operations and ensures your financial data remains organized and accurate.

Extend your Loandisk experience

Lendsqr allows you to have channels that Loandisk is not able to provide. Lendsqr complements Loandisk by providing the tools you need to deliver a modern lending experience. This means your customers can easily apply for loans, make repayments, and manage their accounts through their mobile phones, computers, or even basic feature phones with USSD. Lendsqr also integrates seamlessly with popular Nigerian payment gateways, making the entire loan process smoother and more convenient for your customers.

Cost-savings

Lendsqr offers competitive pricing, especially for lenders in Nigeria who benefit from Naira-based billing. Lenders outside Nigeria also enjoy cost-effective dollar-denominated pricing models.

Unlock a new level of automation

With these loan management systems working together, lenders benefit from a comprehensive back-office solution.  They enjoy smooth customer experience, superior loan product administration, and robust financial reporting– creating a truly efficient end to end loan operation.

Instead of having to choose between one or the other, use both to unlock a new level of automation, accuracy, growth, and eventually a smooth lending process from loan origination to financial reporting.

As always, we’re ready to answer any questions you may have. Simply send a message to [email protected].