How to utilize configurable loan forms for your lending business

As a lender, you know that different borrowers need different types of loans. The young mother trying to pay school fees and the shop owner trying to stock her stalls probably need different types of loans. This also means as a lender, you may need to collect varying data to make your decisions. Read about how to know what borrower to give a loan to.

When a parent applies for a school fees loan, such a lender would require more information of the student, and the school. Such data may include exam reports, attendance data, or transcripts… Similarly, a lender who wants to finance dryers for a hairstylist would as well require more information about the equipment. 

However, getting this information digitally with different forms, which also require that the data be validated, can be quite a challenge. That’s where Lendsqr comes in. Our deep expertise in lending means we are able to develop configurable loan forms.

How configurable loan forms work

Lenders on the Lendsqr ecosystem can now design forms to capture data from borrowers at the time the loan is being taken. These forms support different types of data such as text, paragraphs, dates, uploads, and more. But here’s an interesting bit; lenders can also configure forms that allow borrowers to record videos or audios. Imagine the possibility of asking the borrower to record and share a video of the item they wish to buy as part of the loan application process. 

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This feature is available to lenders using our web and mobile app platforms, making Lendsqr’s configurable loan form the smartest in the African market. This feature gives your lenders so much flexibility and affords you the possibility to collect as much data as necessary to help you make smarter lending decisions.

If you’re wondering what some of the use cases of this feature could be, we’ve got you covered. They include getting details of the school, student, etc. for school fees loans; getting details of specific assets, models, serial numbers, etc. for asset finance; getting details of the house, address, landlords, etc. for rent finance; and getting details of the travel, country, visas, and more for travel loans. The possibilities are endless.

To take advantage of this feature, you can send a request to us support@lendsqr.com, specify the data you wish to collect as well as the desired form fields. When your users apply for a loan, they will be able to view your customized data form in the loan application process and fill accordingly. On your lending platform, you will also be able to see the details inputted by your users in their loan request and under their loan details.