Indicina vs Lendsqr: Which loan management platform suits your needs?

If you’re serious about growing and succeeding in the lending industry, you most definitely need a loan management software. However, that’s only one of the many choices you need to make. You must also decide which loan management platform suits your business needs. With many options available in the market, two prominent platforms that often stand out are Indicina and Lendsqr. 

The big question is, which loan management platform should you choose? We’ll provide you with all the details that’ll help you make the right choice. Shall we?

Let us explore where their features overlap and differ, providing valuable insights for Lenders shopping for a suitable LMS and looking to choose between them.

Getting started

When getting started on any loan management platform, one thing must be considered: how easy and quick is it to start operating? 

To get started on Indicina, a one-on-one consultation with the team is required.

On Lendsqr, you don’t need to get on a call with anyone to start your lending operation. You can sign up and issue your first loan in minutes — some might say the fastest in the market. And we agree 100%. 

Channels

Channels are a major defining factor of any loan management platform. The right channels could either make or mar the accessibility your loan business is known for.

Indicina keeps it simple with a basic web app, offering functional loan management capabilities.

Lendsqr takes it a step further, providing a digital banking-like experience through its web app. It goes beyond lending, supporting savings, investments, airtime, and bills payments, all customizable to fit specific needs.

If you are a rapidly growing lender targeting retail market, you can get our mobile apps which come in 3 variations 

1. PMA, a cheaper alternative for Microfinance Banks (MFBs). Can be delivered in 1 week. 
2. White label; fully skinnable with colors, text and branding,
3. Customizable mobile app

Lendsqr also offers USSD functionality, catering to underserved markets. The web SDK feature allows lenders to integrate additional services like “Buy Now, Pay Later” (BNPL) or embed loan services on their websites. Additionally, there is the loan invitation feature which allows lenders to upload prospects and then send SMS and emails to customers.

Manage your loan products and portfolio

Both Lendsqr and Indicina include features for portfolio management, allowing lenders to monitor and manage their loan portfolios effectively. 

The Indicina loan management platform offers advanced features for managing an existing portfolio of consumer loans. It also offers a behavioural model that periodically re-assesses portfolio risk levels.

Lendsqr loan management platform allows a lender to create, configure and manage the different loan categories that a lender wants to offer their borrowers. It allows for editing, activating or deactivating a particular loan product to tailor loan offerings to your target market. 

Make smarter lending decisions

Indicina and Lendsqr offer decisioning capabilities, enabling lenders to make informed decisions throughout the loan lifecycle.

However, Indicina’s loan management platform allows lenders to integrate separately into its financial analytics API – Decide – to analyse borrowers’ income, cashflow, spending, and financial behaviour.

On the other hand, Lendsqr’s loan management platform offers lenders a wide array of customisable decision models that can be tailored to a lender’s specific business model.

As Lendsqr decision models are robust, with over a hundred risk control parameters, the most efficient approach would be to clone and modify the existing model as necessary. It’s worth noting that Lendsqr has the largest blacklist database of fraudsters and bad actors in Nigeria, which offers significant community immunity and risk protection for lenders.

Get loans repaid or recover debts

While both platforms offer payment collection capabilities, there’s a significant difference in approach. With Indicina, lenders source their payment accounts (Paystack, Remita) and integrate with them. However, they also offer automated disbursement/collections (Card and Account-based).

Lendsqr, on the other hand, offers a plethora of payment integration with the best payment providers such as Paystack, Remita, Monnify, and NIBSS. Our lenders can also use international payment channels like Stripe, Helcim, and GoCardless. Lendsqr also gives lenders the freedom to automate payment collection with a direct debit mandate and provides ethical debt recovery methods with technology using tools such as schedulers and AI algorithms (to determine the best time for payment collection).

Verify customer identity and data

Indicina’s integration with Bank Verification Number (BVN) allows lenders to confirm and compare customers’ BVNs to assess their creditworthiness. They also integrate local KYC requirements and validate identification documents.

In contrast, Lendsqr offers KYC configuration using tiers, where customers can be tiered based on what you know about them and the documents they provide, allowing you more control over your lending decisions. 

Lendsqr also offers you liveness and identity check measures to prevent falling prey to identity fraudsters. Liveness can be quite expensive which is why Lendsqr developed its own proprietary engine to offer lenders superior and cost effective alternatives for these critical KYC requirements. In addition, the Lendsqr mobile SDK API allows you to ethically spool data from customers’ mobile devices to enable you to make smarter credit decisions. Lendsqr also offers native document identification for free out of the box.

Collaborators and integration

Lendsqr takes the lead in integration efforts by handling much of the work for our lenders. All the APIs that a lender needs are already in the box when they sign-up and don’t need to speak to any other tech provider. Which is why you can sign up and start lending in minutes.

Lendsqr offers access to abundant data from multiple credit bureaus at an affordable fee, an in-app chat experience for lenders’ loan apps with Freshworks, and lots more. 

In contrast, Indicina requires lenders to independently source external collaborators like credit bureaus, adding more legwork for integration.

APIs for integration

Indicina offers an API-driven credit infrastructure solution with solutions like Decide and Originate. They also provide API libraries to capture and validate internal and external datasets that can help with a lender’s credit-worthy assessment.

Lendsqr offers a dedicated  developer-friendly platform, Adjutor. The platform provides lenders with onboarding APIs, such as account verification API, to verify the true owner of a customer’s account number and the authenticity of the data they provide. There are also decisioning APIs, such as Karma, Ecosystem data, and RAC API, for customizing risk control parameters peculiar to your loan business. 

Others include payment APIs and APIs for loan embedding. Find out how to use Lendsqr APIs to power your loan app.

Pricing structure that fits your needs

The final deciding factor for any purchase is usually the price attached. 

Indicina’s pricing is significantly more expensive, with charges for independent features and solutions (Decide and Originate). 

In contrast, Lendsqr’s pricing structure offers more flexibility and transparency, presenting a more cost-effective solution. Lendsqr also operates on a subscription-based model that allows for a grace period during which you’ll be allowed to retain access to your subscribed features and functionalities until you can fund your prepaid service account or downgrade to a free plan. In any case, there’s a payment plan fit for any lender.

Finding your loan business fit: Indicina vs Lendsqr

Whew! We’ve dived deep into the feature pools of Lendsqr and Indicina, two loan management software (LMS) vying for your loan business. Now, the million-dollar question: which seems to be your perfect match? The ball is in your court.

Remember, the ideal LMS hinges on your specific needs. Are you a growth-focused lender with a knack for tech, or do you crave a user-friendly platform that gets you up and running quickly? Consider your priorities, budget, business model and technical expertise. After all, the right LMS is the secret weapon that defines your lending operations. So, choose wisely, and may your lending journey be ever prosperous!