Lidya vs Evolve Credit vs Lendsqr

If you could choose between a danfo on a straight road or an SUV built for bumpy terrains, which would you go for? It’s not just about getting from point A to point B, but how you get there and your ride experience along the way.

Similarly, Lidya, Evolve Credit, and Lendsqr each offer unique features and benefits in the lending industry, catering to diverse user requirements. Many users might find these platforms interchangeable for basic lending operations, but more specific needs will likely reveal clear preferences.

Whether you need speed, convenience, or flexibility, each platform has its own strengths and weaknesses. After exploring each of these platforms thoroughly, here’s how the Lidya vs. EvolveCredit vs. Lendsqr showdown turned out.

Lidya vs. Evolve Credit vs. Lendsqr at a glance

If you don’t have the time to research and read the entire breakdown of how the three loan management softwares compare, here’s the full gist:

• Evolve Credit requires a personalized demo consultation to get started, while Lidya and Lendsqr allows lenders to get started, explore the platform, and even start lending without having to jump on phone calls or video meetings first.

• Evolve Credit has a web app and mobile app for managing loans, while Lidya has a Finance-on-Demand web app for managing loans and a mobile app for borrowers to get loans from lenders. On the other hand, Lendsqr offers a progressive web app, white-label mobile app, USSD to reach underserved markets, and webSDK to embed loan services into websites.

• All 3 platforms include portfolio management features, allowing lenders to monitor and manage their loan portfolios effectively.

• Evolve Credit allows lenders to run credit checks by integrating with multiple credit bureaus and alternative data sources, Lendsqr offers those, a variety of customisable decision models and maintains the largest blacklist database freely accessible for lenders while Lidya doesn’t have a loan decision model..

• Lidya employs direct debit mandate for loan collection and Lidya Collect API, Evolve Credit offers different collection methods including wallets, bank transfers, mobile money, direct debit mandates, including integrations with payment providers. On top of that, Lendsqr offers integrations with international payment channels such as Stripe.

• Evolve Credit and Lendsqr both enable lenders to collect financial information ethically. As an add on, Lendsqr offers KYC verification using tiers based on the information and documents they provide, including identity and liveness detection using AWS. Lidya only offers BVN verification.

• While Evolve Credit has an API-driven credit infrastructure, Lendsqr offers an API service packed with different APIs for the entire loan cycle, and Lidya only offers Lidya Collect APIs for repayment.

• Lendsqr’s free plan still offers a comprehensive dashboard for customer, loan, transaction, product management, while Lidya’s free plan is a lean dashboard for loan application, collection and team management.

Evolve Credit requires you knock, Lidya and Lendsqr allows you to make yourself at home

There are notable differences that align with each platform’s approach to user onboarding and accessibility.

Evolve Credit requires a personalized demo consultation to get started. This means potential users need to schedule a phone call or video meeting to explore the platform’s features, receive tailored advice, and address specific needs. While this hands-on approach ensures a customized experience, it also adds a layer of complexity to the initial setup.

On the other hand, Lidya and Lendsqr take a more user-friendly approach. Both platforms allow lenders to get started, explore the system, and even initiate lending activities without the need for pre-scheduled calls or meetings. This self-service model makes it easy for users to dive in and familiarize themselves with the software at their own pace.

By removing the barrier of initial consultations, Lidya and Lendsqr offer a more streamlined and accessible entry point, catering to users who prefer to learn and adapt on their own terms.

Each has its own kind of channels

Evolve Credit offers a straightforward approach with both a web app and a mobile app dedicated to managing loans. This dual availability ensures that users can oversee their loan processes seamlessly, whether they’re at their desks or on the go.

Lidya takes a slightly different path with its Finance-on-Demand web app tailored for managing loans, accompanied by a mobile app specifically designed for borrowers seeking loans from lenders. This bifurcated approach provides specialized tools for both lenders and borrowers, enhancing the user experience by addressing the distinct needs of each group.

Lendsqr, meanwhile, embraces a more comprehensive and versatile strategy. In addition to a progressive web app, it provides a white-label mobile app that can be customized for different lending businesses. Lendsqr also supports USSD technology, allowing it to reach underserved markets that may lack internet access. Plus, Lendsqr’s webSDK enables the embedding of loan services directly into existing websites, offering unparalleled integration flexibility.

Evolve Credit, Lidya, and Lendsqr all provide portfolio management features

Each platform brings its unique strengths to the table.

Evolve Credit’s Configure platform offers an end-to-end loan management solution with advanced features. It enables lenders to manage an existing portfolio of consumer loans, expand their offerings with a range of loan products tailored to diverse customer segments, and handle all these tasks on a single platform without incurring additional costs. 

Lidya also offers portfolio management capabilities, though specific details about its features in this area are not highlighted. However, Lidya’s Finance-on-Demand web app for lenders likely includes tools for effective portfolio oversight, aligning with the platform’s emphasis on streamlined loan management and user-friendly access.

Lendsqr’s platform stands out with its flexibility in creating, customizing, and managing various loan categories tailored to borrowers’ needs. Lenders can easily edit, activate, or deactivate specific loan products, ensuring their offerings remain finely tuned to the target market. This level of customization and control allows lenders to adapt quickly to market demands and borrower preferences, enhancing the overall efficiency and responsiveness of their loan management processes.

Lendsqr and EvolveCredit protect you from fraudulent borrowers

Evolve Credit lets lenders run credit checks by connecting with several credit bureaus and alternative data sources. This means lenders get detailed credit information from various places to make better lending decisions.

Lendsqr does this too but goes further. It offers a variety of customizable decision models, allowing lenders to set their own rules for evaluating credit. Plus, Lendsqr has the largest blacklist database that lenders can use for free to spot risky borrowers.

Lidya, however, doesn’t have its own loan decision model. Lenders using Lidya need to use their own tools or methods to check credit. While this gives lenders flexibility, it doesn’t provide the built-in support found in Evolve Credit and Lendsqr.

Lendsqr has more extensive payment options

Lidya employs a direct debit mandate for loan collection and also provides the Lidya Collect API for streamlined payment processing.

Evolve Credit offers a variety of collection methods, including wallets, bank transfers, mobile money, and direct debit mandates. It integrates with several payment providers like Paystack, Remita, Flutterwave, and Lidya Collect. This flexibility allows lenders to choose the best collection method for themselves and their customers.

Lendsqr also offers extensive payment integration options. Lenders can use local providers such as Paystack, Remita, Monnify, and NIBSS, as well as international channels like Stripe, Helcim, and GoCardless. Additionally, Lendsqr supports automated payment collection through direct debit mandates and provides ethical debt recovery methods using advanced tools like schedulers and AI algorithms to determine the best times for payment collection.

Evolve Credit and Lendsqr care more about credit checks than Lidya

Evolve Credit allows lenders to access financial data such as bank statements directly from financial institutions during loan applications. It also offers automatic verification of borrower IDs, addresses, and bank accounts.

Lendsqr takes it a step further by offering KYC verification using tiers based on the information and documents provided. This includes identity verification and liveness detection features to guard against identity fraud, with proprietary technology to keep costs down. Lendsqr’s mobile SDK API allows lenders to ethically spool data.

Lidya, in comparison, only offers BVN verification, which is a more limited approach to borrower verification.

Lendsqr is better for API integrations

Evolve Credit has an API-driven credit infrastructure, while Lendsqr offers a comprehensive API service covering the entire loan cycle.

Lendsqr’s developer-friendly platform, Adjutor, includes various useful APIs like the account verification API, decisioning APIs (Karma, Ecosystem data, and Risk Assessment Criteria), payment APIs, and APIs for loan embedding.

Lidya, on the other hand, only offers the Lidya Collect API for repayment, which provides less flexibility compared to the more extensive API services from EvolveCredit and Lendsqr.

You can manage teams better on Lendsqr and Lidya

Lendsqr provides tools to manage and streamline customers and their transactions with branches and teams. For example, you can set permissions so that only specific teams or branches can see their assigned customers. This ensures that your staff can only manage the customers they are directly responsible for.

Lidya also offers provisions for role management, user management, enterprise profile management, and signatures, helping organizations maintain control over their operations and staff access.

Evolve Credit is expensive, Lendsqr is flexible, and Lidya wants you to meet in the DMs

Lendsqr offers a free plan that includes a comprehensive dashboard for managing customers, loans, transactions, and products.

Lidya’s free plan provides a lean dashboard focused on loan application, collection, and team management. You would need to contact them for their pricing plans since it isn’t highlighted on their website.

Evolve Credit’s pricing is significantly more expensive, with tiers like Accelerate starting at N250,000/month and Enterprise starting at N1,125,000/month. For the Enterprise Plus tier, you need to contact EvolveCredit directly for pricing.

In contrast, Lendsqr’s pricing model is more flexible and transparent, with plans like Starter at N40,000/month and Pro at N200,000/month. Lendsqr operates on a subscription basis, offering a grace period to retain access to subscribed features until funding or downgrading to a free plan, providing a suitable payment option for every lender.

The choice is yours

Lidya, EvolveCredit, and Lendsqr have proven to be formidable allies in the lending industry, but we all know which one is superior. But, we’ll let you decide for yourself.

When you’re ready to scale your lending business, simply reach out to us at [email protected] and we’ll help you get started right away.