July 10, 2022
Requirements for a moneylenders license in Nigeria
Lending is a profitable business whose economic significance can’t be disregarded. There are a few hurdles to scale to become a lender and getting a moneylenders license is one of them. Lenders need to be licensed, if not, they can’t start a money lending business legitimately. You can read more about how to determine the […]
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July 6, 2022
Which is better for loan repayments: cards or direct debit?
A lender’s worst nightmare is being unable to recover loans. This fear has a compelling hold on lenders that many have resorted to scare tactics, harassment and misusing borrowers’ data to force repayment. More often than not, adopting these unethical methods of loan recovery exposes the dire need for improvement of the lenders’ system for […]
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June 30, 2022
APIs for lenders to reduce NPL
The threat that bad loans pose to lenders can’t be overemphasized. A lot of lenders have had to write off an alarming amount of non-performing loans (NPL). As a lender, a big concern you’re often confronted with is “what if they don’t pay back?” It’s imperative to be able to recover your loans. This is […]
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June 25, 2022
What makes a great loan software
Now that you’ve made the decision to become a lender, the next big decision you’ll have to make has to do with the loan software to use. Especially for lending digitally. Whether you decide to build your lending technology yourself or operate off an existing LaaS platform like Lendsqr, here are six things you should […]
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June 22, 2022
What is Lending-as-a-service?
Lending-as-a-Service is a type of Software-as-a-Service (SaaS) business model but built and designed solely for lenders. The first thing to note about lending-as-a-service (LaaS) is that it’s in the business of technology. It’s not a money lending business. A LaaS company provides the technology to enable lenders to fund their loan business. A LaaS company […]
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June 20, 2022
How to report unethical lenders
Are you aware that you can report bad lenders who couldn’t possibly care less about conforming to lawful and responsible lending practices? We sincerely hope so. But we don’t live in an ideal world. As much as there are good and responsible lenders who recover loans ethically and understand that borrowers’ have a right to […]
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5 lending business activities to monitor
There are key lending business activities to monitor to ensure your lending business is on the right track. Generate reports of these activities and review them daily for best results. Lending is serious and sensitive business and must be conducted with the utmost attention to details. The last thing you want is to have put […]
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June 15, 2022
What license do I need to lend?
Lending has probably been around since dinosaur times. While informal lending between friends, families and cooperative groups is still widely functional, the more formal lending organizations have to be regulated by the government. To own and operate a lending business in Nigeria, you need a license. However, knowing what license is right for you could […]
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June 13, 2022
How mobile SDK works for loan decisions
Are we the only ones who find it alarming that there are digital lenders who give out loans to Nigerians without a credit history? Where exactly is the confidence coming from? Many Nigerians don’t have a formal credit history but this is no surprise. The credit gap in Nigeria is N109 trillion wide and the […]
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June 7, 2022
5 features on Freshworks to improve your customer support team’s productivity
Lendsqr recently partnered with Freshworks to give every lender on our platform $10k credit to use on their robust customer support channels Freshdesk and Freshchat. The Lendsqr team also makes use of these channels to support lenders and we are absolutely stoked aboiut how awesome this platform is. We are super curious over here (our […]
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