March 11, 2022
Ethical ways to recover loans
A not-so-fun fact you need to know about running a lending business is that the biggest challenge every Nigerian lender faces is not technology, capital or regulatory constraints, but how to recover loans and the scary fact is that Nigerians don’t pay back their loans. While one might be tempted to sympathize and assume that […]
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Are lenders evil for charging high interest rates?
The average lender today would typically charge 4% — 10% per month (48% — 120% per year) on a loan. Whoa. Does it make you wonder how they are able to recover loans with these rates? What probably immediately comes to mind is how crazy and horrible these rates are and that there is no way […]
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Lendsqr’s guide to responsible lending
Credit is one of the surest ways to grow an economy and bring smiles to the faces of small business owners, artisans trying to finish a supply, and fathers trying to provide for their families. If you’re a lender reading this, you’re probably thinking you made the right decision choosing this line of business right? […]
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February 1, 2022
Tell your lending story. Win N50,000! 🏆
We can bet that you will have at least one great lending story. Tell us today, win N50,000.
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July 22, 2021
How big is the addressable market for consumer loan in Nigeria?
Nigeria’s 200 million-strong population is often the ultimate proof that the giant of Africa has a large market for just about anything. The belief is that as long as you make anything, you can sell it here. But our economic realities have helped us adjust those mythic expectations and what we now talk a lot about […]
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May 14, 2021
We built Lendsqr to innovate affordable credit for all
There’s no shortage of research to show how crucial consumer credit is to the average Nigerian and the economy as a whole. But we like to think of credit from how it affects people and it is often the one tool people use to deal with economic shocks. In Nigeria, those economic shocks can be […]
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April 22, 2021
Lenders battle against fraudsters; a case for an industry blacklist
In Kenya, an estimated 3.2 million people — 6% of the population — have been blacklisted on Kenya’s TransUnion credit reference bureau for non-repayment of digital credit loans. Being placed on a blacklist like this means that you won’t be granted loans from other lender in the country. It would also mean that you will be ineligible for […]
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April 16, 2021
Why Nigerian banks will never win the consumer credit game
Consumer lending is basically loans to individuals, like me and you, to purchase goods and services. Of the forms of consumer lending, credit cards are perhaps the most popular. Yet, if you’re a Nigerian reading this, that last sentence is not very relatable, mostly because not only is consumer lending uncommon in Nigeria, credit card […]
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March 24, 2021
Nigeria’s problems will be solved by access to credit
Access to credit has historically been difficult in Nigeria. This is because, for years, big banks were the sole providers of financial services and those banks didn’t care too much for retail banking. Between thinking about the risk profile of individuals and smaller business players and the absence of real disincentives against failing to repay […]
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February 15, 2021
What are payday loans and how to make the best of them?
When emergencies strike and funds are needed, it is often difficult to know where to turn. As a Nigerian, it can be quite difficult to save for rainy days, as every day is well…quite rainy. This means that at the same time, family and friends may not be able to help you out of such […]
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