Struggling to get the capital you need to run your loan business?

Hello there! 👋

Happy new month and welcome to August!

We have now completed the first month in the second half of the year, and I hope that all the goals you’ve set for your lending business for the remainder of the year are on track and within reach. If they are not, don’t worry—Lendsqr is here to help you achieve these goals, and we hope the new updates we have can help you mark them off your list. 

Remember, your success is our top priority and we’re committed to providing the tools and support you need to thrive. Here’s what we have in store for you this month:

What’s New

📈 Struggling to get the capital you need to run your loan business?

We are happy to announce the Onlending initiative, which is geared towards providing capital to lenders at affordable rates to boost their operations and business. With this initiative, you can start or expand your lending business capacity without worrying about where and how to raise capital. Simply send an email to growth@lendsqr.com to get started.

💰 You can now choose to collect your interest upfront from your loans

Last month, we introduced a feature that allows you to collect your interest on loans at the point of loan disbursement. This feature is now live and can be easily set up directly from the admin console. By setting this up, you reduce the risk associated with disbursed loans by getting the interest settled upfront.

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📱 Give out your first Nano loan via Lendsqr’s USSD Integration

Expand the reach of your lending business by offering Nano loans using Lendsqr’s USSD integration. Lendsqr’s mission is to reduce the credit gap in Africa by providing access to credit to underserved populations. We have added a new channel—USSD—to support lenders in providing loans to users who bank via USSD and those who are not tech-savvy enough to apply directly from your web app. These customers just need to dial your USSD code and get a loan in less than five minutes. To get started today, send an email to growth@lendsqr.com.

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💳 Your customers can do bill payments, set up your fees!

We have enhanced the customer fees module on the admin console so that you can set up fees to cover the cost of bill payments from your customers. This new capability lets you define and manage the fees applied to your customers’ bill payments. Whether you need to implement a small processing fee or a more substantial service charge, our system provides the flexibility to customize these fees according to your business needs.

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✔️ You can now add a series of checks that loan approvals must complete

We understand how difficult it can be to monitor the loans disbursed by your team members and ensure that they have completed the necessary checks before clicking the “Approve Loan” button. That’s why we have introduced a new feature that allows you to add a series of checks your team members must complete before approving a loan. These answers are saved on the loan record so that when you review the loan later, you can be confident that your team member made the right decision.

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What’s Better?

✨ Simplify your loans with dynamic product offers 

Previously, a lender providing car loans might have needed to create at least 16 different loan products to meet various customer needs which could have been tiring and frustrating. That’s why we’ve introduced a new product attribute designed to streamline the process. Now, you can create a single adaptable loan product with multiple offers attached, and even include images to showcase the types and specifications of the products. This enhancement simplifies the process for you and makes it easier for your customers to find exactly what they need.

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🔧 We have modified some modules on the admin console

We’ve optimized the layout of several menus and modules in the admin console to improve navigation and increase workflow efficiency. These updates are designed to help you manage your lending operations more effectively. Here are the changes:

• Whitelist: Moved from Customer Management to Loan Management.
• Direct Debit: Moved from Loan Management to Customer Management.
• Offer Letter: Moved from the Preferences section to Product Management.

These adjustments are aimed at making your experience with the admin console smoother and more intuitive.

What’s Cooking?

🛠️ Add custom menu items to your web app

We’re working on a new feature that allows you to add custom menu items to your web app. This enhancement will enable you to tailor your app’s interface to better meet your needs and provide a more personalized experience for your users. Customize your app’s menu to include the tools and options that are most relevant to your business.

💬 Bring your own chat service to streamline your customer support

We’re making it easier for you to integrate your preferred chat service into our platform. By bringing your own chat service, you can streamline your customer support and ensure that you’re using the communication tools that best suit your team’s needs. This integration will enhance your ability to provide efficient and effective support to your customers.

🔍 You will soon be able to check BVN, NIN, and credit reports for your customers

We’re working on a new feature that will allow you to independently check BVN, NIN, and credit reports for your customers. This capability will enable you to verify customer details directly from the admin console and make informed lending decisions with greater ease. Stay tuned for this update to streamline your verification processes.

📅 Prepare for our new webinar in August!

We have an exciting new webinar lined up this month that you won’t want to miss! We’re in the final stages of selecting the perfect topic and bringing together industry experts who will provide valuable insights to enhance your lending business. Stay tuned for more information coming your way in the next few days, including details on the topic and the experts who will be sharing their knowledge. Make sure to mark your calendar and get ready for an informative and engaging session!

For more information about these features and updates, view our changelog or to schedule a consultation on navigating them, please reach out to us at growth@lendsqr.com and we’ll be more than happy to help. Remember, your satisfaction fuels our commitment to excellence.