Lending is a financial endeavour that continues to gain traction because of the growing number of individuals and businesses seeking to borrow funds to settle bills or perhaps complete a project. But as a lender, it is important to adopt an extensive loan management software to enable you to thrive in the consumer and SME loan landscape. While there is a range of these platforms in the market, this article dives deep into Lendsqr loan manager review to give you a better understanding.
What Is Lendsqr?
Lendsqr is a software-as-a-service (SaaS) fintech company that provides end-to-end lending technology, algorithm, and network to small and large lenders to provide and manage credits. According to the platform, Lendsqr is designed to enable lenders lend profitably, sustainably, ethically, with scalability.
Founded in 2018 by Adedeji Olowe, Lendsqr claims to be on a mission to simplify the lending process with simple yet advanced technology that guarantee excellent lending experience. According to the website, the loan manager is available in over 100 countries with more than 1.9 million people using its infrastructure.
Pros And Cons Of Lendsqr
Pros:
- Secures lenders in a unique way.
- User-friendly interface and easy navigation.
- Provides a good way to start lending business.
Cons:
- Difficult integration process.
- Slow customer support response.
Features Of Lendsqr Loan Manager
1. Channels
Channels are important functionality for loan management platform. Lendsqr provides web SDK feature that allows lenders to integrate loan services directly onto their websites or embed extra services like “Buy Now, Pay Later” (BNPL). There is also a loan invitation feature that enables you (the lender) to upload prospects and send SMS and emails to your customers.
For lenders targeting the retail market, Lendsqr has mobile apps that come in three (3) variations. These are:
- Customizable mobile app.
- Progressive Web App (PWA), which is considered a cheaper alternative for Microfinance Banks.
- White label.
2. Loan Products And Portfolio Management
Lendsqr loan manager allows lenders to easily create, customize, and have an overview of different loan categories designed for their borrowers’ needs. In essence, the platform enables you to edit, activate, or deactivate specific loan products to ensure that loan offerings are uniquely created for the lender’s target market.
3. Customer Identity And Data Verification
This loan management software provides know your customer (KYC) configuration using tiers. This is as Lendsqr allows lenders to categorize their customers into tiers based on the information and documents they provide. It is to help you have a better over your lending decisions.
Lendsqr claims to prevent identity fraud through its identity verification and liveness detection features. There is also a Lendsqr mobile SDK API that allows you to ethically collect data from your customers’ mobile devices to help you make some lending decisions.
4. Pricing Structure
Lendsqr offers a flexible pricing structure for its users. There is a free plan with limited features. But there is a Pro plan that is priced at N200,000/month. Other plans are Business and Enterprise, which are N500,000 and N1 million, respectively. These subscriptions plan enables lenders to retain access to subscribed features. Overall, that there is payment plan for every lender on the platform.
5. Loans Repayment Or Debt Recovery
Lendsqr provides many payment integration with some of the best payment gateways, as well as international payment channels such as Stripe, GoCardless, and Helcium.
This platform also allows lenders to automate payment collection with a direct debit mandate, including ethical debt recovery methods with sophisticated tools like schedulers and AI algorithms to determine the best time your payment collection.
6. API Integration
The loan manager offers a developer-friendly platform, known as Adjutor. This platform includes important APIs such as the account verification API that verifies the authenticity of customer account details.
Also, there are decisioning APIs like Karma, Risk Assessment Criteria (RAC) API and Ecosystem data. They enable the customization of risk control metrics to meet your loan business needs.
Frequently Asked Questions (FAQs) About Lendsqr Loan Manager
What Does Lendsqr Do?
Lendsqr provides lending software for lenders to access features that would make their lending business seamless and profitable.
Who Are Top Lendsqr’s Competitors And Alternatives?
Some alternatives to Lendsqr are Evolve Credit, Loandisk, Lendio, Loan Frame, etc.
Can I Borrow Funds From Lendsqr Loan Manager?
No, you can not borrow from Lendsqr. This platform provides a software for lenders, whether banks, fintechs, or SME lenders to lend funds to their customers.
Is It Free To Use Lendsqr?
There are flexible plans available on Lendsqr to enable loan businesses use the software. There is a free plan for newbies and their premium plans that range from N200,000 to N1 million, depending on your needs.
Conclusion
Lendsqr offers solid loan management solutions that gives lenders leverage to offer loans to their customers. It provides robust features as highlighted in this Lendsqr loan manager review, which you can consider to make smart decisions. But this review is not final, as you may consider other lending management software if Lendsqr does not effectively meet your needs.
