Group savings and loan guarantees have long played a vital role in helping financial communities grow together. They promote accountability, build trust, and drive shared progress. With the Groups feature on Lendsqr, lenders can easily organize users into groups, whether for collective saving or for guaranteeing each other’s loans. This makes it easier to manage trust and ensure that everyone advances together.
To strengthen the integrity of these groups, especially in more formal financial setups, lenders can enable Strict Membership. This setting allows you to control who stays in the group by ensuring that only approved members remain. As a result, you can enforce tighter participation rules, reduce lending risks, and maintain a more secure group structure. For example, a lender creates savings and loan groups for customers who want to guarantee each other’s loans. To reduce risk, the lender enables Strict Membership to ensure that only verified and approved members stay in each group. This helps the lender prevent defaults, maintain trust, and ensure that every group member is accountable.
Here’s how to enable Strict Membership from the Lendsqr admin console:
- Log into the Lendsqr admin console. Go to app.lendsqr.com and sign in with your admin credentials.
- From the dashboard, click on Customer Management in the side menu.
- Under Customer Management, select Groups.
- Locate the group you want to update, click the three-dot menu icon beside it, and choose View Details.
- In the group details window, click on the Group Attributes tab.
- Scroll to find Strict Membership, click the three-dot menu next to it, and select Edit.
- Tick the checkbox beside Strict Membership, then click Submit.
- A prompt will appear asking you to confirm the change. Click Confirm to proceed.
- Once confirmed, strict membership will be successfully enabled for that group.
