Your settlement account receives all incoming funds processed through the Lendsqr app. You can link any corporate bank account of your choice, and Lendsqr will credit it with loan repayments and wallet top-ups.
To maintain smooth cash flow, Lendsqr uses a T+1 settlement cycle. This means if a customer makes a payment today, you’ll receive the funds in your settlement account by the next business day. If the next day is a weekend or public holiday, Lendsqr processes the settlement on the following working day. For example, if a borrower repays a loan on Friday, the funds will hit your account by Monday, unless Monday is a holiday.
Your disbursement account, on the other hand, serves as the funding source for loan payouts. Once a loan is approved, Lendsqr pulls the funds from this account and transfers them to the borrower.
Lendsqr issues this account automatically when your organization is onboarded. You can view or top it up anytime from the Admin Console. To simplify operations, some lenders use the same bank account for both disbursements and settlements.
Tip: Always keep your disbursement account funded to avoid failed disbursals or blocked wallet withdrawals for your customers.
Also read: BankOne can’t handle your full loan lifecycle, Lendsqr can – Lendsqr