What happens when my subscription is due for renewal?

Once you upgrade to a paid plan on Lendsqr, your subscription renewal is fully automated. You don’t need to manually renew each billing cycle; the system handles it for you so your access to premium features stays uninterrupted.

This article explains how the renewal process works, what happens when your balance is insufficient, how to cancel or upgrade, and what to expect at each stage.

How automatic renewal works

Lendsqr subscriptions run on a fixed billing cycle tied to the date you first upgraded to a paid plan. When your renewal date arrives, the system automatically attempts to deduct the subscription fee from your Prepaid Service balance.

If your balance covers the full amount, the renewal completes instantly and your subscription continues for another billing period with no action required on your part.

Timing: Renewal attempts happen on the same date each billing cycle, corresponding to your original upgrade date. For example, if you upgraded on the 5th of a given month, your renewal will be attempted on the 5th of each subsequent month.

Notifications and reminders

Before your renewal date, Lendsqr sends reminder notifications to alert you that a charge is upcoming. These notifications give you time to:

Top up your Prepaid Service balance if it is running low
Review your current plan and decide whether to upgrade or cancel
Take any other action before the automatic deduction occurs

Check your registered email address for these reminders. It is good practice to ensure your Prepaid Service balance has enough funds ahead of your renewal date to avoid service disruption.

What happens if your balance is insufficient

If your Prepaid Service balance does not cover the full subscription fee at the time of renewal, your account will reflect a negative balance for the outstanding amount.

What this means in practice:

A real-world example: suppose your monthly plan costs ₦10,000 and your Prepaid Service balance is ₦4,000 on your renewal date. The system attempts the charge, your balance drops to -₦6,000, and your account enters a negative balance state.

While your account is in a negative balance:

Your subscription technically remains active during a short grace period
You will receive notifications prompting you to top up your balance
If the balance is not restored within the grace period, your account will be downgraded to the free plan

Once you top up your Prepaid Service balance to clear the negative amount, your subscription will be restored automatically.

Grace period

After a failed renewal due to insufficient funds, your account enters a grace period before any downgrade takes effect. During this window, you can top up your Prepaid Service balance and resolve the negative balance without losing access to premium features.

If the grace period expires without a successful payment, your account is automatically downgraded to the free plan and you will lose access to all premium features and benefits.

How to top up your prepaid service balance

To avoid disruption, keep your Prepaid Service balance funded ahead of your renewal date. To top up:

Log in to your Lendsqr admin console.
Navigate Service Transactions under Transaction Management
Fund the virtual account (via bank transfer) with the required amount.
The balance will be updated automatically

Your balance updates immediately, and any outstanding negative balance is cleared automatically once the funds are available.

How to cancel your subscription

You can cancel your subscription at any time before your next renewal date. Here is how:

Log in to your Lendsqr admin console
Go to Settings

Click on Billing

Click on Cancel Subscription and follow the on-screen prompts to complete your cancellataion.

What happens after you cancel:

Your account remains on the paid plan until the end of your current billing period. You will not be charged again.
When the billing period ends, your account is automatically downgraded to the free plan.
You will lose access to all premium features and any data or configurations specific to the paid plan may become inaccessible.

Cancellation does not trigger an immediate downgrade, so you can continue to use your paid features for the remainder of the period you have already paid for.

Summary: what to expect at each stage

Situation	What Happens
Balance is sufficient on renewal date	Subscription auto-renews, no action needed
Balance is insufficient on renewal date	Account enters negative balance, grace period begins
Grace period passes with no top-up	Account downgraded to free plan
You top up during grace period	Subscription restored, negative balance cleared
You cancel before renewal	Paid access continues until end of billing period, then downgrade
You upgrade at any time	New plan activates immediately