Introduction
Sometimes, a user’s loan may be marked as past due, but the expected debit has not occurred. In such cases, the past due loan repayment issue could result from specific external or account-related factors. Below are the two most common reasons this might happen.
- Insufficient funds: One likely cause is insufficient funds in the borrower’s bank account. If the balance is too low to cover the repayment amount, the debit will fail, and the loan will remain unpaid. The user should ensure they have enough money in their account to cover the repayment.
- Whitelisting requirement: Another common cause is related to bank whitelisting, particularly for GTBank and Zenith Bank users. These banks require the account to be explicitly whitelisted before Lendsqr can successfully debit them. The whitelisting process is handled by Lendsqr support in collaboration with the Remita team and the user’s bank. Without it, even if funds are available, the past due loan repayment issue may persist.
If repayment hasn’t occurred despite the loan being due, the user should confirm both that sufficient funds are available and, if applicable, that their account is whitelisted. For further help, they can reach out to support@lendsqr.com.
Read further: How do I know users with past due loans on my platform?
Also read: How to communicate with delinquent borrowers