The Whitelist feature allows admins to grant selected users access to special loan terms that may not be available to the general public. This is especially useful when you want to offer promotional loan products, fast-track certain users, or maintain trusted borrower groups. In some lending operations, not all customers follow the same loan journey. There are situations where certain borrowers like employees of a partner company, loyal repeat borrowers, or individuals vetted through alternative channels, should receive more favorable loan terms.
For example, imagine you’re launching a new salary-backed loan product exclusive to employees of a large corporate partner. Instead of making the product publicly available, you whitelist their verified staff using their BVNs. You can then offer them a lower interest rate, longer tenors, and zero transaction fees. This ensures that only the intended group receives these benefits, while you retain full control over eligibility through the admin console.
How to Create a Whitelist Entry
To create a whitelist entry:
- Click on the “Create An Entry” button.
This opens a modal with required fields for creating a single whitelist record. - Enter Identity and Identity Type:
- The identity type can be BVN, phone number, or email.
- BVN is preferred, as users may change phone numbers or emails over time.
- Specify Loan Product Details:
- Minimum Amount
- Minimum Interest Amount
- Interest Rate and Loan Period
- Minimum and Maximum Tenors
- Configure Additional Options (if needed):
- Multiple Tenors: Offer more flexibility in repayment durations.
- Require Guarantors: Enforce extra security measures for specific users.
- Transaction Fees: Choose whether a fee applies to this product.
- Set Expiry Date:
This defines how long the whitelist entry remains valid. After this date, the user will no longer have access to the customized loan terms unless re-whitelisted. - Click “Create”:
Once all details are filled correctly, click the Create button. The whitelist entry will be queued and applied accordingly.
Also read: What to consider when setting up a payday loan software – Lendsqr