As a lender, understanding the reasons behind failed loan requests from users can be particularly time-consuming, especially when dealing with large volumes of diverse user profiles. Lendsqr has streamlined this process to make loan request analysis more efficient and insightful.
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Why analyze failed loan requests
Streamlined decision-making process
Lendsqr provides functionality that enables you to quickly assess all unsuccessful loan applications, offering valuable insights into why users aren’t meeting necessary criteria for loan approval.
Improved lending models
Analyzing failed requests facilitates more informed decision-making by highlighting areas in your decision model that may require review and optimization.
Enhanced risk assessment
Understanding rejection patterns helps lenders refine their risk assessment criteria and improve overall loan approval processes.
How to view failed loan requests
You can view all failed loan requests on the admin console by following the steps below:
- Navigate to the “Loan requests” tab under the Request Management section.
- Click on the more options icon (three dots) button beside “Book New Loan”.
- Select “See Failed Requests”
- Click a failed loan request.
- This brings you to the failed loan request where you can find more information on the User and their request
Benefits of monitoring failed requests
Regular review of unsuccessful applications helps identify trends, improve approval rates, and optimize your lending criteria for better business outcomes.
Transform your loan approval process today by leveraging Lendsqr’s failed request analysis tools for smarter lending decisions.
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