Some loan products on the Lendsqr platform require borrowers to verify their official email addresses before the loan can move forward. Lenders use this step to confirm employment and prevent fraud, especially for salary-backed loans.
Read here: How to configure email verification for your users – Lendsqr Documentation
For example, if a lender only gives loans to staff of a specific company, the borrower must verify their work email (e.g., janedoe@xyzbank.com). If the borrower doesn’t complete the verification, the loan status remains at pending.
This status means the borrower has not completed the verification. Until they do, the lender cannot approve or decline the loan. To fix this, the borrower must check their inbox and click the verification link.
Also read: Should I lend to this customer? A guide to risk assessment – Lendsqr