Introduction
In the Lendsqr system, a loan product defines the structure of a specific type of loan that a lender offers to potential borrowers. It sets clear expectations for both parties by outlining key terms such as amount, duration, and eligibility.
For instance, a lender may create a loan product for salary earners between the ages of 25 and 45, offering between ₦50,000 and ₦500,000 over a 3- to 6-month period. Another product may target small businesses, with different limits, tenors, and documentation requirements. This flexibility allows lenders to design products tailored to specific segments while keeping loan terms consistent and easy to manage.
Read further: What products does Lendsqr offer?
Also read: Effective strategies to market your loan products