The Lendsqr system keeps trying to debit a customer’s account if they have a running or past due loan tied to a mandate repayment method. These debit attempts stop only when the loan is fully repaid. If the customer has no active or overdue loan linked to the mandate, the system won’t try to charge their account, even if the mandate is still active.
This setup ensures that loan repayments stay on track while preventing unnecessary debit attempts. Imagine a customer takes a ₦50,000 loan and chooses a mandate as the repayment option. The system tries to collect the first repayment on the scheduled date. If the debit fails due to insufficient funds, the system retries automatically. It keeps doing this until the loan is cleared. Once the full ₦50,000 is repaid, all further debit attempts is halted. It won’t charge the customer again unless they take another loan tied to the mandate.
Also read: You can now activate your direct debit mandates in 1 minute – Lendsqr