We’re powering the smartest lending solutions
At Lendsqr, we’re on a mission to simplify the lending process with an easy, but sophisticated technology that can guarantee an awesome lending experience.
We strongly believe that our technology will solve the credit gap in developing countries and improve the lives of millions.
Our philosophies guide our internal conduct as well as our relationship with our customers, partners, and shareholders. These philosophies form the foundation of our Lendsqr culture and story.
Our customers’ interest is our most valued priority. We are keen and committed to ensuring that we meet their respective needs.
1. About Us
Lendsqr provides a software platform for small and individual lenders to originate loans, score credits using credit bureau services or machine learning algorithms, collect and recover loans, and provide reports and analytics.
2. Your Privacy Rights
This Policy describes your privacy rights regarding Lendsqr’s (“we”, “us” or “our”) collection, use, storage, sharing and protection of your personal information. It applies to the Lendsqr website and all applications, services and tools regardless of how you access or use them.
If you are provided with a username, identification code, password or any other piece of information as part of our security measures, you must treat such information as confidential, and you must not disclose it to any third party. We reserve the right to disable any user identification code or password, whether chosen by you or allocated by us, at any time, if in our opinion you have failed to comply with any of the provisions of these Conditions. If you know or suspect that anyone other than you know your security details, you must promptly notify us at firstname.lastname@example.org.
You accept this Policy when you sign up for access, or use our products, services, content, features, technologies or functions offered on our website and all related sites, applications, and services (collectively “Lendsqr Services”). This Policy governs the use of Lendsqr Services by our users unless otherwise agreed through written contract. We may amend this Policy at any time by posting a revised version on our website. The revised version will be effective 7-days after posting.
4. Updates, Modifications & Amendments
We may need to update, modify or amend this Policy as our technology evolves. We reserve the right to make changes to this Policy at any time by giving notice to Users on this page. We advise that you check this page often, referring to the date of the last modification on the page. If a User objects to any of the changes to this Policy, the User must cease using this website, or terminate account in the event that an account has been created.
5. Age Restriction
Our website and services are not directed to persons under the age of 18. We do not knowingly transact or provide any services to persons under the age of 18. If as a parent or guardian, you become aware that your child or ward child has provided us with any information without your consent, please contact us through details on this Policy.
6. Your Personal Information
When you use Lendsqr Services, we collect information sent to us by your computer, mobile phone or other electronic access device. The automatically collected information includes but is not limited to data about the pages you access, computer IP address, device ID or unique identifier, device type, geo-location information, computer and connection information, mobile network information, statistics on page views, traffic to and from the sites, referral URL, ad data, and standard web log data.
We may also collect information you provide us including but not limited to information on web form, account update information, correspondence with Lendsqr support services. We also collect information about your transactions, enquiries from Lenders and your activities. More specifically, we collect your contact information such as name, address, phone, email etc. Information gotten through survey responses, telephone conversation, customer enquiries and other means may also be used by us.
We may also use information provided by third parties like social media sites. Information about you provided by other sites are not controlled by Lendsqr and we are therefore not liable for how they use it.
6.1 What We Do With Your Personal Information
The purpose of our collecting your personal information is to give you an efficient, enjoyable and secure customer experience. We may use your information to:
- provide Lendsqr services and support;
- process transactions and send notices about your transactions to requisite parties;
- verify your identity;
- resolve disputes, collect fees, and troubleshoot problems;
- manage risk, or to detect, prevent, and/or remediate fraud or other potentially prohibited or illegal activities;
- detect, prevent or remediate violations of policies or applicable user agreements;
- improve the Lendsqr Services by implementing aggregate customer preferences;
- measure the performance of the Lendsqr Services and improve content, technology and layout;
- manage and protect our information technology infrastructure;
- contact you at any time through your provided telephone number, email address or other contact details;
- notify you about your account, troubleshoot problems with your account, resolve a dispute, poll your opinions through surveys or questionnaires, enforce our policy, notify you of new products, discounts, promotions, or as otherwise necessary to service your account, we may contact you through information provided.
We may retrieve additional Personal Information about you from third parties and other identification/verification services such as your financial Institution, payment processor and verification services. With your consent, we may also collect additional Personal Information in other ways including emails, surveys, and other forms of communication. Once you begin using our services through your Lendsqr account we will keep records of your transactions and collect information of your other activities related to our services. We will not share or disclose your Personal Information with a third party without your consent.
6.2 Information That We Collect From Website Visitors
We do not collect your Personal Information when you visit the website. However, in order to enable us monitor and improve our website and services we may collect non-personally identifiable information. We will not share or disclose this information with third parties except as a necessary part of providing our website and the Lendsqr Services. We may use the information to target advertisements to you.
8. How We Protect Your Personal Information
We store and process your personal information on our computers in Nigeria, Africa and elsewhere in the world where our facilities are located. We protect your information using physical, technical, and administrative security measures to reduce the risks of loss, misuse, unauthorized access, disclosure and alteration. Some of the safeguards we use are firewalls and data encryption, physical access controls to our data centers, and information access authorization controls.
9. How We Share Your information With Lendsqr and Other Users
During your transaction, we may provide the corresponding party with information such as your name, account identification details, contact details, shipping and billing address, or other information needed to promote the integrity and security of the transaction. We may also provide details of unsuccessful transactions.
We work with third parties, including lenders, to enable them accept payments from you to provide Lendsqr Services. In doing so, a third party may share information about you with us, such as your email address or mobile phone number, to inform us that a payment has been received from you. We shall also validate your status as a Lendsqr customer to third parties on your instruction.
You accept that your pictures and testimonials on all social media platforms about Lendsqr can be used for limited promotional purposes by us or our agents. This does not include your trademark or copyrighted materials. From time to time we may send you relevant information such as product updates, new functionalities, tips on how to use the platform, new service offerings etc. We may also share your personal information in compliance with local or international regulatory requirements; fraud prevention and risk management agencies and service providers.
10. The Data That We Retain
We will retain your information for as long as your account is active or as needed to provide you with our services, comply with our legal and statutory obligations or verify your information with a financial institution.
Lendsqr is statutorily obligated to retain the data you provide us with in order to process transactions, ensure settlements, make refunds, identify fraud and in compliance with laws and regulatory guidelines applicable to us, our banking providers and card processors.
Therefore, even after closing your Lendsqr account, we will retain certain data to comply with these obligations.
We will always hold your information securely. To prevent unauthorized access to your information, we have implemented strong controls and security safeguards at the technical and operational levels. This site uses Secure Sockets Layer/Transport Layer Security (SSL/TLS) to ensure secure transmission of your personal data. You should see the padlock symbol in your URL address bar once you are successfully logged into the platform. The URL address will also start with https:// depicting a secure webpage. SSL applies encryption between two points such as your PC and the connecting server. Any data transmitted during the session will be encrypted before transmission and decrypted at the receiving end. This is to ensure that data cannot be read during transmission.
12. Data Confidentiality Rights
Client information is regarded as confidential and will not be divulged to any third party except under legal and/or regulatory conditions. You have the right to request to sight, and obtain copies of any and all information we keep on you, on the proviso that we are given reasonable notice of such a request. While Lendsqr is responsible for safeguarding the information entrusted to us, your role in fulfilling confidentiality duties includes, but is not limited to, adopting and enforcing appropriate security measures such as non-sharing of passwords and other platform login details.
13. Links to Other Websites
Certain transaction processing channels may require links to other websites. Please note that Lendsqr is not responsible and has no control over websites outside its domain. We do not monitor or review the content of other party’s websites which are linked from this website. Opinions expressed or materials appearing on such websites are not necessarily shared or endorsed by us, and LTL should not be regarded as the publisher of such opinions or materials. Please be aware that we are not responsible for the privacy practices, or content of these sites. We encourage our users to be aware of when they leave our site and to read the privacy statements of these sites. You should evaluate the security and trustworthiness of any other site connected to this site or accessed through this site yourself, before disclosing any personal information to them. LTL will not accept any responsibility for any loss or damage in whatever manner, howsoever caused, resulting from your disclosure to third parties of personal information.
14. Governing Law
Lendsqr provides a software platform for small and individual lenders to originate loans, score credits using credit bureau services or machine learning algorithms, collect and recover loans, and provide reports and analytics.
We are an independent contractor for all purposes, providing this website and our services on an independent service provider basis. We do not have control or assume the liability or legality for the products or services that are paid for with our service. We do not guarantee any user’s identity and cannot ensure that a borrower will repay his/her loans and obligations.
Acceptable Use Policy
You are independently responsible for complying with all applicable laws related to your use of our website and services. However, by accessing or using Lendsqr, you agree to comply with the terms and conditions contained below:
1. Restricted Activities
You may not use Lendsqr in connection with any product, service, transaction or activity that:
- violates any law or government regulation, or promotes or facilitates such by third parties;
- violates any rule or regulation of Visa, MasterCard, Verve or any other electronic funds transfer network (each, a “Card Network”);
- is fraudulent, deceptive, unfair or predatory;
- causes or threatens reputational damage to us or any Card Network;
- involves any of the business categories listed in (2) below; or
- results in or creates a significant risk of chargebacks, penalties, damages or other harm or liability.
2. Certain Business Categories
You may not use Lendsqr:
- in connection with any product, service, transaction or activity that falls within the Prohibition List of the Nigerian Customs Administration of the Federal Republic of Nigeria;
for the sale and/or purchase of:
- banned narcotics, steroids, certain controlled substances or other products that present a risk a consumer's safety;
- blood, bodily fluids or body parts;
- burglary tools;
- counterfeit items;
- illegal drugs and drug paraphernalia;
- fireworks, destructive devices and explosives;
- identity documents, government documents, personal financial records or personal information (in any form, including mailing lists);
- lottery tickets, sweepstakes entries or slot machines without the required license;
- offensive material or hate speech or items that promote hate, violence, racial intolerance, or the financial exploitation of a crime;
- police badges or uniforms;
- recalled items;
- prohibited services;
- unlicensed financial services, stocks or other securities;
- stolen property;
- items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction;
- currency without BDC license, certain cryptocurrency operators;
- obscene material or pornography;
- certain sexually oriented materials or services;
- certain firearms, firearm parts or accessories, ammunition, weapons or knives; or
- any product or service that is illegal or marketed or sold in such a way as to create liability to Lendsqr.
as it relates to transactions that:
- show the personal information of third parties in violation of applicable law;
- support pyramid or ponzi schemes, matrix programs, other "get rich quick" schemes or certain multi-level marketing programs;
- are associated with purchases of annuities or lottery contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card;
- pertain to ammunitions and arms; and
- involve gambling, gaming and/or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, games of skill (whether or not it is legally defined as a lottery) and sweepstakes unless the operator has obtained prior approval from Lendsqr and the operator and customers are located exclusively in jurisdictions where such activities are permitted by law.
3. Actions by Lendsqr
If, in our sole discretion, we believe that you may have engaged in any violation of this Acceptable Use Policy, we may (with or without notice to you) take such actions as we deem appropriate to mitigate risk to Lendsqr and any impacted third parties and to ensure compliance with this Acceptable Use Policy. Such actions may include, without limitation:
- blocking the settlement or completion of one or more payments;
- suspending, restricting or terminating your access to and use of the Lendsqr’s Services;
- terminating our business relationship with you, including termination without liability to Lendsqr of any payment service agreement between you and Lendsqr;
- taking legal action against you;
- contacting and disclosing information related to such violations to (i) persons who have sold/purchased goods or services from you, (ii) any banks or Card Networks involved with your business or transactions, (iii) law enforcement or regulatory agencies, and (iv) other third parties that may have been impacted by such violations; or
- rassessing against you any fees, penalties, assessments or expenses (including reasonable attorneys’ fees) that we may incur as a result of such violations, which you agree to pay promptly upon notice.
Disputes & Reversal
If you believe that an unauthorized or otherwise problematic transaction has taken place, you agree to notify us immediately, to enable us act to help prevent financial loss.
All claims against us related to payments should be made within 45 (forty-five) days after the date of such payment. It will be taken that you waive all claims against us, to the fullest extent of the law after the said period of time.
If you enter into a transaction with a third party and have a dispute over the goods or services you purchased, we have no liability for such goods or services. Our only involvement with regard to such transaction is as a payment gateway.
We may intervene in disputes between users and lenders concerning payments but have no obligation to do so. Your transaction ID and/or transaction details will be required to resolve all disputes.
WE TRY TO KEEP LENDSQR AVAILABLE AT ALL TIMES, BUG-FREE AND SAFE, HOWEVER, YOU USE IT AT YOUR OWN RISK.
OUR WEBSITE AND SERVICES ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS, IMPLIED AND/OR STATUTORY WARRANTIES (INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED OR STATUTORY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE OR PURPOSE, TITLE, AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS). WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, LENDSQR MAKES NO WARRANTY THAT OUR WEBSITE AND SERVICES WILL MEET YOUR REQUIREMENTS OR THAT OUR WEBSITE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU THROUGH OUR WEBSITE OR FROM LENDSQR, ITS PARENTS, SUBSIDIARIES, OR OTHER AFFILIATED COMPANIES, OR ITS OR THEIR SUPPLIERS (OR THE RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS OF ANY SUCH ENTITIES) (COLLECTIVELY, "LENDSQR PARTIES") SHALL CREATE ANY WARRANTY.
Limitation of Liability
IN NO EVENT WILL ANY OF THE LENDSQR PARTIES BE LIABLE FOR (A) ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES OR (B) ANY DAMAGES WHATSOEVER IN EXCESS OF THE AMOUNT OF THE TRANSACTION OR TWENTY THOUSAND UNITED STATES DOLLARS (US$20,000.00) DOLLARS, WHICHEVER IS LESSER (INCLUDING, WITHOUT LIMITATION, THOSE RESULTING FROM LOSS OF REVENUES, LOST PROFITS, LOSS OF GOODWILL, LOSS OF USE, BUSINESS INTERRUPTION, OR OTHER INTANGIBLE LOSSES), ARISING OUT OF OR IN CONNECTION WITH LENDSQR’S WEBSITE OR SERVICES (INCLUDING, WITHOUT LIMITATION, USE, INABILITY TO USE, OR THE RESULTS OF USE OF LENDSQR’S WEBSITES OR SERVICES), WHETHER SUCH DAMAGES ARE BASED ON WARRANTY, CONTRACT, TORT, STATUTE, OR ANY OTHER LEGAL THEORY.
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for certain damages. Accordingly, some of the above disclaimers and limitations of liability may not apply to you. To the extent that any Lendsqr Party may not, as a matter of applicable law, disclaim any implied warranty or limit its liabilities, the scope and duration of such warranty and the extent of the Lendsqr’s Party's liability shall be the minimum permitted under such applicable law.
Updates, Modifications & Amendments
Do I need a License
Lending to family and friends has been part of humanity for ages. For this, you do not need a license.
However, to run a formal lending business in Nigeria, you need to have a form of license as lending is a regulated business. There are many ways to be licensed:
- State money lending license
- License by the Central Bank of Nigeria
State money lending license:
Money lending in Nigeria is regulated by the Moneylenders Laws of the various states. These Laws are generally similar from state to state and are variations of the original Moneylenders Act of 1958 which was repealed in 1990 and replaced with the individual Moneylenders Laws of the different states.
The Moneylenders Law of Lagos state excludes “any person whose main business is not lending and who lends money solely incidental to the conduct of such business” (Moneylenders Law, 1990, sec.4). This means that if money lending is NOT your sole business/occupation/source of income, then you cannot be classified as a money lender and hence, do not require a license to legally run your side-hustle. Note, however, that despite not being required to obtain a license to lend money ON THE SIDE, you are still regulated by the Moneylenders Law of the state in which you operate and must make sure that all your dealings are within the law.
Who can Apply for a Moneylenders License?
According to the Moneylenders Law of Lagos state, the following categories of entities can apply for a Moneylenders License:
- An Applicant applying under his true names
- An Applicant applying under the name of a firm/company in which he is a partner provided that the company is not required by the Companies and Allied Matters Act — Part B — Business Name to be registered.
- An Applicant applying under a business name for a business that is solely his, or in which he is a partner, provided that the business has been registered for three years or more as a money lending business under the Moneylenders Law and under the Companies and Allied Matters Act — Part B — Business Names.
License by the Central Bank of Nigeria
Apart from a Moneylender license, you can run a formal lending business if you are issued any of the following operating licenses by CBN:
- Microfinance Banks (MFBs) license allows MFBs to provide microfinance services, such as savings, loans, domestic funds transfer, and other financial services that are needed by the economically active poor, micro, small and medium enterprises to conduct or expand their businesses as defined in the Guidelines for Microfinance Banks (MFBs) in Nigeria .
- Financial Company License means a company is licensed to carry on a Finance Company business. Finance Company Business means the business of providing financial services to individual consumers and to industrial, commercial, or agricultural enterprises as defined in the Guidelines for Financial Companies in Nigeria .
Commercial Banking license
- Taking deposits and maintaining current and savings accounts from natural and legal persons;
- Provide retail banking services, including mortgage products;
- Provide finance and credit facilities and more as defined in the CBN Scope, Conditions & Minimum Standards for Commercial Banks Regulations .