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Dedukt is a financial technology providing real time credit referencing and automated payroll loan deduction to hundreds of lenders to drive access to credit for Nigeria's 50m+ workforce enabling faster, safer, and more inclusive lending decisions.
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We've gathered the most frequently asked questions from our users. If you don't find what you're looking for, let us know, and we'll be happy to assist you.
What is Dedukt?
Dedukt is a credit verification and decisioning platform that helps lenders assess the creditworthiness of salaried individuals using verified employment and payroll data sourced directly from employers.Who can use Dedukt?
Dedukt is built for lenders, employers, and employees. Lenders use it to verify creditworthiness, employers manage deductions, and employees access financial products.How does Dedukt verify employment and income?
Dedukt connects directly to employer payroll systems to retrieve verified employment and salary data in real time, eliminating the need for manual document submission.What is the available deductible balance?
The available deductible balance is the maximum amount an employee can repay monthly without incurring a negative salary balance, calculated based on their debt-to-income ratio.How is the available deductible balance determined?
It is determined by analyzing the employee's gross monthly income, existing deductions, and applicable regulatory limits to ensure responsible lending.Does Dedukt generate a credit score?
Yes, Dedukt generates a proprietary credit score based on verified payroll data, employment history, and existing loan obligations sourced directly from employers.How can Dedukt help reduce loan defaults?
By automating repayments directly from payroll, Dedukt ensures loan deductions happen before the employee receives their salary, significantly reducing the risk of default.
Can Dedukt be integrated into our lending platform?
Yes, Dedukt provides a robust API that allows seamless integration into existing lending platforms, enabling real-time credit checks and automated deductions.Is Dedukt only available in Nigeria?
Currently, Dedukt operates primarily in Nigeria but has plans to expand across Africa to serve more employers, lenders, and employees.What does loan cancellation or stoppage mean on Dedukt?
Loan cancellation means the loan agreement is terminated before disbursement, while stoppage refers to pausing active deductions on an existing loan, typically initiated by the employer or lender.What does loan deletion mean on Dedukt, and how is it different from loan cancellation?
Loan deletion permanently removes a loan record from the system, whereas loan cancellation terminates the agreement while keeping the record for audit purposes.Can a loan be topped up on Dedukt?
Yes, eligible borrowers can apply for a loan top-up subject to their available deductible balance and the lender's credit policy.Does Dedukt handle loan disbursement or repayment collection?
Dedukt facilitates repayment collection by automating payroll deductions. Loan disbursement is handled by the lender directly.How many free users can a business account have on Dedukt?
A business account on Dedukt can have up to 3 free users. Additional users require a paid plan based on your subscription tier.
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