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Digitalization over the years has made the majority of tasks about life easier, and the story of applying for a loan is no different. We all remember the time before digitalization found its groove, how difficult and complex it was to apply for loans.
Now with the mobile apps making our lives easier in almost every section, the process of getting a loan has also become simpler. Moreover, with the rise of the on-demand economy, a loan lending app that allows on-demand money lending has become a requirement for many money lenders.
Therefore, for a financial institution or an investment broking firm, etc. it is the right time to develop a loan lending app. With the help of digitalization, mobile apps are making their way through almost everything. Thus, it is only right for organizations to understand the trend and ride on the bandwagon.
It is essential for organizations to hire the best mobile app development company to fulfill their dream of developing the best money lending application.
Thus, in this blog, we will discuss the useful features needed to develop a loan lending application for your business. Moreover, we will also look at the key attributes that will make the loan lending app development process different and unique from the peers.
The primary need of a loan lending application is to allow people to be not dependent on their friends and families to borrow money. They can do it without tedious paperwork and from the country of their choice as well.
In addition, hiring dedicated developers for money lending app development is recommended as the developers will make sure that the app has different options such as private institute loans, personal loans, loans for commercial lending, etc.
There are certain situations in which loan lending mobile applications can be a boon for money lenders and money seekers. Such as:
Every person has a different need, and in that fashion, they would want something according to their liking in the loan lending app. Thus, there are different types of money lending applications as each app caters to the money lender and borrower’s needs differently. Their broad classification can be done as:
Along with the above-mentioned broader classifications, there are some subsections in the personal loans that can be used for quick fixes. For example, if there is an emergency in the family or the house needs a small renovation, the small personal loans can be used.
In addition, there are categories of loan lending apps based on the money lenders. Following is their categorization:
And if we continue digging down deep, there are different money lending applications according to their technology stack. They are:
Money lending applications have made it very convenient and easy for borrowers to get money from the comfort of their homes. In addition, these applications render a win-win situation to the financial institutions and banks, making it a level playing field for everyone.
Below is the list of various benefits that money lenders and borrowers can have from loan lending mobile app development.
There will be a certain limit for a brick-and-mortar financial institution or a bank, but a mobile app can bridge this gap and give maximum reach. Moreover, loan lending apps are scalable and can assist people in getting their work done from any place.
In the money lending applications, every transaction is recorded. With the help of new-age technology such as Artificial Intelligence (AI) and Machine Learning (ML), the application can streamline all the data including important documents and transactions. Moreover, there is no dearth of space as all the data will be stored on the cloud.
Whether uploading the original documents or scanning the copies, everything is done in the money lending app faster. Therefore, there is no need for the person to visit the bank or financial institution to get their KYC done.
There is no need for the loan lenders to have a proper office or a physical setup to go about their business. With the application for loan lending, they can operate with minimum infrastructure and thus save a fortune on the operational cost.
One of the better advantages of using a money-borrowing app is that it gives a lot of security to every transaction. The money borrower here can create a strong password to keep their account safe as well.
In the money borrowing app, the borrowers would have the cushion of seeing all the options available on a single window. Thus, it will be easier for them to make a more informed decision and select the best option according to their requirements.
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The basic process of developing a loan or money lending application has some tried and tested steps that firms must keep in mind. They are:
It is necessary for financial institutions to have a clear idea about what kind of money lending app they want to make. After this, the conceptualization and research about the idea get started. In this process, proper market analysis and UI design of the application are required.
The next step to build an app for loan lending is to put the concept and idea of the app into practice. Moreover, it is necessary to make the entire implementation process transparent and only those features that suit the functionality of the app.
It is always a good practice to use advanced tools for testing the loan lending application before publishing it on the app store. The best app testing process will ensure that the final app is bug-free and if there is any problem, it can be addressed at that very moment.
After completing the transparent app development process, the mobile app development company must provide competent support and maintenance to the app to counter any further problems in the app. Moreover, app maintenance and support are also necessary for timely updating the app to keep it relevant according to the needs of the customers.
As is the case with other mobile applications, the cost of developing a loan lending app also depends on various factors. Therefore, while hiring an app development company, business organizations must convey what exactly they want from the developers and ensure a smooth app development process.
Some leading factors that affect the cost of developing a money lending app are:
The geographic location of the app development company is important as per hour rates of the developers vary from region to region. The estimated per hour app development rates of various places are:
Let’s calculate the cost to build your loan app.
There are several immaculate things that put a loan lending application in a different league as compared to the traditional methods. They are:
The money lending app will provide an accountable platform for both the money lenders and the borrowers. It is because; every process is transparent on the app. Moreover, to check the credibility of the applications, the money lender or the borrower can always look at their rating and decide on downloading and using the application accordingly.
“Humans hate waiting!” And this phrase is applicable in everything we do. In the case of a loan lending application, if the app takes too much time to do its job, it will lose customers at a rapid rate. Thus, it is essential that the application has a user-friendly interface where both the money lender and borrowers can find their related services easily.
The foremost thing that separates the online loan lending medium from the traditional ones is that it renders immaculate accuracy with speed. Whether it is uploading the required documents or getting their KYC done quickly, the loan lending applications take care of everything.
The loan lending applications will offer users a plethora of options and help them extract the best out of their financing options. But it is crucial to have the mobile app development team on the same page to expect the best outcomes.
A solid and foolproof security system is one of the main requirements of any financial software. Every money lender or borrower that comes on the money lending app would want their transactions to be encrypted and their money to remain safe. In addition, it has to be protected with SQL injection, broken authentication, sensitive data exposure, and other kinds of widespread risks.
Features included in the money lending app are the most important thing as they will define the popularity and longevity of the app. Thus, after putting in a lot of thought, we have put forward a list that carries the best features in a loan lending app.
Along with the features mentioned above, some advanced ones will help the loan lending application stand out among its peers.
It is essential to keep the documents and information secured in the app. Therefore, having an integrated cloud storage feature in the money lending app will help save the data in a synchronized manner. Moreover, as the data is stored in the cloud, the user will access it from anywhere according to the needs and requirements.
This integrated feature can help in enhancing the overall user experience. With the chatbots, the application users can interact and get satisfying answers to their queries anytime. Chatbots, unlike humans, don’t get tired and can work efficiently 24*7.
The real-time analytics will assist in letting the owners know about the performance of their app. Moreover, with this, they can add or remove certain features and make their app more according to the requirements of their money lenders or borrowers.
The more the languages and currencies, the more chances the app owners will have to make their money lending app global. The app loan borrowers will get the language of their choice and can also apply for a loan in some other country according to their requirements.
This feature will render timely information to the money lenders and borrowers about important things such as EMIs, payment structure, etc. Thus, with push notifications, both the money lenders and money borrowers will be updated about their transactions, the remaining loan amount, and many other important messages.
The loan lending application needs to analyze the credit score of the loan borrower before processing their application. A credit score will help the money lenders see how efficient and consistent the money borrower is in repaying their old loan and credit money.
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Along with the above-mentioned advanced features, some key attributes of the money lending application will make the app even better. They are:
The loan lending application must review all the requirements of the borrower, analyse them, and then generate required documents dynamically. This function will make the process of loan taking more affirmative.
The main function of the CIBIL analysis is to bifurcate the loans according to their complexity and document requirements. Moreover, it also maintains and understands the money borrower’s credit reports before approving or rejecting their loans.
The loan lending app must look at the entire project in oneness, whether it is the borrower’s financial history, the total document requirements for the loan, etc. This will save the money borrower’s time as they don’t have to do repeated trips to the bank.
The online loan application for borrowing money will have little to no paperwork, making life very easy for the money borrowers. As the borrowers can submit all the required documents online, the loan lenders will also not hesitate to give loans.
Here the money borrowers can either browse the loan lending application through the internet or download the application from the app store. Moreover, there are many reviews and ratings available about the app that helps to make more informed decisions.
The required technology stack for loan lending application is:
Framework: Java 8 +, Lagom, Play, Akka, Spring, Slick, Spring Boot, JSON
Mobile Platforms: React Native, Android, iOS
Database: MongoDB, PostgreSQL
Programming Language: JSON, Core JAVA
Web Services: SOAP, REST
The structure of the team will majorly depend on the requirement and features of the loan lending app. The basic team structure will comprise of:
Want to ensure faster ROI for your loan lending app development?
Summarizing the Loan Lending App
There is no doubt that the loan lending applications are expanding, which means this is the best time for money or loan lenders to invest in these apps.
Moreover, before riding the bandwagon, the loan lenders must be certain about their business requirements and what their targeted audience wants. It will give them a clear idea about how to approach the professional app development team to develop their loan lending app.
For the money lenders and the money borrowers too, the money lending applications are no less than a boon. It has simplified the tedious loan process and has made it more streamlined.
We, at Prismetric, have a competent team of experienced mobile app developers and designers who will deliver state-of-the-art loan lending applications at affordable rates.