Loan Lending App Development Features & Cost
App Development
04Feb 2021
In today's tech era, humans absolutely depend on mobile apps. They use apps for almost everything, from fulfilling house chores to financial needs, entertainment, health, and whatnot. Mobile apps have indeed made our lives comfortable in every aspect. Loan lending mobile apps by top app developers in 2021 are also one of such kinds to provide us convenient and easy money. These apps totally take the hassle of going to the banks and make it a simple process.
Have you ever been standing in the long line-ups of loan approvals and many days going to the bank for the same? How long is the procedure of getting a loan accepted in person? Many companies have become messiahs and built mobile apps that make banks borrow money redundant. The same can be done via these apps, which can check the receiver's credit status and examine their eligibility for the loan.
Define A Loan Lending App
A loan lending app lets you receive money from any bank in your nation at an interest rate fixed by them. These apps enable you to compare the interest rates & see the one that suits you best, and the one that can loan you money for a particular period can be contacted.
This app works like a credit card enabling users to get a prompt loan. All a user needs to do is download one of these apps and sign up on it. They have to verify their eligibility and add their personal & bank details. These apps have become one of the most trustworthy ones as users can validate their credibility and their credit score with the app and see how much loan amount they are eligible for. It lessens the time spent visiting banks, standing in line-ups, and talking to the bank rep over the counter.
Why Invest In Loan Lending Mobile App Development?
The loan lending market will see a gradual rise this year, and as per research, the transaction value in the marketplace lending segment will rise to USD 20,391.5 million this year only. This market size will rise to USD 24,914 by the end of 2024. However, to match this kind of rise, the apps are minimal as of now. Thus, it is an excellent idea to invest your time and funds in getting one built to get into the competition and stand out.
Top features to include in loan lending mobile app;
- Registration Or Sign In: Users can login into the app by offering personal or professional info. They can also sign in to the app with email identification & password.
- Apply For A Loan: App users can apply for a quick loan. To apply, users must adhere to some steps like money amount selection, check GST, EMI, processing fees, & complete fund transfer.
- Set Payback Period: App users will have access to pick the payback period; as per the payback period of EMI, interest will be shown.
- Payment Scheduling & Billing: App users can view complete EMI schedules, completed EMI bills, and due dates.
- Push Notification: This feature works best to receive the app's latest activities & your EMIs remaining amount. Moreover, it helps the users get info about the latest discounts & offers being run by the loan lending app.
- Chatbot: This is an integrated support system, which the app users can call anytime & receive answers to their queries. This might sound similar to human support, but chatbots are preserved by machines, and machines are used to respond to all queries of the users.
- Online Support: Such apps have an online support team that is quickly available to talk to users & pull info about their loans. They can promptly tell the users about their latest transactions & the unsettled loan amount.
- Admin Dashboard: The dashboard enables the admin to have a look at the real-time app analytics. One can clearly view all the activities that are occurring on the app & the transactions that are taking place between the loaners and the borrowers or the borrowers and the banks. It also contains info like the total app users, the total amount of money loaned, total funds earned through interest, etc.
- Transaction: App users can see a total summary of borrowed money, available credit fund, and withdrawal. Payments will be separated by credit card, bank transfer, and the full price will appear here.
- Integrated Cloud Storage: Users' privacy and info are of prime importance, and it is the app owner's responsibility to keep it secure & confidential. This can be done by app integration cloud storage.
- Analytics: The updated reporting helps the app owners know the app performance. This info can help them in including or eliminating certain features depending on the app users' needs.
- Supports Several Languages & Currencies: This option allows app users to connect with the app support or read with their preferred language. Suppose one wants to apply for a loan in some other nation; they can opt for the option & can pick the currency from the available options.
The Cost To Build A Loan Lending App
Several factors impact the pricing of a loan lending app. Though the mobile app developers team recruited to develop the app plays a massive role in determining the app's price, there are many factors like the app's complexity, time-consumed, no. of features, and app design and development location. The pricing might differ from one region to another. For instance, the estimated amount to build an app in Australia is USD 40 to 170/hour, Asia is USD 10 to 50/hour, North America is USD 50 to 250/hour.
Final Words
The money lending apps are booming nowadays, and with the shortage of these apps, there are chances for businesses to invest their money into it. For those planning to get one such app created, you might make a huge success considering there will be a demand for such apps. All you want to do is find a perfect app development team to help you implement the latest tech and features.
Harnil Oza is the CEO & Founder of Hyperlink InfoSystem. With a passion for technology and an immaculate drive for entrepreneurship, Harnil has propelled Hyperlink InfoSystem to become a global pioneer in the world of innovative IT solutions. His exceptional leadership has inspired a multiverse of tech enthusiasts and also enabled thriving business expansion. His vision has helped the company achieve widespread respect for its remarkable track record of delivering beautifully constructed mobile apps, websites, and other products using every emerging technology. Outside his duties at Hyperlink InfoSystem, Harnil has earned a reputation for his conceptual leadership and initiatives in the tech industry. He is driven to impart expertise and insights to the forthcoming cohort of tech innovators. Harnil continues to champion growth, quality, and client satisfaction by fostering innovation and collaboration.
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