Human desires keep evolving from time to time and meeting all of them in this challenging and fast-growing world is quite a difficult task.
Everyone gets stuck once in a situation where dealing with a money crisis looks next to impossible.
Previously, people used to visit banks to get loans as their financial helping hands but now the same process has shifted to digital platforms, such as money lending apps.
Yes! The trending quick money lending apps have taken the front seat of traditional money borrowing methods and they are doing exceptionally great.
To develop a money lending app, an entrepreneur needs to understand the following basic concepts of money lending apps.
In this blog post, we will cover the following points i.e. the basic concept of money lending apps, peer-to-peer lending apps, how loan lending app work, what must-have features in loan lending mobile app development are, and more.
To gain detailed knowledge about money lending apps, read on!
Money lending apps are digital applications that are designed to allow individuals to borrow money on an instant basis. The basic purpose behind the loan lending app development is to offer the convenience of getting a hassle-free, quick, and zero physical documentation process. The borrower gets flexible access to their profile and receives borrowed money directly to their bank account.
The peer-to-peer lending app is one of the most popular concepts that connects lenders to borrowers. The borrower can raise the request through quick money lending apps to borrow money and lenders can also follow the same process to lend money. In return, the lenders get a good percentage amount for the same.
The process of money lending apps is quite similar to the banks but the only remarkable difference is that it eliminates the interference of the intermediaries and offers the convenience of getting a loan amount with just a few clicks.
An individual need to follow a few simple steps like:
Once the above process is done, the online application is submitted to the lender for approval. The lender checks the borrower’s profile, his/her credit score, the lending amount, the interest rate, and the repayment loan duration. If the lender agrees to the borrower’s loan condition then the application is forwarded to the loan officer for review.
The loan amount gets directly transferred to the applicant’s account, in case if, the application is approved.
Create an easy and simple user registration process to deploy an easy payday loan app. Allow them to sign-up using their phone number, email-id, or social media credentials. Once they are on board, you can collect user data in the upcoming stages.
Allow users to easily update their personal information through the money lending app. Such that, get easy access to reach to their loan application along with details like transaction history, loan amount, interest amount, payment options, loan status, etc. To make it more informative users can also fill in other details like their work, marital status, hobbies, etc.
This is one of the crucial features of top money-lending apps. Make sure that you bifurcate the loan process into simple steps. Guide them throughout the journey. Don’t let them switch to any other stage to complete the loan process as it may annoy users and degrade your customer base.
Try to provide multiple payment options like debit/credit cards, net banking, and other popular gateways. Remember that the greater the flexibility in completing the transaction, the better will be the user experience. Also, it assures that you will not lose your customer base for any inconvenience caused during the final checkouts.
Create a space where users can easily save and access their transaction history and details. It includes the total amount received, how much is still due, how much is yet to receive, or what amount they still need to pay for their loan. The availability of such information in one place in the money credit loan app will streamline the whole loan process. Also, the user will have clarity on the number of transactions and thus there will be zero delays in it.
This feature of the quick money lending app will allow you to stay connected with your app users. You can create string connections by sending them recent updates, reminders for loan repayment, new deals, promotions, and much more.
An AI-enabled money lending app development will allow users to get 24*7 service like customer care. The user can resolve their queries, get addressed to their frequently asked questions, and more. It eliminates the hassle of having any customer care service person availability all the time.
To offer better user satisfaction, the app to lend money must include a multiple-language support feature. If in case, the user is not familiar with English then they can choose any preferred native language.
Deciding the cost of loan lending mobile app development is quite difficult. There are many factors that collectively affect the overall cost of loan lending app development. Let’s consider and discuss the multiple factors that may affect the cost estimation.
The money lending app can be developed with basic features as well as unique advanced features. So, if you want to spend a minimal amount then you can go with basic functionalities. Otherwise, integrating advanced functionalities will definitely cost a higher amount.
Every location has its own pre-defined set of rules and the cost is dependent on that factor also. So, you need to conduct market research to understand which location will cost you less amount as compared to other defined locations.
The team working on the project closely affects the lending app development cost. There are usually two options with the organization, you can either hire freelancers based on the project requirements or can build your in-house team. But hiring an in-house domain-wise expert may cost higher as compared to freelancers who will work on an hourly basis.
With experience comes expertise in any field. Commemorate that an individual with more years of experience will always cost higher than the one having less experience. So, before hiring a lending app development team of individuals, consider analyzing the project requirements and selecting the team based on the level of expertise needed to carry forward your project.
The type of platform is decided based on the project model. There are a few apps that work specifically on Android or iOS or both. Moreover, companies also prefer hybrid or native money credit loan app development platforms based on their requirements. The cost of hybrid apps is comparatively less than that of native apps.
The factors affecting the loan lending mobile app development cost are not just confined to the above-mentioned points. There can be other factors too like the technologies used, project design, API integration, and more.
The ballpark figure of money lending mobile app development cost may range from about $25,000 to $100,000 or more. It all depends upon the variable factors, such as features, app functionalities, and the above-mentioned factors that directly influence the app development cost.
The following technology stack will be required for the development of the best app for instant money loans.
Life is all about uncertainties and we never know when an individual will require a certain amount of money to deal with any unexpected situation. Considering multiple such scenarios, the trend of money lending apps is growing hastily. Individuals are finding it more convenient to borrow money using their loan lending mobile apps instead of following the traditional methods of banks which charge high-interest rates.
Today, humans need money more than their income and to fill up this money crisis, a huge demand for money-lending apps has been raised in the market.
Many fintech players and business start-ups are looking to invest in loan lending mobile app development. And emphasizing the growth of this industry, we at Codiant have enabled our clients to develop a fully-secure quick money lending app with a delightful customer experience and an automated application process.
If you are also a financial institution or an entrepreneur looking to invest in a similar niche then you can connect with our experts. We develop a well-rounded instant money lending app that covers the entire loan lifecycle from application to disbursement into customers’ bank accounts.
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