- Role of Loan Lending Mobile App Assisting in Financial Needs
- Loan Lending App Market Size & Growth Stats 2022
- What do users look for in a Money Lending Mobile App?
- Different Categories of Money Lending Apps
- Crucial entities to focus on before developing the Loan Lending App
- 5-Must Include Key Functionalities to Integrate with Your Loan Lending App
- Benefits of Loan Lending Mobile Apps to End-Users
- Development Process of Fast Loan Lending Mobile App
- Top Features for building Money Lending App in 2022
- Popular Money Lending Mobile Apps Worldwide
- Tech Stack Required to Create a Loan Lending Mobile App
- Team Structure
- How Much Does it Cost to Create a Loan Lending Mobile App?
- Frequently Asked Questions
An eon ago applying for a loan was a complex task, but in today’s digital world, the scenario is different. Technology has touched and transformed various aspects of our lives and the same goes for the finance related services too. Gone are the days when applicants were required to fill application forms and make back-to-back bank trips. With the brilliant combination of technology and mobile phones, mobile loan app development service providers are now making the process worry less. The loan lending firms have joined the race of digitizing the services, thus best serving the needs of today’s smartphone-obsessed audience.
The useful features of online loan software allow users to easily apply for loans without making round trips to banks. These apps offer end-to-end solutions including loan-eligibility application approval, documentation, disbursal, and many more, from a single platform. This way, these apps provide comfort & reliability to the users and allow them to bank online and request the money.
Role of Loan Lending Mobile App Assisting in Financial Needs
With the development of loan lending mobile apps, now people don’t borrow money from friends or relatives, as these apps have got their back. People can borrow money from any bank in the country at the given interest rate. These apps can be used to get loan money instantly. People simply download the loan lending mobile app and get registered to participate. The loan lending mobile app developers ensure apps can be used for various purposes, like personal loans, private institute loans to commercial lending, etc.
These apps easily lend money. Once the borrower submits a loan application within the app, it will be then approved by the admin (who will check the applicant’s security and credit score). Once the admin is positive about the status of the borrower, the loan is granted.
In What Situations Loan-Lending Mobile Apps Prove to Be Most Useful
- Venture Capital
- Investment Brokers
- Investment & Stock firms
- Startup incubators
- Startup Funding
- Angel Investors
- Financial Institutions
- Loans related to Consulting Business & Service Provider
Loan Lending App Market Size & Growth Stats 2022
- The global market of the digital lending platform is propelled to cross a revenue of $20.31 B in the year 2027, with a CAGR of 24.0% from 2021 to 2028. Previously, it was valued at $4.87 B in 2020.
- 82% of the US companies are willing to go for PPP loans in the pandemic, rather than the traditional loans.
- Aire, Kabbage, and Kasisto are the top startup leaders in digital lending who have entered into the AI sector to align apps with the latest technology. They have claimed that AI increased their growth by 90% over the last year.
- Top vendors in the loan lending market are Fiserv, ICE Mortgage technology, FIS, Sigma Solutions, and Temenos.
What do users look for in a Money Lending Mobile App?
Getting your loan sanctioned is quite an important thing for anyone who is looking for financial assistance from the market. It is important that one trusts on a loan lending mobile app, and consider the important aspects of the stream. As a finance firm, if you are dedicated on how to create a loan app, then here are a few tips that would save your research time.
Getting your loan sanctioned is quite an important thing for anyone who is looking for financial assistance from the market. It is important that one trusts a loan lending mobile app, and considers the important aspects of the stream. As a finance firm, if you are dedicated to creating a loan app, then here are a few tips that would save your research time.
Users often go for a firm that has a good online reputation. They tend to cross-check the information provided by the online firms and only after they are certain about it, they initiate the process. Hence, as a company, you must put effort into building a good reputation & name to attract users. You must hire a trustworthy money lending app development firm that can make things easier for you.
To attract customers’ attention, the loan lending firms must offer excellent customer service. After all, the borrowers want to be assured that the chosen firm will take care of them afterward as well. In case, a firm is not offering satisfactory customer service, then the borrowers will certainly hesitate to apply for the loan in such a company. Hence, the loan app developer must integrate customer assistance to ensure you can provide services to your customers whenever they are in need.
This factor matters the most to online loan applicants. For fast processing, it is advised to work with an online mortgage company that is collaborating with tech giants like Microsoft, Oracle, Cisco that help them in closing out the loans in under 10 days, a ridiculously short period.
To attain growth and success in their business, most of the small-scale businesses have begun to direct towards apps that lend money. This will help in increasing their capital and productivity. Calculators and several other resources are provided to the users by these loan lending apps to help them extract maximum from their financing options.
When you reach the third party for loan lending app development, make sure you share with them these points. It is crucial that before you proceed further your mobile app development company is on the same page as you are. When talking about money lending apps, based on their operations there are different types. Let’s check various money lending mobile app types and check which fits you the best.
Different Categories of Money Lending Apps
Your money lending application development would be highly influenced by your target audience. There are different types of loans that may choose to avail from. If you looking for mobile app development specific to any kind of loan, then maybe you can consider one of the alternatives from the list:
- Student Loans
If you are aiming to provide the services in India, consider the fact that loan lending mobile app development in India is influenced majorly by this group. Students take loans for their higher studies. Just take an admission, show your certificates and the loan is sanctioned. Our loan lending app developers can easily deliver such apps for you.
- Home Loans
If you are ready to assist with home loans all you need to do is focus on how to start a loan app for the same. If you hire mobile app developers at Octal IT Solution can provide you with solutions that are interesting, helpful, and easy to use. These apps help you reach a wider range of audiences and the ease of navigation ensures that they further share your app.
- Car Loans
Help your users enjoy the little luxuries of life with instant loan services. For instant car loan services, all you need to do is reach the right cost-effective loan lending mobile app development in India and enter the market with a solution that can make things easier for you.
- Personal Loans
These are the loans specifically taken for personal reasons. These are generally unsecured loans and thus have higher interest rates. If you are looking forward to providing people with personal loans, where you can take higher interests and make a profitable business, then reach out to mobile loan app development service providers who can make things easier for you.
- Business Loans
So, you want to help the business owners and startups to grow better, bigger, and stronger but aren’t sure how to create a money lending app. Well, in that case, all you need to do is reach out to your loan lending app developer and share with him the details. Rest he would take care of how to create a loan app that fits your needs.
So, before you reach out to a mobile application development company, be sure of the purpose and the idea of your app and how it would work.
Aren’t sure how your money lending app would work? Relax! Our experts with their experience can help. Listed here are a few working models you can choose from.
Crucial entities to focus on before developing the Loan Lending App
With an extended ground for the customers to explore their needs, one needs to make sure that the apps that they have involved in their loan sanction process work with basic steps. Click here to read about the whole process of developing ewalllet app.
As discussed earlier availing of a loan is a simple process of
- Filling Details
- Choosing a scheme
- Availing the loan
Well, there could be two ways you can let potential customers take loans from your money lending software. To be more specific, there are two ways money-lending apps can work.
Here, the user needs to install your money lending mobile application and register. Fill in the required details and check for the loans suggested. Further, they can analyze the options available and choose the one alternative from your loan lending application that suits them the best.
All they need to do is compare interest rates and time and click confirm for further process.
- Link to Bank Accounts
This is a more reliable loan type. Here the borrower could link his bank account with the app and the amount is auto-detected. Thus, there would be no delay in the banking functionalities and you would be the link in between.
These are the two most common and sought-after ways when it comes to deciding how loan apps work.
Another factor that would decide the popularity of your lending app development is the key attributes that the developer would integrate into it.
Now, let’s discuss here the key attributes that you need to focus on when you are researching how to start a loan app.
5-Must Include Key Functionalities to Integrate with Your Loan Lending App
Experts share here some of the best features to integrate with your money lending mobile application to make it stand out from the rest of the crowd.
- Dynamic functions
After reviewing loan characteristics, your loan app must be able to generate document requirements dynamically. This would make the process of loan-taking and affirm quite easy. Thus, it would save your time & energy and help you continue with the process real quick.
- Minimum Paperwork
A minimal amount of paperwork is required as the app provides its users with a lot of options to complete it. A lot of people reach online loan lending apps instead of formal banks as the process is easier and can be completed with the least paperwork involved.
- CIBIL Analysis
Its main function is to categorize the loans based on complexity, understand plus maintain individual records, keep credit reports and by analyzing the user, approve or reject loans to him.
- Complete Management
Look after the whole project like personal history, financial history, collateral, pledge, etc. It is crucial to take care of minute details before one moves ahead with the loan. When you reach out to lending app programmers you need to take care of the fact that the records are verified and there are features to verify to your users.
- Discreet Procedure
It is very direct and easy for borrowers to find lenders on the website and that too without much intervention. As already discussed, money lending mobile applications are gaining more popularity as compared to formal bank loans as it makes it easier for the users to get their loans approved and move ahead with the work.
These are just some of the basic features that your loan lending app developer must include in your product. If you want to make sure that you are not losing on any part, reach out to the best loan app developers at Octal IT Solution.
If you still aren’t sure how to proceed with the money lending app development process and why this is a good idea, then you can check here the benefits of app development for your customers and how it can help you stand out from the crowd.
Benefits of Loan Lending Mobile Apps to End-Users
A lot of clients who reach out to us for money lending app development often confuse themselves if they are making the right decision. Well, our mobile application development service share here some of the advantages that would make your money lending software popular with your customers.
- The complete digital procedure saves time.
- The user-friendly app provides users the cushion to navigate features with ease.
- Request loans in minutes.
- Checking the Eligibility criteria.
- Tracking the status of the loan application.
- Get necessary information regarding the document checklist, rate of interest, etc.
- Availability of required contract terms.
- Addressing support inquiries in a proper time routine.
- The user is allowed to retrieve back a loan quote.
Now that you want to develop a money lending app, the next thing to do is have a brief on how to develop a loan lending mobile app. We share here a basic outline of how the idea of the app is conceived and how we take it further to turn your vision into a reality.
Development Process of Fast Loan Lending Mobile App
Here’s the basic process of money lending app development in India that our experts follow. It is not only quick and pocket-friendly, but it would keep you involved with the development process all the time and help you earn great profits.
In the process of developing a business, an excellent idea is needed and this idea can come from anywhere, whether it comes from you or us. If you come up with an idea, the loan app creator will listen to it and add our experience to achieve a common money lending app that would earn great profits.
R&D plays a key role when a business is started. To build a loan app that turns out to be an effective solution regarding your business, proper analysis of the market and designing of UI is required. It is more of a duty to our UI/UX Design team to separate from the crowd.
Implement the steps as required by the clients. It is vital to be transparent and work as per what suits the provided features and functionality. The custom solution focuses more on adding the features and functionality that are demanded by the customers.
We use advanced tools for testing the app. The quality analysts and software testing experts make sure there is no error in your app. You can be assured of a bug-free app after the complete testing process. If any problem comes up then, staying available to the client is crucial.
Free support can be offered for 1 month after a specific project has been delivered to the client.
We have a transparent and clear app development process when asked how to create a money lending mobile app. This makes it easier for you to avail of our services. Also, with our agile software development methodology, you would always be a part of the development process.
Let’s now check the best features that our loan app development service providers integrate with your money lending app to make it popular and generate a high ROI.
Top Features for building Money Lending App in 2022
When it comes to developing a highly responsive and revenue-generating money lending app, one needs to take care of the features that are integrated with the app. We ensure that we come up with some unique solutions, which would make it easier for you to take care of the customer needs and walk the market as a pioneer in the field.
- Easy Browsing
Easy browsing allows lenders to go through all loan applications and find out the perfect borrower for lending their money to.
- Safe & Secure
Proper information about the borrower in the form of documents is provided so that the lender can decide whether it’s safe or not.
- Borrower Profile
There is an option of managing the borrower profile info like that of Name, Location plus can also generate a fresh loan application.
- Application Management
The Borrower has the option of checking the various loan applications and tracking the application status online.
- Loan search by Lender
Using investment amount and keywords, the lender can search out for Loan Investment Proposals (LIP).
- Loan Proposal List
Lenders can go through the list by considering various factors, such as loan purpose, amount to borrow, and loan duration.
- View of Borrower Profile
The lender has the option of viewing the borrower’s profile and gets all the needed personal details.
Lenders and borrowers can exchange messages in the chatbox over their requirements regarding the loans.
- Loan Calculator
If someone with a small business is looking to expand some commercial properties then this feature is perfect for them. Information about monthly payments, down payments, and interest rates is provided.
- CMS Integration
CMS Integration will be essential to manage app content, both in the Image form as well as text.
This feature will enable you to be knowledgeable of everything going on in your app via the dashboards. All the stats regarding app performance, such as total amount landed, total app users, partners, total earnings and this can then be filtered based on data and date range.
- Online Support
This feature is integral as it is greatly useful for the customers as here the users can seek help from the system whenever required. As the user applies for the support, he will be provided the necessary help from a team member.
- Bank Partner Management
Herein the system works with the bank partners so the banks with which the admin has collaborated can be managed from here.
This certainly is an important aspect of this system and it attracts the users with the app dealing with real data of the users. To ensure app security, certified security measures should be integrated into the system.
- Cloud Storage Integration
This functionality will be helpful for the system to store user data taking care of security and privacy.
- Reporting & Analytics
Real-time reporting is a crucial aspect of this kind of app as it helps to organize data into informational summaries that help in monitoring and analyzing data & extract actionable & meaningful information that can be useful to increase the results and app performance.
- Interest for Only Used Amount
This is an intriguing feature that will make your platform unique as it facilitates users to pay no interest on money that’s not been used. If a sum of money has been borrowed and a user partial fund, then interest is calculated on the used sum of money.
Again a useful feature, allows the users to repay. Here the user will be given access to return the amount that has not been used.
These are some important features that you must consider when working with your mobile lending app development team. It would help your customers stay updated and help you earn great revenue.
Let’s talk about some of the popular mobile lending apps that are your potential competitors.
Popular Money Lending Mobile Apps Worldwide
Before starting your app, let’s catch up with some of the references already available in the market while creating the app in 2022.
If you are looking for a fast and easy way for lending your money in case of business operations, then you should opt for the Kabbage app. Entrepreneurs are looking to push their business to greater heights and a loan can help them surge forward in their path. This app can deliver about $100,000 to a person within 7 minutes on his mobile app. Once you become a member of this app by registering, you can go through all the transaction history. This app generates the best service to industry businesses like restaurants, auto shops, spas, etc.
Specifically developed for professionals, this app gives easy and fast finance options. You can raise the funds to $1M in less than 72 hours.
Users can access their loan limit and other details even before they share their information. The app is quite easy to use and sanctions a great number of loans each month.
You are looking for the instant option to get prompt loans without any worry of approval from banks or any documentation, then Dhani Credit is the right app for you. It is known to be the top loan lender app in the market. You can grant up to 5 lakh @ 0% interest of loan instantly. However for more than that amount you need to pay an interest of 12%.
It has easy-to-use EMI options for users to pay back loans in three easy installments with the auto-debit features so that you need not worry to miss any of the updates. Dhani has come with exciting offers and deals to shop across all of the online merchants and get rewards every time.
Apart from that, Dhani has plenty of other features offered to the users like online pharmacy, instant healthcare, Dhani wallet, Dhani stocks, and many others.
MoneyLion is a five-year-old fintech company known to offer loan lending services to users. They have offered low-cost borrowing money up to $500 with an annual rate of 5.99% for 12 months. Loans transact to you instantly within 15 seconds.
It has many ways to engage its users and get the money in their accounts. With the daily logins, the user gets $1 as cashback in their wallets which they can use anytime in their loans.
Some of the other features include;
- Emergency payday loan; get instant money up to $5k.
- No hidden fees; get your instant loans without any of the hidden loans.
- Installment loans; in case if you wish to pay in installments then you can get to go.
Cashe Credit is one of the smartest ways to get your loans in the one approval. Users just apply for the one-credit line in the app and get access to multiple shopping loans. Get instant personal loans up to 3 lakh in your bank within seconds.
You can choose from the one-year tenure to pay back your money with the easy EMIs. There are no hidden charges or foreclosure charges. There is no fear for the users to fill in their details in the app. The data is safe with SSL encryption which makes it more trustworthy for the users.
Before you reach an app development firm to hire, study these competitions and see what makes them so popular among their customers.
Tech Stack Required to Create a Loan Lending Mobile App
Tech stack is the ecosystem of tools for the industry to infuse within their app. The tech decides the functionalities and the dependency of the success of the app. We have a team of expert professionals gathered together who have a deep analysis of the competitive existing environment and the gaps currently available in the niche market. They consider the important aspects like security, performance, future sustainability of the app, new features, etc.
Lenders have to facilitate service loans to their customers but the ones who are leveraging it with technology, reliability, and under the budget will win the market in the long run.
For the Applications:
- Front-end: PHP, jQuery, Node.js, React/Redux, TypeScript, HTML5, CSS4.
- Database: MySQL, PostgreSQL,
- Platforms: Android, iOS.
- Bank data integrators: Plaid and Finch
- Accounting data integrators: Codat and Merge
- Go, Amazon RDS, Elixir, Amazon Aurora, AWS Glue
For the DevOps and Utilities
- Google Analytics, Twilio, SOAP, REST
- Datadog, Kubernetes, GitHub, Atom, and Visual Studio
Business Tools: G Suite, Slack
Your project cost is going to depend highly on the team you hire, both in case of skills & time frame. Like, if you desire to develop an app in the least possible team then you’d need more than one person for each role and require to hire a Loan Lending Mobile App Development Company. Usually, you would need:
- Requirement Analyst
- Project Manager
- Unity Developers
- Android/iOS Developers
- QA Specialist
How Much Does it Cost to Create a Loan Lending Mobile App?
The cost of the loan lending app depends upon many things. The factors of the cost of the lending app are:
- The complexity of the app
- Tech stack used
- Rate of the development team
- Design and the demographics
- Time is taken to create the app
Meanwhile, the rates for loan lending app development will vary as per the region you wish you get the app developed in, like:
- Northern America: $50 – $250/hour
- Southern America: $20 – $75/hour
- Eastern Europe: $20 – $100/hour
- Western Europe: $50 – $200/hour
- Australia: $40 – $170/hour
- Asia: $10 – $50/hour
If you wish to get a Loan Lending app you will require skilled developers, designers, other experts, and a lot more time as well. Summing it all, to develop such an app, the cost will be somewhere around $20,000-$30,000. Now it’s time that you get in touch with the best mobile app developers today itself to fill the missing spark in your business by getting a loan lending app developed.
Time is facing so many fluctuations now and then. Survival and to match with the identity, we as a human need more than our income. Loans are the alternative in that case. To make it easier for us, loan lending businesses have stayed afloat to manage our financial crisis.
So on concluding everything, we have prepared for you the full life cycle of loan lending app development, you are now in the position to enter the niche industry. No matter how complex your app idea is, if you need proper assistance, then you can connect with us. We have proficient developers plan your app from scratch.
Frequently Asked Questions