Aeons ago applying for a loan was considered to be a complex process, but the scenario is different now. Technology has touched and transformed various aspects of our lives and the same can be said for the process of lending a loan.
Gone are the days when applicants were required to fill application forms and make back-to-back bank trips to the bank to know about further processing. With the brilliant combination of technology and mobile phones, all the worries related to loan lending procedures are now over. Now loan lending firms have joined the race of mobilizing the sector, thus best serving the demands of today’s smart phone-obsessed audience.
The useful features of Loan mobile apps 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.
Loan Lending Mobile App Assisting in Financial needs:
With the development of loan lending mobile apps, now people don’t require borrowing money from friends or relatives, as these apps have got their back always. These apps can be used to get loan money instantly. People just require to simply download the loan lending mobile app and get themselves registered in order to participate.
These Loan Lending mobile apps can be used for various purposes, like for personal loans, private institute loans to commercial lending, etc. The apps easily lends 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.
where 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
What users look for in a Loan Lending firm?
Prior to taking a loan, users usually consider these below-mentioned factors, thus as a banking firm, if you are keen on getting a Loan Lending mobile app developed, then ensure your firm offers them.
Accountability: 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 once are certain about it, they initiate with the process. Hence, as a company, you must put effort to gain a good reputation & name in order to attract users.
Service: To order 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, it is crucial that the loan lending firm offers complete assistance to their customers whenever they are in need.
Speed: This factor matters the most to the 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 under 10 days, a ridiculously short span of time.
To attain growth and success in their business, most of the small scale businesses have begun to direct towards apps that lend money. This in will help in increasing their capital and productivity. Calculator and several other resources are provided to the users by these loan lending apps in order to help them extract maximum from their financing options.
Key attributes of a Loan Lending app:
Dynamic functions: After reviewing loan characteristics, an app will generate document requirements dynamically.
Minimum Paperwork: Minimal amount of paperwork is required as the app provides its users with a lot of options to complete it.
CIBIL analysis: Its main function is to categorize the loans on the basis of complexity, understand plus maintain individual records, keep credit report and by analyzing the user, approve or reject loan to him.
Complete Management: Look after the whole project like personal history, financial history, collateral, pledge, etc.
Discreet Procedure: It is very direct and easy for borrowers to find lenders on the website and that too without much intervention.
What are the benefits of Loan Lending mobile apps to end-Users?
* Complete digital procedure saves time
* User-friendly app provides users the cushion to navigate features with ease.
* Request loans in a span of minutes.
* Checking the Eligibility criteria
* Tracking the status of the loan application.
* Get necessary information regarding document checklist, rate of interest, etc.
* Availability of required contract terms.
* Addressing support inquiries in proper time routine.
* User is allowed to retrieve back for a loan quote.
How to develop a Loan Lending Mobile App?
Idea: In the process of developing a business, an excellent idea is needed and this idea can come anywhere, whether it comes from you or us. If you come with an idea, we will listen to it and add our experience to achieve a common solution.
Concept: R&D plays a key role when a business is started. For an effective solution regarding your business, proper analysation of market, designing of UI is required. It is more of a duty to us to separate from the crowd.
Implement: 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.
Testing: Use advanced tools for testing the app by the team of experts. 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.
Support: Free support can be offered for a period of 1 month after a specific project has been delivered to the client.
What are the Features of Money Lending App:
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: Borrower has the option of checking the various loan applications and track the application status online.
Loan search by Lender: Using investment amount and keyword, the lender can search out for Loan Investment Proposals (LIP).
Loan Proposal List: Lender can go through the list by considering various factors such as loan purpose, amount to borrow and loan duration.
View of Borrower Profile: Lender has the option of viewing the borrower’s profile and get all the needed personal details.
Messages: Lender and borrower can exchange messages in the chatbox over their personal 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 payment and interest rate, is provided.
Money Lending App Additional Features:
CMS integration: This will be essential to manage app content, both in the Image form as well as text.
Dashboards: 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 on the basis of 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 which the admin has collaborated with can be managed from here.
Security: 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 the 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 which 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 user partial fund, then interest is calculated on the used sum of money.
Repayment: Again a useful feature, allows the users to repay the system. Here the user will be given access to return the amount that has not been used.
Top Money Lending Mobile apps:
Kabbage: 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 inside 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.
Finan%: Finan% allows you to calculate ten of the most general operations, deposits plus it can strike a bond with every bank you bind with. As it costs you $3.99, it turns out to be a premium app and can help you in finding out the exact interest rate for a specific operation. That operation can be of some effective period but it should be of less than a year. One can easily borrow any loan with constant quota. Technological and financial business tend to benefit a lot from this app.
What team structure required to create a Loan Lending Mobile app?
Your project cost is going to depend hugely 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?
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
Conclusion: If you wish to get a Loan Lending app you will require the 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 $20000-30000.
Now it’s time that you get in touch with the Best mobile App developers today itself in order to fill the missing spark in your business by getting a loan lending app developed.