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.

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 require simply downloading the loan lending mobile app and get registered in order to participate. The loan lending mobile app developers ensure apps can be used for various purposes, like for personal loans, private institute loans to commercial lending, etc.

loan-lending-app

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 process

What 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.

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 after they are certain about it, they initiate the process. Hence, as a company, you must put effort to build a good reputation & name in order to attract users. It is important you hire a trustworthy money lending app development firm that can make things easier for you.  

Service 

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 app developer integrates customer assistance to ensure you can provide services to your 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.

tech-consultation

Process

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. 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.

When you reach a third party for loan lending app development make sure you share with them these points. It is crucial that before you proceed further your development team 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.   

Various Types of Money Lending Apps That You Can Choose From

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 want to develop a mobile app specific to any kind of loan, then maybe you can consider one of the alternatives from the list:

types-of-loan

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 provide assistance with home loans all you need to do is focus on how to start a loan app for the same. Mobile app developers at Octal IT Solution can provide you solutions that are interesting, helpful, and easy to use. These apps help you reach a wider range of audience 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 to 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 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 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 an app development firm, 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. 

Working Models 

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 works with basic steps.
As discussed earlier availing a loan is a simple process of 

  • Registering
  • Filling Details
  • Choosing a scheme
  • Availing the loan

Well there could be two ways you can let the potential customers take loan from your money lending software. To be more specific there are two ways money leading app development can work. 

Onboarding 

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 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.    

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Let’s discuss here the key attributes that you need to focus when you are researching on how to start a loan app. 

5 Must Include Key Attributes 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 affirming quite easily. 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 to online loan lending apps instead of formal banks as the process is easier and can be completed with least paperwork involved. 

CIBIL Analysis 

Its main function is to categorize the loans on the basis of 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 to the best loan app developers at Octal IT Solution.   

mobile app development for bank loan

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 to us for money lending app development often confuse themselves if they are making the right decision. Well, our mobile app development experts 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 a span of 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 for a loan quote.

loan landing app development

Now that you are firm that you want to develop a money lending app, the next thing to do is have a brief of 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. 

How to Develop a 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. 

mobile-app-development process

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, loan app creator will listen to it and add our experience to achieve a common money lending app that would earn great profits.

Concept 

R&D plays a key role when a business is started. To build a loan app that turns to be an effective solution regarding your business, proper analysis of the market, designing of UI is required. It is more of a duty to our UI/UX Design team 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 

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.

Support 

Free support can be offered for a period of 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 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 high ROI. 

What are the Features of Money Lending App?

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. 

loan-app-features

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 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 
Lenders 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 gets all the needed personal details.

Messages 
Lenders and borrowers can exchange messages in the chat box 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.     

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.

loan landing mobile app development

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 a 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.
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. 

Top Money Lending Mobile Apps:

Kabbage 

kabbage-app-screen

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.

LazyPay

Lazypay-app-screen

This is another app that can give you a tough competition in the market. 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. With a fourteen day window the app lets the user pay the interest as and when possible. 

These are the two apps that you need to make sure to compete with. Before you reach an app development firm to hire them, study these competitions and see what makes them so popular among their customers.   

What Team Structure is 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
  • Designers
  • Unity Developers
  • Android/iOS Developers
  • QA Specialist

loan landing app development services

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.

Answers by Lending App Development Service Providers

Developing a money lending app that is popular and helps you earn better revenue isn’t easy. You would be facing a lot of confusions and may need assistance at various steps to keep up your work. Our mobile app development experts share here frequently asked questions and their responses. 

Frequently asked questions

Frequently Asked Questions

What time frame would you require to develop my money lending mobile app?

We would need around 4 to 6 months to deliver your product. To be more specific, we would need 1-2 months to work on the MVP, and around 3 to 4 months for the development process. We ensure the product delivered to you is verified by our quality analysts and software testing team for flawless functioning of the website. 

Are you well equipped to help me with loan lending mobile app development?

Well, yes. We do have the right resources to help you with money lending app development. We have full stack fintech mobile app developers, backend developers, DevOps engineers, QA team, and UX/UI design team.  Along with these, we have a project manager who would be constantly in touch with you to make sure things go as expected. 

Should I choose to develop a native app or hybrid?

At Octal IT Solution, we have a strong team of developers who can take care of your development process. If you want to have a native app, you can hire our native app developers who can work on Android and iOS app development. If you want an application that works on all platforms you can hire hybrid app development team. 

Would developing the mobile app be sufficient?  

No! We would need to work on the backend, front end, and a website to support and a strong database to keep records. If you have an existing money lending platform, you can integrate it with the mobile app thus saving a lot of time, efforts and investments. 

Could you develop an app like MoneyLion?

The money lending app development team working with us provides an incredible screen experience your customers could easily use. We treat client business like ours and make sure that we deliver exactly the product that you have vision for. We have in the past delivered apps similar to Chime and Money Lion and can help you build an application that works on the idea. 

loan lending app developers

Sumit Garg

Mobile App Development and project management professional with wide-spread experience in every single aspect of the development cycle, Sandeep is currently working as the Technical Architect cum Project Manager at Octal IT solution. He has a wide experience of working on various technologies and he loves sharing his knowledge through blogging.

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