There always exists a fluctuation in financial stability due to several reasons. The transition from wondering what to do with the excess cash in the bank account to going bankrupt can happen very quickly and at an unexpected time. This need for money is the prime reason why people apply for loans. But the process of applying, sanctioning, and receiving loans can be very tedious and time-consuming when done in the conventional method. To combat this issue, many entrepreneurs are coming forward to invest in loan lending mobile app development.
This article gives a brief overview of the various beneficial features to be included while developing loan lending apps and the development cost.
Significant features
The following are the major features that a mobile app developer should not forget to include in a lending solution software.
For users:
- Registration – Users should be able to sign up or log in using their email IDs, phone numbers, social media accounts, etc.
- Loan application – The app should provide application forms that users can fill out to apply for loans of various types according to their requirements.
- Calculation tools – The app should have tools that enable users to calculate EMI, interest, etc.
- Payment gateways – The app should be integrated with multiple payment gateways to ensure fast and secure financial transactions. The integration of blockchain technology will serve as an added advantage.
- Support – Online Support should be given to users through the app.
For admins:
- Registration – Admins should be able to create an account and login using their email IDs, phone numbers, social media accounts, etc.
- Profile management – Admins should be able to manage the profiles of the applicants effectively.
- User management – The app should assist the admins in managing the users. In case if any user violates the terms and conditions, his/her profile should be deactivated, and necessary actions should be taken.
- Earning management – Admins should be able to monitor and manage the earnings of the users in real-time.
- Loan management – there are various types of loans. The terms and conditions vary widely depending upon the type of loan. The app should facilitate the management of loans, thereby making it hassle-free.
Cost of development
The cost of developing a loan lending app is influenced by several factors. First and foremost is the feature set. If you want your app to be rich in features and support all types of loan lending activities, the cost will be relatively higher as compared to a basic app with a few basic functions. Besides, the efficiency and experience of the loan lending mobile app development company also need to be taken into consideration while making a rough estimate of the development cost.
Summing Up!
Every problem has a solution to it. With the help of technology, the mind-wrecking process of loan management has been made easier. Now, go ahead and scale up your business seamlessly with lending software solutions. But, make sure to have a word with the development team prior to the commencement of the project in order to streamline the workflow according to your expectations and business requirements.
