The Internet is gradually moving to mobile gadgets. If 10 years ago people were accessing the Web mainly from computers, now mobile devices have come to the fore. According to recent studies, already four out of five loans are made from mobile devices. Representatives of companies explain this by the fact that many borrowers do not even have a computer. There is simply no need for it. And the loan can be needed suddenly when only a phone is at hand. In such a situation, the development of a loan lending app is a great opportunity to occupy an extremely profitable niche. This article explains what a loan lending app is, what functionality a loan lending app should have, how to develop it, and how much it costs.
Table of Contents
What is a loan lending app?
The loan lending app is software for quick and easy loan granting for your clients. The loan lending app offers high-speed, easy-to-use features, and the ability to re-loan in seconds. All of these factors are extremely positive for the user experience.
What should be in the loan lending app?
What is inside the product and what will it take to use it? These are the first questions that may arise in your mind. Let’s break down the initial functionality.
Submission of an application and automatic creation of a borrower’s account
The first thing that starts the customer cycle in the application is filling in all the information you need. This information is used to create the client’s account in the application and can be transferred to your accounting system if you wish.
After the application form, the next most important touch point is the personal cabinet. Here the mobile application is the best fit for this task. Unlike the website, it allows for the simplified authorization of the client, when it is not necessary to constantly enter the username and password.
Data on current loans
Your customer’s credit history with your company is displayed to the borrower with details. It contains the payment schedule, amount and balance of debt, and interest amount.
Ability to make payment
Signing an agreement with a payment system will open a possibility for your clients to make regular payments inside the application.
Simplified application form for loyal customers
Customers can apply in a simplified form because you already have all their data and do not need to re-fill the form if the data have not changed.
Notifications of important events
Push notifications are a cheap and quick way to get information to your client. Without a mobile app, you have to send information either by text or email. You can also automatically track the status of reading notifications and use that to trigger other processes.
How do I develop a loan lending app?
To create a loan lending app, you must take several key steps. Let’s look at each of the stages in more detail.
This stage of the loan lending app development consists of gathering your requirements, analyzing your target audience, and creating a detailed plan for further work.
Here design experts build the visual part of the loan lending app and work through the logic of elements interaction in it.
Professional developers write the code for loan lending app, creating its front-end and server part.
After all the steps described above, you need to release the loan lending app and integrate it with your business processes.
After the release, you just need to make sure that the loan lending app runs smoothly. The app can also be updated if necessary.
How much does it cost to develop a loan lending app?
The cost of a loan lending app depends on a number of factors. In particular, the final price depends on the complexity of the application, i.e. the number of functions in it. The cost of the specialist’s work per hour is also important.
The fintech solution development cost can range from $48,000 to $84,000, depending on the features you want to equip it with. However, there is a way to significantly reduce the cost. Simply contact developers in regions where the cost per specialist hour is lower. For example, by hiring developers from Eastern Europe, you can cut the price of your loan lending app almost in half.
Today no bank can do without a mobile app. Customers are used to managing their money from their phone screens. The audience of mobile banks has exceeded the number of users of desktop versions and a new category of mobile-only clients has appeared. In such circumstances, the development of a loan lending app is no longer a feature, but a necessity. Contact Perfsol now and we’ll help you to create a loan lending app in no time at all.