What Costs And Features Are Essential For Money Lending Mobile Application Development?
Because of the rising demand in the market, businesses nowadays are getting services of loan lending Mobile App Development. Most people nowadays use online marketplaces to get a loan. Consumer lending segment in 2022 is expected to reach around $31.28 billion. However, the introduction of loan lending apps can offer the versatile fintech goods that modern money lenders require. Consider this: there are no rapid approval, lineups, and opportunities to raise up your credit score. The hype of modern mobile money lending is understandable given that applicants can register and submit their loan application either at work or at home.
To authenticate their profile, users can upload their passport images which will save them a tonne of time when dealing with the bank. There will always be a point when a person will run out of money, and in the worst case scenario, it leaves them no choice but to borrow money from the banks or other individuals. Although people are embracing the new ways to lend money from banks or when that is not possible because getting a loan from a bank requires extensive paperwork and asset verification. These loan lending mobile applications are proving to be quite useful to give people money fast without consuming much time.
What are the reasons for developing money lending applications?
With the continuous rise in demand for money lending applications, Mobile App Development Company and businesses must employ skilled and knowledgeable mobile application developers to develop efficient applications. Loan lending apps or to say person to person money lending apps are having higher growth with each passing year. One of the main reasons for creating money lending apps is saving on operational costs. When you think about loan lending Mobile App Development, think about reduced person to person interaction with the clients or flexibility in regular procedures not connected to a physical location.
The other reasons are:
- Reaching overlooked and underserved markets
- Serving more customers at once.
- Employing AI to improve an end product.
- Speeding up the procedures of KYC (know your customer)
What are the important features of money lending mobile applications?
Below we have mentioned some of the must have features that Mobile App Development Company must incorporate in their money lending app. Keep in mind to add important app features like Auto payments, EMI calculations, etc in your app. It will ensure a smooth and effortless user experience for your app users.
User Side Features
- Loan application: with the help of this feature, users can apply for a specific amount of loan from the bank. They need to give all essential documents for loan processing and payment through the app itself.
- Login/Registration: by adding their personal or financial details, users can login in the application. After completing the registration, thay will be able to enter the app by entering the valid login credentials.
- Calculate Interest/EMI: with the help of this feature, users can calculate the monthly EMI with the interest for the loan they applied for.
- Help & Support: With this option, users can request for information regarding loan or assistance.
- Payback adjustments: Users get the control to adjust the timeline or loan period they want to apply with the help of this feature.
- Transaction History: users get to see the details of their past loans with the help of this feature
- Withdraw Payment: By using this feature, users can easily transfer the loan amount to their particular bank account.
- Notifications: This option helps the users by timely notifying them about the new offers, upcoming loan installments, etc.
Admin Side Features
- Intuitive Dashboard: With this feature, the admin may get 360-degree data about the app, like the total number of users, total earnings, total amount they lended, etc.
- Accept KYC: The administrator can assign the system’s KYC request to registered bank partners for paperless KYC acceptance
- Manage Users: the administrator can manage various users with the permissions such as delete, add, change, etc.
- Manage Lending Partners: By using this feature, an administrator can control which banking partners have access to what resources.
- Security management: To stop any information and data leaks or unauthorized access, the administrator can control the numerous security features of the application.
- Loan Management: The administrator can check and make certain changes to the interest rates and terms and conditions for different loan types.
What would be the cost of developing a money lending mobile application?
Depending on the functionality systems and features of the application, different amounts of startup money is needed. The price range can begin from $22,000 to more than $6,000. The expenses also differ depending on the team members’ skill sets, the volume of projects they worked on, their hourly rates, and the complexity of the app;s operation and features. After more users get access to your products, they will offer comments and expect you to act on it. Therefore, the app release stage is not the end of your spending. You must pay attention to your users if you want to make sure that your app will become successful
The cost and features of money lending Mobile App Development have been covered in detail in this post. Users create accounts, link their bank credentials, and submit loan requests in fairly simple ways in money -lending apps. They have a choice of leaders, each offering a different interest rate and set of acceptable repayment terms. Stay updated for more insightful information.