- 1 How the Loan Lending App Works?
- 2 Features of Loan Lending Application:
- 3 Process of Developing Loan Lending Application
Banking and finance is not the newest industry in the field of development. Banking is the oldest of the industries which are growing day-by-day. Everybody in today’s world knows that getting a loan from the bank is a very long and hectic process. Filling out the application for loan providing right document the verification it’s a huge process which sometimes takes days. But, when there is a “but” involved then there is something new and promising. Banking Applications are being developed which are very helpful in the banking sector.
The banking industry is bringing a bigger and better revolution in the world. The flexibility this kind of application provides not only helps the bank operatives but also the bank consumers which on the other hand can easily request for anything through the application. Now form filling is not a problem anymore, you don’t need to be in the queue for getting your work done its all getting digital these days. People who are old and can’t forth stand in banks can also use these applications to get their work done.
The applications of these kinds provide end-to-end solutions like any kind of application approval, provides the user information about the loan eligibility, documentation, etc. at a single place.
How the Loan Lending App Works?
These custom loan applications open many doors for the loan borrowers which sometimes consist of private institute loans, personal loans. Through these applications, people can lend some money as a loan as money lenders. Lenders on the application can easily lookout for the loan proposals to invest in also known as (LIP). The lenders can get in touch with the borrowers for finalizing the lending proposal. There is a whole process behind this the borrower will have to submit the loan application which is then checked and approved by the admin in order to complete the security check. The borrowers can easily manage the list of loan applications through the Loan lending application.
Now let’s see
How this application Benefits Business and Consumers?
There are many ways and instances in which these loan lending applications can be beneficial for the customers and businesses both.
Some of the benefits that we get from Loan Lending Applications are:
- Application Security: Security in the application is a must by creating a stronghold password and keeping it to yourself and confidential. These kinds of applications use an encrypted route which keeps the application data safe.
- Variety of Loans: There are many types of loans on the loan lending application like personal loans, and payday loans are available on the application for the users. There are many users who look for different types of loans and this application keeps the records and care for its users.
- Loan Application: A very simpler way to file for a loan on the loan lending application that will impress the loan lenders to get the loan from them.
- Confidentiality: There are some of the users who want the loan for the particular reason and they don’t want that the reason should not be out and be confidential; there is an option for that in the application of privacy and confidentiality.
- Easy Navigation: It’s very easy for the lenders to review all the application and select their borrower which suits their conditions of the loan.
- Messaging: Lenders can discuss their terms of the transaction with the borrowers after the borrowers have viewed the list of loans.
- Application Management: Borrowers can manage all their loans and the money lenders on the application as the application made this very easy for the borrowers to manage all that on a single go.
Why the users should download your Money Lending Application?
Well if you have made up your mind on creating a Money Lending Application for your customers then what should be your next move?
There are many things which needed to be taken care of to make your app popular among users like,
Security & Safety
The Documentation process which takes place between the borrowers and lenders is safe and secure in the application as the application is encrypted and all the data in the application is confidential.
Well, you are already going through a lot of processes on the application on your mobile phone which itself decreases the user of paperwork and fastens the whole process of getting a loan.
Trust is the basic necessity of all the users when it comes to loan lending as the users look for the most trustable companies. Users look and cross-check the information provided by the companies n their websites and once the users get the trust and accountability of the company then they start the process.
Features of Loan Lending Application:
User Panel Feature of Loan Lending Application:
- Registration on the Application: User can register themselves on the application by providing the personal information asked in the registration page in the application.
- Apply for the Loan: User can also apply for the instant loan, for applying the loan a user need to follow the few steps like selecting the amount of money they need, EMI of the amount they are lending and will need to pay, GST they have to pay, and the processing fee to finish the fun transfer.
- EMI, Interest Calculation Tool: This is an inbuilt feature in the application which allows the user to view the amount of EMI or interest they will be paying on a particular amount of money.
- Setting Payback Period: The users have the access to choose when to payback, and as per the payback period the user decides to pay the EMI. The Interest will be shown and displayed to the user.
- Transactions: This feature in the application will show the user the complete history and summary of the money borrowed the amount of Withdrawal and available credit limit.
- Online Support: It allows the user to contact for any query with the support team through the application support.
Admin Panel features of the loan Lending Application:
- Login: The admin can log in to the admin dashboard by the login credentials.
- Profile Approval: Admin verifies and examines the user-profiles and the information provided by the users like the User PAN, credit card or debit card details, etc.
- Manage Users: Admin can manage the users as if the admin found that the user is violating the terms and condition of the application admin can block the user account or may delete it.
- Manage the Earning: Admin is responsible for managing the earning of the user’s admin can view the entire earning of the users, income and any pending money if they have.
- Manage Profile: Admin is responsible to manage the user profile, and the admin can choose to add/delete/remove the user profile.
- Loan Management: Admin can manage the loan types that the user has selected as the terms & conditions, the interest rate may vary for all the types.
Process of Developing Loan Lending Application
The process of Developing a Loan Lending Application involves
- Planning: The starting of an application development process starts up with the planning of the application and what procedure is to be followed to make it successful. The starting point should be the
- Research & Development: Research & Development generally helps in finding the right amount of information about the application or the industry you are developing your application under.
- Design & Development: The Design of an application is the crucial aspect of an application, the design of the application makes the application user-friendly and it’s one of the greatest ways to enhance the user experience as well. Design your application in a way that the user is bound to open the application again & again & is simple to use & handle.
- Testing: The testing of the application before the deployment of the application is better because that is when you can actually fully test your application and find the bugs if there are any and can deploy the application as per the client demand.
- Support & Maintenance: It is one of the major aspect of app building process after the deployment of an application it is one of the major aspects which gets the users bounded to use it provides the support and maintenance after the deployment of the application providing updates to the application solving and providing the support to the application users is one of the major points.
Now finally what you have been looking for,
Cost to Develop the Loan Lending Application
Mobile Application Development has its own cost depending upon the number of features and functions mounted in it. There are a number of factors on which the cost of developing an application depends, Such as the development region, app features, app platforms, and many more.
The cost of development mainly depends upon the region where the application is developed. Also, Shown below is the per hour cost of the application development:
- USA: $50-$100/hr
- Western Europe: $50-$200/hr
- Australia: $40-$150/hr
- Asia: $10-$60/hr
The total cost of an application like this cost on an average of $20000-$40000; which could be the overall cost of the Loan Lending Application. So, what are you waiting for start your own application like built with us?