Loan mobile apps, a disruptive business model focusing on easy money lending without overwhelming paperwork. Consumers and startup owners have welcomed this groundbreaking business model wholeheartedly, and for the right reasons.
While loan seekers get freedom from endless bank trips, lenders are better equipped to maintain a log and receive payments using an automated system. Let’s explore the world of loan apps, their features, how to create them, and much more…
Why We Need A Money Lending App
The best thing about mobile apps of any and all kinds is their round the clock availability. A money lending app is nothing short of a bank in your pocket. Apps make borrowing money and making deposits quick, easy and accessible at all times. Apart from that, money lending apps provide many other benefits to customers…
Mobile money lending apps use an encrypted route where all the customer data and transactions are secure. Consumers simply need to create a strong password and keep it confidential.
Various Loan Options
From personal loans to payday loans, money lending apps offer loans of all kinds for their end users. Every person needs a loan for a different need, and mobile lending apps solve the purpose brilliantly.
Not every loan application is filed for a house or a new vehicle, for some people may need it for a reason they don’t want to disclose. In such a case, a mobile lending app gives you unprecedented privacy and confidentiality.
Transaction records are an integral part of banking user experience. Mobile lending apps create automated transaction records for users. These records can be easily accessed within the app. Better record management also allows users to make payments on a timely basis, which is further enhanced by timely notifications.
Verticals That Benefit The Most From Loan Apps
Loans are needed by people from almost all walks of life. However, there are people and businesses who need loans more frequently than others, and most of these loan seekers are business owners such as:
- Angel investors
- Startup funding/incubators
- Venture capitalists
- Investment brokers and stock firms
- Financial institutions
Stages of Creating A Mobile Loan App
Like any other mobile app development procedure, creating a mobile app for loans is also a stepwise process. Let’s take a look at various stages of mobile loan app creation:
Start with what kind of loan(s) would you facilitate with your mobile app. Doing so will help you narrow down the basic functionality of your mobile loan app. It will also help you see your potential competitors.
Research and Development
This is where things start getting interesting. The more you know research about competitors, the more you’ll be clear about your own app. It’s like being better at what they are good at and making their drawbacks your strong suit.
Design and Development
R&D helps you figure out the UI and UX perspectives of your app, you’ll start understanding the navigational flow of your app. You should be able to create a user journey and create a design that works in tandem with it.
No software development process is complete without this stage, for it verifies the functioning of your product. Keep testing your money lending app for all the bugs and glitches.
Money Lending App Features
In this section, we won’t talk about standard features such as user profile, easy navigation, and safe & secure transactions. The only reason is that these fundamental features have already been discussed by many blogs out there. Moreover, these features are basic requirements of all apps.
So, without any delay, we’ll talk about features that matter the most:
Customers should be able to manage their loan applications at one place. Money lending apps should include this feature and facilitate application tracking to enhance user experience.
Category Based Search
This particular feature helps borrowers narrow down their search as per their requirements. It creates a better user journey.
Loan calculator gives the customers a ballpark figure of the amount payable after interest. It helps customers make a more informed decision.
The content management system will help money lending app owners to add, remove and edit app content easily and quickly.
A dashboard helps end users to manage their profile and view their details from one place. There are primarily three dashboard perspectives: borrower, lender and admin.
Flexible Payment Structure
This is an important feature that allows customers to only pay for the amount they took from the sanctioned loan. It helps them keep their net payable amount in check.
How To Create A Money Lending App
Primarily, there are four ways to create an app for your money lending business:
- Hiring Your Own Team
This is a rather old way of doing things. The only problem with this way is that you’ll need to spend a lot of time looking for the right talent and skillset. Moreover, their salaries will also add to your budget.
And then, you won’t be able to predict whether all the talented individuals will be able to work as a team together. Too many cooks spoil the broth, and you can’t afford that.
- Outsourcing To A Freelancer
Freelancers are comparatively more affordable. But finding someone who’s good at everything revolving around app creation stages we mentioned above is difficult. Then there’s the problem of runaway freelancers.
- Readymade App Builder
Readymade app builders are built for a particular niche, but they are not always customizable. Thus, you’ll be spending a lot of time personalizing it as per your needs. Moreover, you’ll need to hire a team for it, and there you find yourself back at square one.
- Mobile App Development Company
Hiring a mobile app development company is the safest and most rational decision you can make. Doing so will give you access to people who are good at what they do. Since most of the app developers are already working together in such a company, you won’t need to worry about their compatibility.
Everything that we mentioned above will equip you with the most powerful tool in the world: knowledge. After reading this blog, you will be able to devise a clear plan of action for your money lending app. And just in case you still have any doubt about getting your app live and running in the mobile market, simply put your query in the comment section below. We’ll be glad to assist you in making your dream money lending app a reality.
Gautam Sharma is a Senior Content Writer at Code Brew Labs. He is a keen researcher and likes to write blogs that are easy to read and deliver information effortlessly.