In today’s world of computers and mobiles every work is going online: may it be shopping or matchmaking or Banking. Banking industry is fast flourishing and so its services. But taking a loan is still considered as a long and tiring process. To help people with this long process loan lending app are being developed which give an easy and systematic process in the place of the hectic schedule of filling up the form, standing in the queue and waiting for hours. These apps reduce the physical efforts of visiting the bank and they also reduce the time taken for such processes. People with a busy schedule or old people can find them very helpful and easy!
These apps provide an easy-going process to apply for the loan, filling up the form, documentation and all the other requirements for getting a loan. These applications give end-to-end solutions for eligibility approvals. Generally these apps are user-friendly; they provide various gateways according to the need of the borrowers like they have different widgets for a personal loan, private institution loan, vehicle loan etc. Moreover, they provide instant help to borrow the money so that urgent needs can be fulfilled! Now there is no need to borrow from people for urgent needs!
Not only for the borrowers but also for lenders such apps are easy to manage for they check all the documents and check for approval or rejection of the loan. All the fronts of the process are clear online so that the transparency is maintained.
What These Apps Do
These apps take the details from a borrower who registers on the app and makes him eligible to apply for the loan. The app provides all the calculations regarding EMI, interest, payback period and also the transactions for the borrower to make him understand about loan and its features.
On the side of admin the app manages all the approvals, documents given by the borrowers and their profile. The app also manages the earning and lending from this side.
In this way, the app manages from both the sides to make a user-friendly environment.
What Users Seek
Lenders and borrowers require an easy-going, safe and free environment for the investment or borrowing of the money. They also seek the appeal and design of the app so that they can navigate and use it properly. Such apps should be clear and operable for all and therefore should have:
Safety and security: As they have to give all their documents and information, all the users seek for the security and safety of the information. As these apps are encrypted they are secure.
Accountability: Everyone likes to choose a company that has some reputation. Users check the online reputation and then start work with any app. The reputation made by a company will bring more users to it. Therefore, it is necessary to make some reputation online.
Assistance: everyone needs personal assistance not only till they get money but afterwards too! The app should have excellent customer services to assist the people for the management of loan and other things related to the process.
Fast services: People want their work done fast especially those who are applying for a loan. For this it is advised to work with those lending companies who are working with fast technology providing companies like Microsoft and Oracle that help in closing loan out in a very short span of time.
Easy to manage: As these apps are mobile and computer friendly, the less paperwork is required; the less the papers, the less the confusion and the less the stress to manage and maintain the papers.
Complete Loan Procedure at a Single Platform: People seek all the attributes at a single platform like after reviewing the loan characteristics the app should generate document requirements, should complete CIBIL analysis for the eligibility, maintain records and approve or reject the loan.
Benefits of Loan Lending Apps:
Time-saving: As the procedure is digital it requires less time.
Easy Navigation: The apps are user-friendly so one can see all the features on a few clicks!
Easy to Apply: One can apply within minutes for loan.
Eligibility Check: these apps provide fast checking for approval or rejection.
Track status: The app tracks the status of the application and procedure.
Calculation: The app provides necessary calculation for the rate of interest and payback period.
Retrieving back: The app allows user to take back their application whenever they need.
Developing the App
This is a crucial stage for any institution the app should have all the key features and requirements of the institution. For developing the app the institution should contact a good application development company so that the requirements should be fulfilled. Still, there are some steps that should be followed:
Mapping: The making of any app requires the necessary planning about its needs and required features. Proper mapping allows the app to be more comprehensive!
Research & Development: Finding out the necessary information about the application and the area for which the application is to be made. This makes a company able to understand the dynamics of the industry under research.
Design: Proper designing makes the application user-friendly and easy to operate and enhance the experience of operating. The design of application should be understandable and appealing.
Testing: is the phase for checking all the features and uses of the app. A proper testing schedule is useful to check for the drawbacks and bug of the application so that it can give proper assistance.
Support: A fare work gives after support for the developed application so that it can be maintained properly. With the proper maintenance the application becomes more comprehensive and suitable for the competitive world.
Cost of developing:
The cost for developing a good money lending app varies with the area and requirements. The more the features included the more it costs. Depending upon area also the cost varies. The competitive environment also affects the cost of application developing. An estimated area of wise cost is given below:
- Northern America: $50 – $250/hour
- Southern America: $20 – $75/hour
- Eastern Europe: $20 – $100/hour
- Western Europe: $50 – $200/hour
- Australia: $40 – $170/hour
- Asia: $10 – $50/hour
For such a crucial and security demanding task one should work with good developers, experts and designers. You need to spend more time to think and find the experienced and experts for your loan lending app. It can cost as above but getting a good app will boom your business!