Loan Lending App Development: Cost, Features, Tech Stack and More
Suppose, if you want to apply for a loan today, what would you do first? Most probably you will navigate through Google results to find the best loan lenders in your locality. Or, look out for a loan lending app that serves your purpose.
Well, with the advent of smart technology and mobile apps - the entire loan lending process from application to disbursement - has become paperless, simple and fast for today’s tech-savvy generation.
Most of the businesses are eager to participate in the loan lending app development market to have their fair share in this growing industry. But, how to build a reliable money lending app solution?
Businesses face this question when they look to turn their app idea into reality. To help companies overcome this challenge, the article will provide a comprehensive overview of the loan lending mobile app development process. Read on:
Table of Content
- What Is Loan Lending App And How Does It Work?
- Benefits of Loan Lending Apps for Businesses and Customers
- US Market Trends for Loan Lending
- Key Features of Loan Lending Mobile App
- How to Build a Loan Lending Mobile App?
- Key Points to Consider While Building A Money Lending App
- How Much Does It Cost To Build A Loan Lending App?
- Factors That Affect the Cost of Loan Lending App
Now, let’s begin with discussing each of them in detail.
What are Loan Lending App and How Does It Work?
A loan lending app offers round the clock borrowing facility to loan seekers without any need to visit a physical bank branch or loan centre. These money lending apps are a great alternative for people, not having enough time to visit a bank branch to get the loan application processed.
Wondering how these apps work? Well, money lending apps works on the principle of peer-to-peer (P2P) lending. What this means is that the process of issuing and receiving loans is executed by individuals without the involvement of any financial institution, as an intermediary. You can participate in a P2P lending app or platform both as a borrower or lender. Money lending app service providers host these P2P platforms. Majority of loans you receive via these online lending apps execute in a P2P manner. Although in some cases, lending companies also participate in this process to grant individual loans to buyers via the app at specific rates.
Intermediaries or companies take the assistance of an expert mobile app development company for building these personal lending apps. And, by building such apps, they receive a small percentage of commission on each loan credit and borrow transaction
US Market Trends for Loan Lending
The usage of loan lending apps is growing exponentially in the US. According to a Statista, 48% per cent of people in the US are ready to use a money lending app to check the amount of loan they can get via a particular online lender.