Key Features to successfully create a loan lending app

In the technological era, human life entirely depends on mobile apps. They use mobile apps for almost everything. These apps have made our lives comfortable in every aspect.
Just like most other apps that provide great ease to our life, loan lending apps have also come to provide great comfort to those who are looking for loan approval. These apps completely take the workload of going to the banks out of the way and make it an easy process.

Why should you invest in loan lending app development?

The loan lending market is growing rapidly. According to the report by Statista, the target value in the marketplace lending segment is supposed to go USD 20,391.5 million this year alone. And, by the end of 2024, the market size will increase to USD 24,914.
The stats clearly show that there is a tremendous demand for loan lending app all across the globe. So, no wonder, investing in a loan lending app development will be a wise decision.

What are the key features of the loan lending mobile app?

Here are the following top features that must be included in the loan lending app-user panel: 

• Registration or login: Users can register or login into the app by providing personal or professional details. They can also log in to the app with email identification and password.
• Apply for a loan: Users can apply for an instant personal loan. To apply for the loan, users need to follow a few steps such as money amount selection, check EMI, GST, Processing fees, and finish fund transfer.
• Set payback period: Users will have access to choose the payback period; according to the payback period of EMI, Interest will be displayed.
• EMI and interest computation tool: According to the payback period EMI, the device will calculate the interest. Users are also allowed to calculate the EMI for the desired amount of loan.
• Payment schedule and billing: The users can see complete EMI schedules, due dates, and finished EMI bills.
• Transaction: The users can see a complete summary of the borrowed fund, withdrawal, available credit fund. Payments will be separated by types that are bank transfer, credit card, and the entire payment will also appear here.
• Withdraw: Money can be withdrawn 100% in one go from the credit card. The money will be transferred to the user’s bank account, and after that, they can use the money by using an ATM.
• Transfer to bank account: Users can transfer the payment to the registered bank account in a minute. They can also withdraw the cash.
• Discounts or offers on credit card usage: The more the users use the credit card, the more they will get a discount or offer.
• Online support: Users can contact the support team for any queries.
• Push notification: Users can get all the updates from the app and admin.

Some additional features:

• Assurance of security: Security plays an essential role in attracting the users’ attention as the app deals with users’ real data. Make sure to integrate a security certificate into the system to ensure app security.
• Cloud-storage Integration: Cloud-storage feature helps store user’s data in the system with the purpose of safety and privacy.
• Repayment: The Repayment feature allows users to repay to the system where the users will have an allowance to return the amount that not been used.
• Interest for only used amount: This feature allows users to pay interest only on that money that has been used.

Things to consider while developing a loan lending app:

There are numerous things that you need to consider while creating a loan lending app. You will also require a team that fully supports the app and devotes their time to its functioning. Moreover, you require a different team to build an app. the team includes the following:

• You will need a financial adviser to take care of a country’s government and regulatory terms and conditions.
• You will need a legal adviser to advise you over the financial matters of the app.
• You will require a Public Relations company that helps you promote your app through various platforms and earn recognition amongst users.
• You will need a Banking partner to lend the loan amount to your users.
• You will need a Marketing company to achieve success among your target users.

Final words

No wonder, these days, the loan lending apps are doing well. If you plan to create loan lending apps for your start-ups, you should not think more. All you need to do is hire a perfect team for the development of your app. Mobulous is a top leading mobile app development company that will listen to your idea and conceptualize it, implementing the latest technology and features.
Contact us for more information. We are available 24*7.

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