Loan Lending Mobile App Development Company

Loan lending app development services are high in demand because of the diverse benefits that loan lending mobile apps have to offer – 

• Fast Loan Processing – 

Through proficient use of technology, you can provide your users a seamless loan application process along with a swift and methodical processing, authentication, and approval of loans. Hence, such apps amplify the user experience to another level. 

• Easy Accessibility – 

The biggest advantage of loan lending apps is that they are readily accessible to avail easy loans at any time of the day from their smartphones. You do not have to pay visits to the loans or wait in queues. 

• Full-Proof Security – 

Loans lending apps harness the power of encrypted algorithms to keep the confidentiality of the customers’ banking data intact. No data with regard to financial transactions will be shared. 

• Loan Types – 

There are an endless number of loan alternatives that these loan lending apps offer to their customers – short-term, long-term, car loan, etc. By efficiently covering every loan type, they expand their potential market.  

• Systematic Records – 

Loan lending apps offer their customers a dashboard view of all their previous transactions and the future payments. Such records give users an insightful understanding of their financial health along with reminders to make payments. 

The cost to develop a loan lending mobile app lies between $ 50000 to $ 90000. This is just a general estimation of the cost of loan lending mobile app development which can get affected by the number of significant factors mentioned below – 

• App Complexity – 

The more complex the loan lending mobile app can be with its features and API integrations, the more will be the cost of its development. 

• Number of Features – 

The more the features and their associated complications, the more you have to allocate money for the purpose of development of your loan lending app. 

• Location and Size of the Development Team – 

You would have to loosen your purse strings a little too much if your app requires a highly cross-functional team located in a region where workforce costs more. 

• Design Complexity – 

You cannot help but spend more if your app design needs to be sophisticated in order to improve the user experience of your customers. 

• App Platform – 

Whether you go for native app development or cross-platform app development, your choice will significantly affect the money you would be spending on loan lending app development services. 

For your reference, we have stated below the average hourly rate of development charged in different regions across the world – 

• Asia – $ 30 
• USA – $ 150
• Australia – $ 100
• Eastern Europe – $ 60
• Western Europe – $ 130

The loan lending mobile apps work as stated under – 

• First of all, your customers – borrowers and lenders – have to create new accounts on your loan lending apps via phone number or email ID and log in. 

• After successful login, both the borrowers and the lenders have to put the mandatory information for verification purposes. 

• The next step for both the parties would be to add their bank accounts through which they want to conduct transactions on the loan lending app.

• A borrower can now sift through a number of loan options available and send a loan request, citing the reason for the loan, to the concerned lender.

• The lender would go through the loan request and accept it if he/she/they find it justified. Otherwise, he/she/they could reject it. 

• If a loan request gets accepted by the lender, both the parties can move ahead with the sanctioning of the loan and complete the formalities. 

• After the completion of the concerned formalities, the loan amount will get transferred from the account of the lender to that of the borrower. 

The futuristic technological trends in loan lending app development have been stated as under – 

• Artificial Intelligence – 

With the use of AI technology, loan lending apps have made the application, sanctioning, and approval process faster and automated, exemplifying customer experience. 

• Biometric Authentication – 

In order to safeguard their customers from cyber threats, loan lending mobile apps harness the power of biometric technology and multi-factor authentication. 

• Blockchain – 

Another efficient technology that endeavours to offer a safer loan lending platform to customers is blockchain. Through blockchain technology, all your transaction data would be stored efficiently. 

• RegTech – 

RegTech takes extra care that your loan lending app strictly adheres to all the legal norms throughout the existence of the app and protects the customers from any kind of fraud by sending timely alerts. 

• Voice Payments – 

By enabling voice interfaces on your loan lending application, you can allow your customers to send voice commands to your loan lending app to make payments, enriching their user experience. 

We have listed below the top loan lending mobile app development companies below – 

• iTechnolabs

• Diceus
• Radixweb
• Scalo
• Willow Tree
• Hyperlink Infosystem
• Nimble App Genie
• Code & Pepper
• Praxent
• Geekyants

Before you make a hiring decision with regard to loan app developers, it is essential that you delve deep into the experience, skill set, and portfolio of the above-stated companies.