How Much Does it Cost to Develop a Loan Lending App in 2021

Image Source: Freepik

What is Loan Lending App?

Personal loans are beneficial for borrowers as they can be used in an emergency or when experiencing a shortage of funds. Since the loan has no end-use restrictions, this amount can be used to fund a wedding, travel plan, medical needs, or just about anything in the sun. You can use a personal loan to keep as your emergency fund. With that benefit, personal loans become the most comfortable financial cushion for most borrowers.

With the advent of technology, applying and disbursement personal loans has become much easier. Many lenders offer this convenience through their mobile applications. These apps offer personal loans to customers instantly. You only need a mobile phone and an internet connection to get your personal loan right away.

These loan lending apps work like a credit card, allowing users to borrow instantly. All the user has to do is install these apps and register themselves. You will then need to check the qualifications and add your personal and bank details. These apps have become one of the most trusted as people can check their credit and credit score with the app and see the loan amount they are eligible for. This reduces the time spent going to the bank, standing in line, and talking to the bank staff over the counter.

Read: Cost to Develop a FinTech App

Features:

  1. User features
  2. User Features Lending App

Registration / Login: Users can register in the app, providing their personal and financial details. Once the registration is complete, they can log into the app using valid login credentials.

Apply for a Loan: Users can apply for a specific loan amount using this feature. They have to provide the documents they need to process their loans and disbursements through the app.

Calculate EMI / Interest: The user can calculate monthly EMI along with interest for the loan term used using this feature.

Payback Adjustment: Users can adjust the loan term or timeline they wish to apply for using this feature.

Transaction History: The user can check details of past loans by using this feature.

Help and Support: Users can request information on loans or assistance with this option.

Notifications: The user can get timely notifications about upcoming loan installments, new offers, etc. by enabling this option.

Withdraw Payment: Users can transfer the loan to their bank account using this option.

  1. Administrator features
  2. Admin features lending app

Easy-to-use Dashboard: Administrators can get 360-degree information such as total users, loan amount, gross income, etc. about the app using this option.

Manage Users: Administrators can manage users with permissions such as add, delete, edit, etc.

KYC Approval: Administrators can delegate system KYC requests to registered bank partners for paperless KYC approval.

Manage Lending Partners: Administrators can manage different banking partners and access rights using this feature.

Loan Management: Admin can review and update interest rates and terms and conditions (T&C) for different loan types.

Security Management: Administrators can manage various security aspects of loan lending app to prevent data leaks or unauthorized access.

Reporting and Analytics: This feature provides administrators with real-time updates on critical app activity. This can help lending app providers make important decisions to improve app performance.

Cloud Integration: Integrating with cloud services can help secure user data and ensure privacy.

Automatic repayment: When this function is set, you can automatically debit loan EMI from the borrower account. It also saves lenders from having to pay any loan installments.

How Much Does it Cost to Develop a Loan Lending App in 2021:

  1. App complexity
  2. The number of features included in it.
  3. Application design
  4. Geographic location
  5. Take time to develop the app.

The app’s price may vary from region to region. Smartly look at the approximate amount spent on developing these app regions:

Cost to Develop Mobile App

North America: Approx. $ 50 — $ 250 / hour
South America: Approx $ 20 — $ 75 / hour
Western Europe: Approx $ 50 — $ 200 / hour
Eastern Europe: Approx $ 20 — $ 100 / hour
Australia: Approx $ 40 — $ 170 / hour
Asia: Approx $ 10 — $ 50 / hour

Final Thoughts:

SEO Executive and a Content Writer interested to write on Artificial Intelligence, Mobile App development, Machine Learning, Deep Learning, HRM & tech Blogs