What will you do if you find yourself in the middle of an emergency and your bank account isn’t there to help you?
How would you go about obtaining funds? Getting a loan from a bank might take a long time, and asking friends and family for money isn’t always the best option. What would you do if you were in this situation?
In this article, we’ll look at how a lending mobile app can save you from all of these problems. We’ll learn what a lending mobile app is? And what its key features are?
What is a Lending Mobile App?
A loan app, also known as a leading mobile app or peer-to-peer lending app, is a platform for individuals to issue and receive loans directly from one another. The individual does not need to go to a traditional financial institution, such as an intermediary.
These apps connect browsers with direct lenders, often known as investors, who make loans to qualifying candidates. In a nutshell, these applications connect people who want to lend money with people who want to borrow money.
Companies/intermediaries create peer-to-peer (P2P) software and earn money from both creditors and borrowers. It might be received in set payments or as a tiny percentage of the creditor’s or borrower’s loan amount. It demonstrates that you will have access to a network of lenders through the P2P lending app.
Now let’s get into the essential features,
What are the must-have Features of a Lending Mobile App?
According to Statista, 31% of users anticipate being able to upload photos of important documents while processing loan documents. Apart from this, we’ve categorized the features that a money lending app should have into two groups:
User app features
Registration
New users can register by providing personal information and completing the registration process.
Simple browsing
A simple browsing strategy enables lenders to go through all loan applications and choose the ideal borrower for lending their money.
Borrower profile
There is the ability to manage borrower profile information such as name and location, as well as to create a new loan application.
Advanced search
The lender can search for loan investment proposals (LIP) using a certain amount, keyword, and lender
Loan proposal list
A leader can look over the list and examine several factors such as the purpose of the loan, the amount to be borrowed, and the loan period.
Safe & secure
The lender is given sufficient information on the borrower in the form of paperwork to determine if the loan is safe or not.
Apply for a loan
Users can apply for an immediate loan and choose the amount they want to borrow. To complete the fund transfer, GST and the processing fee must be paid as EMI.
Calculation tool
The user can calculate and view the EMI and interest amount that will be paid using the application’s built-in feature.
Transactions
It will display the complete history of the money borrowed, as well as the amount of withdrawal and the credit deadline.
Messages
Lenders and borrowers can use the chatbox to send and receive messages on the loan procedure, in addition to their personal needs.
Application management
The borrower can compare many loan applications and watch their progress in real-time online.
Period setting
The customer can select a repayment time, pay the EMI according to their schedule, and track interest on the app.
Admin panel features
Dashboards
Through the dashboards, you’ll be able to keep track of everything that’s going on in your app. All app performance statistics, such as total amount landed, total app users, partners, and total revenues, may be filtered by data and date period.
Profile approval
Users’ profiles and data can be checked and verified by the administrator.
Repayment
It allows the user to repay the system by granting permission to return the funds.
Reporting and analytics
The real-time report is an important part of the type of applications that helps to build data into informational reports, as well as monitoring, analysing, data, extracting actionable and significant data that can assist to improve app performance.
Managing user
An administrator can manage users. They have the ability to add, update, delete, and block user accounts.
Security
It is a key component of the system that attracts a large number of users’ app dealing and personal data. App security must be ensured, and verified devices must be integrated into the system.
Manage to earn
The admin can efficiently view and complete the users’ profits, income, and any pending amounts if they have any.
Cloud storage integration
It is beneficial for the system to collect user data that is secure and private.
CMS integration
CMS integration controls the content and the total number of pages displayed in the app, including editable terms and conditions, policies, and images as well as text.
Online support
The most essential component that is extremely advantageous to customers is that users can ask for assistance from the system at any time.
Bank partner management
The bank partners administer the system, so the banks can communicate and be managed from here.
Conclusion
To sum up, establishing a lending mobile app necessitates the hiring of professional mobile app developers, designers, and project managers, as well as a significant amount of time.
Stellar Digital is the place to go if you’re looking for a reputable mobile app development company. We have a professional team of developers, designers, and marketers ready to help you with your project. To reach out to our team, go to stellardigital.in.
