Being one of the oldest industries in the market, banking is still growing day by day. Taking a loan from a bank is a long and exhausting process. Filling out the application form and then waiting for the form to get verified. To make the loan process easier, banking industries have come up with money lending mobile apps.
The money lending app offers or allows you to borrow money from a particular bank as per an interest rate that is being set by the bank. The lending app compares the interest rate of various banks and refers you to the best one from which you can borrow money for a specific period.
In simple words, this app is like a credit card that lends a specific amount of loan. All you have to do is install the preferred app and register your profile on it. After that, you have to check your eligibility and add your bank and personal details to the app. Nowadays, these applications have become one of the most useful as these apps prevent you from going to banks, filling out forms, and standing in queues.
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How does a Money lending App work?
The money lending app offers personal loans, private institute loans to loan borrowers. Through this money lending application, you can also lend as lenders to the borrowers. As a borrower, you just have to enter your details like PAN card number, bank account number, IFSC code, employment details, bank statement, etc. The details of the borrowers are verified and the loan is then transferred as per the eligibility.
Features of Money Lending Apps
The money lending apps are feature-rich and offer easy UI and navigation for the users as well as the admin.
- Loan Application
- Calculation Tools
- Payment gateways
- Profile Management
- User Management
- Earning Management
- Loan Management
Benefits of Money Lending Applications
The money lending apps have made the process of taking a loan easy and smooth. With these applications, anyone can get loans in just a few taps according to their eligibility. This money application also has some major benefits that it offers to borrowers as well as lenders.
- Perfect for Emergencies
- Easier Access
- Numerous Options
- Saves Time
- Lower Rates
- Round-the-Clock Service
- Cost of Development
Personal Money Lending Mobile App Development
Generally, banks own such mobile apps, but you can also have a personal money lending app if you offer personal loans or lend money to a number of people regularly. This app can automate several processes for you like tracking the interest, keeping records, lending and collecting money to the bank account directly, and much more.
Features to Include in a Money Lending App:
- Easy Registration and document uploading feature.
- Better security and verification procedure with backend storage for records.
- Timely reminder and notification for repayment of loans.
- Help and support with chat features.
Technologies required for the mobile app development:
- UI/UX design using programming languages like React JS, C sharp, etc.
- Backend with SQL or other favorable databases.
- Payment Gateways like UPI, Bank, Net Banking, etc.
- AI and ML for document verification and other automated tasks.
Today you can easily find a developer or web development company in Jaipur that develops professional mobile applications with all the features that you desire. There are some differences between hiring a freelancer and a company for the task. Differences like level of professionalism, workforce, availability of options in technology, expertise, delivery time, and more.
The cost of developing a mobile application is affected by various factors, similarly, the cost of developing a money lending application also depends on different factors.
If at priority you want your app to be rich in features, then the cost of the app will be higher. On the other hand, the cost of basic app development is relatively low. Making a rough estimation of money lending app development will be around $15,000 – 20,000.
Always make sure that before you hire any agency or company to build a mobile application for you they are clear with the plan of action and can provide you with clear-cut wireframes for better understanding. Keep these points in mind before Hiring any Mobile App Development Company so that you get the best out of your product and avoid unnecessary confusion and Hassle.