There is a lot more to know about figuring out how to build a loan app than only understanding its purpose. Once you know what you want the app to deliver, you need to figure out the features and other aspects of making your app stand out. Our article will look at just a few fundamental elements of creating a P2P lending application. And if you want to learn more and see real cases, we recommend reading CHI Software’s blog. In one of their articles, they talk in detail about how to build a loan app. Read on to know more!
Important aspects of how to build a loan app
In order to taste success, your app needs to be user friendly and easy to use, with transparent interactions and a sleek UI. The journey has to be seamless for the users and admins, borrowers and lenders.
Basic features of a money lending app
Login/registration: A user can register and log into the account through an email, social media account, or phone number. The app will ask the contact details from the users to verify their authenticity.
Loan management: During the process of loan lending app development, you will put the details of the GST value and EMIs in this section for the user to find. You might also allow borrowers to create the loan applications at this point and publish those. Other details of loan management, such as selecting the estimated payback period and communicating with lenders regarding different aspects of money lending would also be present here.
Billing and payment: The app needs to keep a complete history of payments to ensure transparency in the lending process.
EMIs and transaction: Borrowers need to pay their EMIs covering both principal and interest to pay the loan back. After they pay the EMIs and return the loan in full, the transactions will be saved for further reference and auditing.
Withdrawals and transfers: An important aspect of how to build a loan app is to offer options for withdrawing funds to the bank account or directly to the banking card of the user.
These are only a few aspects of loan app development, though the list can keep going.
Additional features of peer-to-peer lending apps
Chatbots, loan and user management stats, reporting, admin actions, and several other features are to be kept in mind when figuring out how to create a money lending app.
Ratings and reward points: You might keep the feature of rewarding the borrowers with points to fulfill the obligations timely. It amounts to marking them as reliable for future transactions.
Customized reporting: The app has to offer reports for every party – the number of EMIs paid, the number of active loans for each user, the number of installments yet to be paid, and so on.
Chatbots: Including a chatbot is a great way to teach the new users about mastering the app fast and helping them understand its functions.
AI-based analytic: Users and admins would be benefitting from real-time analytic. Lenders are able to evaluate the complete KYC details of probable borrowers and analyze the credit history. Also, admins receive detailed analytics on different parts of platform operations, leveraging AI and big data in money lending for gaining actionable insights and improving user experience.
The endnote
Hopefully, you now have the answer on different aspects of how to build a loan app. You will stand out better among the competitors based on all the features you put in. Figure out the must-have features and optional ones in order to launch your MVP successfully.