Must-Have Features Of A Money Lending Mobile App

Let’s just admit today’s technologically advanced world has simplified our lives drastically. With just a click of a button and you can get almost everything done without having to leave the comfort of your home. Isn’t it fascinating? It’s incredible how you can complete even the most complex processes, which would previously take ages, instantly without a hassle. And this holds good for one of the most complicated and slow tasks of lending money.

During the pandemic, almost every mobile app development company in India and abroad have developed a money lending app. And it’s demand has skyrocketed. So if you are planning to build a loan lending app, this may be the right time to do it.

Being able to apply for a loan without a hassle, especially when you need it the most, has been a boon for everyone. So if you are living paycheck to paycheck or want to finance your education yourself, these loan lending apps are perfect for you. Additionally, these apps often have the option to borrow money from other financial corporations besides the banks. It increases the chances of your loan getting approved instantly (provided your credit score is good) and may have a lower interest rate.

What is a Loan Lending Mobile App?

As we mentioned earlier, through a loan lending mobile app, you can borrow a specific amount of money from any bank or other financial corporations at a set interest rate. All you have to do is install the application and register with the correct information. You can compare the financial corporations, interest rates, and choose one that suits you best.

When a user applies for the loan through the app, the verification team checks the application and then sends it to the respective financial corporations. When the finance institution sanctions the loan, the user gets the loan approval notification with the necessary steps required to get the funding.

Features Every Money Lending App Must Have

Important User Features:

1. Registration: The feature needs to be simple, easy to follow, and quick to complete. You can add registering through the phone number or social media.
2. Loan Application Form: Needs to be easy to understand with distinct steps. Attaching a user guide that shows how to fill each section can be helpful. Also, remember to display progress throughout the process.
3. User Profile: Users can upload and edit their details in this section. It has to be highly secure.
4. Loan Calculation Tool: Here, the user can calculate EMI, interest, etc.
5. Payment History: Ideal for the users to find all pending, previously completed payments, and also the remaining amount.
6. Online Support: You can add chat boxes, online request forms, live chat, display the contact numbers, and more for the user to contact for any queries.

Important Admin Features:

1. User Management: Admins and app owners can manage the users and check if they are following all the terms and conditions. If they aren’t, then the admin can deactivate their account or take necessary legal actions.
2. Profile Management: Ideal for managing multiple user profiles.
3. Analytics: Real-time reporting to understand the performance of the app. This information can be helpful to add or remove certain features, depending upon the requirements.
4. CMS Integration: With this feature, you can manage the content of your loan lending app effortlessly.
5. Loan Management: Essential for apps offering various types of loans. The app should facilitate the management of all loan types with different terms and conditions hassle-free.

Wrapping Up

So there you go. These are the essential features for successful money lending mobile applications. If you are planning to build one, make sure you add these features.

Ready to develop your money lending app? Get in touch with us and get a free consultation.