How to Create a Loan Lending App in Minimum Budget?
Today, loan lending app development is all the rage.
The global digital lending platform market size was valued at $5.84 billion in 2021. And with the widespread reach of online payment apps, the revenue increased by 26 % in 2020, reaching $1.39 trillion.
Yup, that’s how large the market is. Now, it goes without saying that there are a lot of companies and potential start-ups who want to create their own loan lending app.
Moreover, the venture capital for the field has also grown largely. As back in the years 2009, fintech startups received $1.1 billion from VC investors. Fast forward to 2020, the investment total reached $44.1 billion.
If you are someone who wants to create our own loan lending solution and get a piece of this trillion-dollar cake, mobile app development services are what you need. However, mobile app development can get pretty expensive.
But not everyone is ready to invest all that much in a mobile app. So, what do you do? Well, this blog has all the answers you need.
In this blog, we shall be going through everything you need to know about developing a market-leading loan lending app in a minimum budget.
What is Loan Lending App Development?
So, what is loan lending app development?
Well, as the name suggests, loan lending is a mobile-based application that allows users to avail of a soft loan via the mobile itself.
Now, there are various companies that offer these services and thus there is a range of apps that allow one can use. Nevertheless, the working process goes as follows:
The first thing the user needs to do is download the application and sign up. Once this is done, the platform will conduct a KYC which will require multiple documents. Now, the platform will either accept you as a customer or either reject you.
If the option is the former one, well, all you have to do is put the amount you want to loan out, there is a limit of course. The amount will be sent to the user’s bank account.
Moving on, the repayment is also very simple. Users can opt to pay in one go or up to 6 installments. This is how simple it is and also the reason why everyone wants to build an on-demand app.
In the next section of the blog, we shall be discussing everything related to the same. With this being said, let’s get right into it:
Loan Lending App Development Process
Mobile app development isn’t all that simple. And there are a lot of loan lending app development companies ready to rip you off.
However, if you are smart, you should know how a loan lending app is developed. And in this blog, we shall be going through the step-by-step process of loan lending app development.
Therefore, with this being said, let’s get right into it:
- Come Up With An Idea
The first thing you need to do is come up with an idea for your own loan lending app development.
Well, each project is unique. And if you are someone who wants to create the next best loan lending platform, you need a unique idea.
There are a lot of different methods you can use here. For instance, you can brainstorm, take inspiration from the market, improve on an already existing idea, and so on.
Nevertheless, once you are done with this, we can move to the next step, which is….
Now that you have an idea, it is time to conduct research on it.
The first and foremost part of this is, whether or not you have a user base. Then competitors, their strategies, their products, what customers love and hate about them, and so on.
There is a lot to be done and if you want to create a successful platform, well, this step is very important.
Before consulting an on demand app development company, it is time to choose monetization strategies.
But why? The reason is simple. So, you can generate revenue through your own platform. Now, if you are someone who wants to do just that, well, some of the most popular strategies are, as mentioned below:
- Late fee
- Choose Platform
We are talking about mobile app development. And because of that, you need to choose between either android app development or iOS app development services.
If you are someone who isn’t too keen on either of them, well, you can also go with hybrid app development.
Now, all of these options are very good. And the final decision highly depends on your preferences as well as project requirements.
Nevertheless, once this is done, we can move forward to the next step.
- Hire Mobile App Developers
With all said and done, it is time to hire dedicated developers.
Again, there are a number of things that you need to keep in mind here. For instance, it is always recommended that you check their portfolio, and expertise, cross-check experience, talk to their development team, and so on.
Moving on, once this is done, we can finally start the development part. Let’s start with the front-end development…
- Front-End Development
The development starts with the front-end development as one might guess.
This is the part where Fintech App Development Company starts the designing process for the app. And needless to say, this is a very important part of the development.
Once the design is created it is time to do the heavy lifting.
- Back-End Development
This is the part where developers build on demand app. By build, we mean creating and writing the source code of the app.
All of the different components are put together to create the final version of the application. With this, we have finished all the major work.
After the app is developed, it is time to test the application. This is done with the help of the QA team.
They use a range of tools and techniques to scan the app for any bugs or errors. When found the problems are fixed and the app is sent for deployment.
The deployment process itself depends on the platform you choose. Now, once this is done, you can start with monitoring, analytical, and maintenance operations.
How Much Does it Cost to Build a Loan Lending App?
Cost to Build a Loan Lending App highly depends on various factors involved in the development process. This includes the platform, the tech stack, the size of the app, the complexity, and so on. Therefore, it is not possible to predict accurate costs without learning about project specifications.
Now, if you are someone who wants to learn more about it, it is a good idea to make a specification file for your project and contact a development company. They will be able to give you a better insight into the same.
This is all you need to know about developing a loan lending app on a minimum budget, now, if you are someone who wants to create a loan lending app of your own or wants to learn more about the same, it is highly recommended that you consult a market leading loan lending app development company.
Author Bio– Jermaine Trotman is the co-founder of Nimble AppGenie, a market leading, Loan Lending App Development Company but not limited to that. Firm is renowned for it’s eWallet, loan lending, and fintech app development solutions.