Modern Loan Lending App Development in a Nutshell
Times are tough. The global economy has taken a hit, inflation is climbing, and people are struggling to make their salaries stretch to cover rising fuel, heating, and food costs. As more people turn to payday loans, loan lending app development is on the rise. In this article, we’ll show you how to build a loan app of your own.
How to Build a Loan App: An Easy Guide
If you’ve ever wondered how to start a loan app, you are in good company. Thousands of loan apps are being created every day, good and bad. Peer-to-peer loan companies are the most popular and will experience double-digit growth by 2025. The good news is that the ins and outs of loan lending app development are probably easier than you think – although the regulatory and privacy requirements aren’t.
Start by Choosing a Platform
Do you want to create a loan app for web or mobile? IOS or Android? One app for borrowers and another for lenders and investors? You can do a lot more by choosing a multi-platform app development tool or frameworks like React Native or Flutter, but be warned: those skills are in short supply.
What will consumers be able to do with your app? The more features you add, the more complex your app becomes. This can considerably extend the time your loan lending mobile app development team will need to complete, test, and launch the app. For example, if you want to open up a peer-to-peer lending app, you will need to build different features for borrowers and lenders. Lenders will want to choose their portfolios, and borrowers will want to view their repayment plans. You’ll also need a back-end where you can keep an eye on transactions.
Review SDK, APIs, and Libraries
The quickest way to get started is to plug-in components to your app rather than building them from scratch. There are several SDKs, APIs, and code libraries that are available so that you can get to market faster and save some money on development.
UX And UI
Your app has to be easy to use, and customers have to feel as though they can trust your app. If they don’t feel like they can trust your app, they won’t feel safe borrowing money. Simple spelling mistakes or rendering issues can cost you your customer in a heartbeat. Make sure that your UI is top-notch.
Develop an MVP
Once you’ve completed your wireframes and are satisfied with the general look of your app, you should consider building an MVP version. An MVP or minimum viable product is a very basic version of the app with only the most essential features. You can take this app to a few customers to test and gather feedback. Your users will tell you which features they like or don’t like, which features they want to add, and general feedback about the app. This can be done through interviews or by using built-in analytics to track their user journey. You can then incorporate this feedback into your app before bringing in loan app developers to build the final application.
Once you’ve built your app and launched it on the various app stores, you’ll need to maintain it. Systems will keep evolving, bugs will keep popping up, and your competition may introduce new features that you might want to emulate. You only need a few developers for this, which is why many companies build their apps using offshoring agencies that source and place developers. Once the bulk of the coding and development work is done, they leave just a few developers on the project, saving you time and money.
Loan apps are growing exponentially, and it’s a great time to launch an app of your own. Now that you know how to build a loan app and have a better idea of what you’d like to do and which features to add, all that is left to do is to find your team and get started! Don’t forget to do your homework and find out whether or not there are any regulatory requirements you need to meet.