Millennials look for more and more convenience and services accessible from the comfort of sitting in their homes. From grocery to bill payments and even borrowing money from financial institutions, people heavenly rely on mobile apps. That’s why online loan apps are becoming popular these days.
According to the latest statistics, the global market share for digital lending platforms was valued at $5.84 billion in 2021. It is likely to increase at a CAGR of 25.9% from 2023 to 2030.
These apps can provide on-demand money lending facilities with fast approvals and minimal physical documentation. The popularity of these apps has triggered the demand for Loan lending app development.
If you’re too wondering about starting a loan lending app development project, it is essential to understand the core features that should be incorporated into the app. Read on to understand everything about loan lending app development.
10 Core Features of a Loan Lending App Development
For a sleek interface loan lending app development, it is essential for you to choose the app’s features and functionalities carefully. Here’s a list of core features that should be incorporated into your app to make it stand out and survive in this competitive landscape.
User Registration and Sign Up
User registration and sign-up is one of the crucial functionalities of any mobile app. Consider adding features that offer hassle-free and quick customer registration and account setup. Adding the following features can make your app stand out:
- Make sure the users can browse the app without registration.
- Allow users to register using their social networks, email, or phone numbers.
- Consider keeping the user experience frictionless for higher user adoption.
Borrower’s Profile
This functionality allows app users to add or change their details in the profile (name, location, etc). You can apply to hide the customer profile details by default. Additionally, you can consider adding template info to all fields for first-time users.
Loan Application Form
Using this feature, users can manually apply for the loan, communicate with lenders, choose the estimated period, and view the status of their loan application. Consider breaking the loan application process into simple steps for a more enhanced user experience.
Loan Calculator
A loan calculator is probably the most valuable and core feature of loan lending app development. You can integrate this feature for users to calculate their monthly installments, interest rate, down payment, loan fees, and amount of interest. Instead of using a traditional calculator, consider using this feature for a more precise amount.
Payment & Billing
Once the loan of your user is approved, they will need a dashboard to check all pending and completed EMIs. They also like to check the remaining amount of their debt.
Apart from this, you can also integrate payment gateways in your app to allow users to use different payment methods to facilitate secure and fast money transactions.
Transactions & EMI’s
An EMI covers both interest and principal amounts to repay the loan. Having a personalized dashboard that shows your EMIs and pending transactions, users can quickly repay their loans.
Integrated cloud storage
User data safety is a growing concern in mobile app development, and app developers are responsible for keeping their user’s data secure and confidential. You can integrate cloud storage into the app for enhanced security.
AI Chatbot
Integrating an AI chatbot into your loan lending app development and helping you deliver an enhanced user experience. AI-powered chatbots can answer users’ queries 24×7 with accurate answers. This sounds similar to human customer support. However, it can help you save costs on hiring a dedicated customer support executive.
Push Notifications
This is the best and most demanding feature to be added to your loan lending app development. It sends personalized messages to the user and info on the remaining amount of their EMIs. Also, it helps users to get valuable insights into the latest discounts and offers being run by the loan lending app.
Supports Multiple Languages and Currencies
This feature allows the app users to change the language according to their convenience. Additionally, if anyone from another country applies for a loan, they can opt for the option and choose the preferred currency.
Apart from these features, you can add the following functionalities in your loan lending app development for a more enhanced user experience –
- Reward points & ratings
- Chatbots
- Live chat support
- Manage discounts and offers
- Customizable reports for all parties
In-app Support
Consider adding online support functionally into your loan lending app development. It allows users to connect with customer support executives to get quick answers to their queries. Additionally, these executives can tell about the users’ latest transactions and remaining loan amounts.
Essential Features in Loan Lending App Development
Apart from the core features listed above, consider adding these essential functionalities to your Loan lending app development –
- User Panel Features
- Apply for Loans
- Set payback period
- Registration/Login with social or email id
- Payment schedule and billing
- Withdraw money
- Connect bank accounts
- Transfer money to a bank account
- Discounts and offers on credit cards usage
- View EMIs paid/unpaid
- Variety loans
- Notification
- Admin Panel Features
- Online chat and call support
- EMI, Interest calculation
- Reward points
Admin Panel Features
Consider integrating these admin panel features in your loan app development –
- Login via email id
- Manage Profile approval
- Manage customer KYC approval
- 2 Factor authentication
- CMS Integration
- Manage Bank Partner Management
- Manage rewards
- Manage Profile
- Loan Management
- Manage Discount and offers
- Manage customer credit limits and requests
- Manage Users
Conclusion
As the world moves forward toward becoming more digital, the demand for loan lending app development is likely to increase. With the convenience of applying for loans from the comfort of home, these apps have made a big difference in the financial industry.
However, it is essential for app developers to keep up with the latest advancements to offer the best possible experience to their users. Incorporating these core features, like easy registration and secure payment gateways, can help you build customer trust and loyalty.
