Cost and Features To Develop Money Lending Mobile App

Money lending mobile app is the type of money borrowing app where app users can borrow money from the app, the money lending mobile app act as a small bank with one-way credit where users can only get money as credit but can not use this for savings.

Essential features of money lending app

1. User registration

There must be a registration form so users can sign up with the basic details, and a user id and password must be provided to them because the user can avoid multiple registrations.

2. A load calculator

There must be a calculator so that the user can input their load details such as loan amount, loan repayment duration, and gives the users with Monthly repayment amount, total repayment amount, and processing fees.

3. Loan application form

In the application, form users have to enter the loan amount, repayment period, upload documents, etc. This form must be sent to the admin of the money lending money app to provide the loan amount.

4. Approval status and notification

Once the user has applied they must get an e-mail regarding the loan statement and its approval status. Once the loan is approved user must get a notification on the app as well as in the mail. The user must be intimated with a notification before the due date.

5. Payment gateway

There must be a payment gateway to pay dues, and there must be a timeline to view the history of payment.

6. Live chat supports

There must be live chat support to guide the customer’s query because there may be a chance for miss guiding and this provides an easy way to communicate with your customers.

Estimated cost for developing a money lending mobile app

1. Cost for hiring an app developer

Cost for hiring an app developer involves a major part of the budget of app development because developing money lending mobile app is not a simple task-it will be a good idea to hiring the best app development company may reduce the cost and time of development of the app.

2. Cost for legal issues

As a money lending mobile app involves many legal issues it will be good to hire a skilled lawyer for avoiding any problems over the investments, and to check the uploaded documents from the borrowers.

3. Cost for financial statements

As money-lending involves many services that flow continuously from processing to collecting it, it must be a good practice to hire a financial expert and get a partner with major banks.

4. Cost for integration

Money lending mobile app must be well combined with some of the payment gateways to provide consumers with easily accessible etc.

Conclusion

The money lending app are being picked up in massive demand and due to third party involvement customer look for money lending mobile app to reduces the time and cost.It will be good once you start building an money lending mobile app with a app developer company.