Banking and finance are not exactly nascent industries, with regards to development. They are among the oldest and have existed since the times of antiquity (in some form or the other). Further, they are growing and evolving on a day-by-day basis. Obtaining a loan from a bank, today is more possible than ever before. But this doesn’t change the fact that as a process, obtaining a loan is elaborate and hectic.
Completing the loan application and furnishing the appropriate documentation is a drawn-out process that can span multiple days. To streamline the loan application process, in addition to other banking procedures, banking applications are being developed. They have tremendous utility and relevance to the banking and financial services industry.
The banking industry – particularly the way in which we consume banking and other financial services, is at the cusp of a revolution. The flexibility afforded by banking applications helps consumers and personnel alike. Forms and queues are a thing of the past. These applications provide end-to-end, A to Z solutions in a single place.
How does the app function?
Custom loan apps make life a lot simpler for borrowers. It is easy for lenders to keep an eye out for loan proposals to invest in. The lenders can contact the borrowers to finalize these LIPs. The interface makes it simple for borrowers to manage their existing loan applications.
In what way does the app benefit consumers and businesses?
Here are a few of the benefits offered by loan lending apps:
- Application Security: A strong password that is kept confidential is a must. Encryption keeps information/data secure.
- Loan Variety: A user can avail of several types of loans on the application. The app is responsible for record-keeping.
- Loan Application: Filing for a loan on the application is straight forward, and simple.
- Confidentiality: Privacy and confidentiality is an important factor of consideration for consumers. Consumers may require a loan for a variety of reasons and these reasons are the consumer’s private data.
- Ease of navigation: Lenders can easily review applications and choose their borrower taking into account suitability regarding conditions of the loan.
- Messages: Lenders and borrowers can deliberate on terms regarding transactions after the borrowers have accessed the listings of loans.
- App management: Borrowers and lenders alike can manage their loans through a single interface.
What makes Loan Lending App worth it?
Let’s take a look at why exactly Loan Lending App is popular.
- Safety and security features: Documentation protocol that occurs between borrowers and lenders is safe, secured, and kept confidential – application encryption ensures confidentiality
- Paperwork: The application by definition reduces laborious paperwork and streamlines a majority of the processes with regards to availing a loan.
- Accountability: Borrowers need to trust lending companies. Users will not take the plunge until the trust and accountability of the company have been established. Users cross-check loan information furnished by companies and this can be viewed and compared in Loan Lending App.
Loan Lending Application Features
Interface for users (borrowers) in Loan Lending App
- Application registration: The app features user registration.
- Loan application: There is a provision for an instant loan application, users can quickly avail of a loan in a few short steps from application to verification.
- EMI and interest calculation tool: This is built into the application and this helps the user to view EMIs and interests they will be paying with regards to specific loans
- Establishment of the payback period: The borrowers have the leeway with regards to the payback period, and the EMIs the borrowers have to pay is dependent on the payback period.
- Transactions: This tab displays the history and summarization of money borrowed, withdrawal amounts, and current credit limits.
- Web support: The support team resolves queries through the application.
Interface for Admins (Lenders) in Loan Lending App
- Login: Admins can log in to the dashboard using their credentials
- Profile approval: Verification, examination, and approval of profiles are completed with info furnished by the user. PAN Card, Credit/Debit card details, etc.
- User management: Admins can discipline users and restrict their accounts if they are found to be in violation of terms and conditions
- Earnings management: Admins can manage the user’s earnings, view entire earnings of the users, income, and any pending money/payments that they may have
- Profile management: Admin manages user-profiles and has complete authority over it.
- Loan administration: Admin can manage the types of loans. The interest rates and terms and conditions are variable across loan types.
Loan Lending App Development Process
Developing a loan lending app consists of the following steps:
- Planning: Planning and the procedures to be followed during development are crucial.
- Research and development: Identifying the correct amount of info for the app, especially with regards to the industry you are targeting becomes possible with robust R&D
- Development/Design: Design is vital. Good design determines user-friendliness and enhances the user experience. The user should desire to repeatedly open the app
- Testing: Testing and bug detection prior to release guarantees an effective launch.
- Maintenance/Support: This is a critical aspect of the app development process. Providing updates, ironing out bugs, and furnishing support to users is a make or break aspect of an app’s success.
Loan Lending App by Blockchain App Factory is the Loan Lending App solution that your financial services institution is looking for!