Raise your hand if you have used your mobile for a money transfer. Yeah, I knew it. There used to be a time when people had to walk to the bank to transfer money from one person to another. And now, everything is possible nothing more than a flick of your finger, and a tap on your touch screen. We have become so adjusted to our smartphones that money-lending apps have become the new normal.
Let me ask you a question. How many of you remember walking up to the long queue line in front of the bank counter? Or when you had to struggle with holding your fist from punching the face of your cashier because he won’t take your cheque because it’s lunchtime.
The internet and apps have leveled the playing field for people like us who wanted peace of mind and convenience.
And if there is one thing that we have to learn from this, it is that people will pay the top dollar for the best convenience.
And I am here to say that all this happened for a good reason. Heck, it is all for a great reason! Do you guys remember how long it used to take for loans to get approved? Banks were so slow.
Lucky for us, money lending apps by app development companies offer the same thing but they don’t take a generation or two while in the process.
So, in our article, we will be learning how you can create your Money lending app and take the first step when it comes to creating your fortune.
Here is what you can expect from today’s article.
- Money Lending Apps: Basics
- How do money-lending apps work?
- How to create your money-lending app?
So now without any further ado, let us get this show on the road.
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Money Lending Apps: Basics
Let us start with a simple example. You all must be carrying a little-known card in your wallet/purse. You might have heard of it. What is it? Oh, nothing more than just one of the most important cards that you will be needing to get by through the twenty-first century.
Now, without getting into the complicated workings of money lending apps, we have to understand first-hand that these are apps first. So, they share some of the most common factors with most of the other apps out there.
- Registration and licensing
- User profile setting
- Premium profile approval, eligibility, and selection.
- Transparency and legality
The last part is especially crucial. Eligibility plays a major role in whether or not people will trust you when lending money.
And before you ask, yes, it does go both ways. So, the higher your eligibility ranking is, the more people will trust doing business with you.
After all, this is serious business that we are doing here. People will be sharing their bank account information. This is another reason why being transparent and showing your legality is so important for you to stay in business.
This brings us to the next topic of our article, which is:
How Do Money-lending Apps Work?
If you have never worked on creating a money lending app or online credit/loan app then don’t worry. We have got you covered.
In this case, we will be looking at a few references such as Pay sense, Dhani, and Navi’s work.
1) They Focus on Superb User Onboarding
When you think about it, the success of an app can be directly related to its user experience (UI/UX for short).
With our above-mentioned money lending apps, the customer will get all the options for loan choice right after registration.
The selection of loans is dependent on the individual so different money lending choose different methods. The best one we can recommend is to go for a complete custom section.
2) Automatic Pay-outs are the Best
The best part about technology is automation. No longer we have to waste our time doing menial manual tasks as everything is automated.
To automate the payouts, you will have to link your bank account with the loan app.
Now, you will receive a notification every single time you want to be updated about your payment.
3) What About Security?
Relax. We knew this was gonna show up sooner or later. This is why we were prepared. Security is by far the most important factor when it comes to money, with transparency being a close second.
Make sure that the visitor/viewer who is working with money has all the information required.
This is where the buck stops. How legal your business is will show how transparent you are which will build more trust with your customers. This will in turn bring in more customers. This is like a repeat cycle of goodness.
Now depending on your region, laws will change. Make sure you are complying with the legal laws in your region.
5) Authentication and Encryption
This is the part where security becomes tougher so that any person of nefarious means does not do any harm to you or your business.
One of the most common methods of authentication is the biometric scan that many smartphones use for their authentication.
Once the customer has successfully authenticated themselves, it’s time to encrypt their data so that it is not accessible to any third-party individual.
This brings us to our most important topic of the day, which is;
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How To Create Money Lending App
Building an app is hard, and creating a complex money-lending app is even harder. So this is why, just for you dear reader, we have broken down all the important information into small and easily-digestible bits. You’re welcome.
1) Start With Creating a Legal Entity Form
- You will get tax benefits.
- You will show your customers and potential individuals that you are trustworthy.
- This is the best way to show that you’re a secure business for people to invest your time.
2) Get Registered
- Legal tidings are so cumbersome that most people spend too much time on them.
- Registration early can help you boost your initial funding.
- This is where you will need to market yourself.
- Focus on a catchy name and brand tagline to stand out.
3) Work on Initial Funding
- By far the most important and complex process.
- There are various ways you can go about it, ranging from IPOs to simple bank loans.
4) Focus on the Core Features of Your App
Congrats. You have a legally registered app. Now let’s work on its core features. They mostly will be:
- Signing up and registration
- Transfer and withdrawals
- Loan Management
- Payment and billing.
Here you have all the basic information that you need to work on your money-lending app. A word before you leave. Loan lending apps are quite difficult to develop, so it is always better to hire app developers for these important projects.