Loan Lending App Development - Develop Money Lending App Development

By RisingMax

June 30, 2023

Loan Lending App Development - Develop Money Lending App Development

The process of applying for a loan can be a hectic and time-consuming process. The process involves multiple visits to the bank and filling out various application forms. 

This process could be shortened and made easy and simple with a loan lending app designed by an expert lending app software development company. 

The app will help resolve the obstacles you face while applying for a loan. The app offers end-to-end support to borrowers related to applying for a loan.

In this blog, we will study what a loan lending app is, its working, cost, and features to develop a money lending mobile app.

RisingMax Inc is amongst the topmost app development companies in the world. We specialize in developing high-end white-label banking software solutions that can take your business to new heights.
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How Does The Loan Lending App Work?

A loan lending app is a platform where loan seekers and lenders meet each other and understand and reach other requirements. The app provides multiple borrowing options to lenders 24/7. The app allows lenders to get the loan without visiting the bank physically. Below mentioned is the step-by-step working of the loan lending platform:

For Borrowers

  • First of all, the lenders will have to download the app and get registered on the lending app.
  • After getting registered, the lenders need to enter their details on the app and list their lending requirements.
  • The borrowers will search for the suitable loan options available on the app and choose the one which fulfills their needs.
  • After making your choice, you need to contact the lender and submit your loan request to them.
  • The lender has the option to accept or reject the loan request. After approval from the lender, the borrower will choose the suitable interest rate and give their confirmation.

For Lenders

  • In order to get started with the loan lending app, the lender has to create their profile on the app and list their loan offerings and interest rates.
  • Once they get listed, they will receive the loan request from the borrower side.
  • They have the option to accept or reject the loan request.
Align the current state of IT with your business strategy by hiring the most trustworthy Loan Lending App Development Company

Benefits Of Loan Lending App Development For Businesses

If you are looking for a profitable and unique business opportunity, loan lending mobile app development is a perfect choice. The app has great potential and can take your business to higher growth levels. Below given are the benefits of the loan lending app:

Elimination Of Intermediaries

The platform facilitates lenders to come in contact with the borrowers who wish to take the loan. The lenders can directly contact the customers easily without any hindrance. 

There is no use of intermediaries in between the processes. Eliminating intermediaries will help lower the risk level and enhance the security and privacy of the borrower's personal data. Also, no intermediary involvement will help in building customers' trust.

Enhance Transparency

The loan lending app offers transparency to borrowers. The borrowers can enter their borrowing needs on the platform and find a suitable lender who can fulfill their lending needs. 

The process is very transparent in nature. There is no hidden cost or other costs involved. The transparency in the loan lending app makes it a safe and secure lending platform for borrowers whom they can trust.

Easy Loan Procedure

The traditional borrowing procedure is very hectic and time-consuming. The borrower and lender must invest much time and effort to complete the loan procedure. 

But with the emergence of loan lending apps, the procedure has become very simple and streamlined for the business and customers. The borrowers will upload their documents on the app directly, and lenders can verify them and decide whether to accept the loan application.

Wider Customer Base

Acquiring customers has become very challenging for financial institutions due to the widespread competition. But with the help of a lending app, your business can acquire more customers on a global level. 

The app will help in scaling up your business growth. You can reach a large number of customers without facing any locational constraints. Also, marketing your business can be easy with the help of the loan lending app.

Automated Business Processes

Verification of borrowers' authenticity and preparation of loan documents manually can be a major challenge for your business. The loan lending app will help automate your business processes and simplify them more simply. 

You can easily manage your business through the app without having any physical presence. The app will help minimize errors during the loan approval process and help you make the correct business decisions.

Money Lending App Development-Statistics

The loan lending apps market has witnessed unexpected growth in the past and will increase at a higher pace in the coming years.

  • The global FinTech lending market size was valued at $449.89 billion in 2020 and is projected to reach $4,957.16 billion by 2030, growing at a CAGR of 27.4% from 2021 to 2030.
  • According to Acumen Research and Consulting P2P Lending Market Size to Touch USD 804.2 Billion by 2030.

Exclusive Features Of Loan Lending App

Are you planning to get a loan lending app developed for your business?>Here are some exclusive features the app must have:

Loan Calculator

The app has an inbuilt loan calculator. Users need not carry a separate calculator for performing calculations. The app will help borrowers to calculate loan amounts, interest rates, monthly EMIs, and other important calculations. This will help the borrowers and lenders make their calculations easily and conveniently.

Reporting And Analytics

Real-time reporting is an important part of the loan lending app. The lending businesses can analyze the app insights and check the visitors on their profile and their search results. This will help businesses to make the right decision and experience higher growth levels.

KYC Approval

The loan lending app will make the KYC verification of the borrowers easy and simple. Through the app, businesses can schedule a KYC visit at the borrower's place and collect all the documentation required for loan processing. If the borrower resides in a faraway place, this process can be done online.

Admin Dashboard

The loan lending app has a featured-rich admin dashboard allowing businesses to manage the activities on the app. The admin can manage all the customer requests efficiently. Through the admin dashboard, the admin can get the stats related to the performance of the app.

Set Payback Period

This option makes the app the best bet for borrowers and lenders. The borrowers can choose their payback period as their preferences and paying capacity. The EMI will be displayed so the borrower can choose the best-suited payback period.

Push Notifications

The app provides constant notifications to borrowers and lenders. The borrower would be notified whenever there is a new lender added to the app or any progress on their loan process.

Profile Approval

To make sure the authorized customers get connected to the app, there is a profile approval option. The profile verification process will be done after verifying the identity-related documents of the borrowers.

Loan Lending App Development Process

The loan lending apps have a great future ahead. Are you planning to get a futuristic loan lending app developed for your business? Well, below given is the development process of the loan lending app:

Idea Generation

This is the first step towards app development. In this, you will decide your business requirements and find out why you need a loan lending app. Also, check what goals you wish to achieve through the app. Make sure you analyze each and every factor carefully.

Search For An Expert App Development Company.

The next thing you need to do is to locate an expert mobile app development company. The company you choose must have an advanced tech stack and development technologies with them. Discuss your business goals and must-have features of the lending loan app with them. 

Designing And Development

The app development company starts with loan app development. First of all, it will create an eye-catchy internal and external design. After that, it will move toward the development portion. Ask them about the tech stack they have for app development.

Testing And Launch

After the lending app is designed, The next is the testing phase, in which the app's performance will be checked. All the features will be tested on a real-time basis. All the bugs or dysfunctionalities are fixed. Once the testing is done, the app will be launched in the market.

Post Launch Support And Maintenance

After the app launch, the further challenge which comes is the upgradation of the app with the latest features and technology. The development company offers post-launch support and maintenance, which helps to improve the app's functioning and market performance.

Cost Of Developing A Loan Lending App

After understanding the loan lending app development procedure, another question that comes to your mind is the cost of developing the app. The cost of developing a loan app is not the same for everyone. Below given is a rough estimate of loan lending app development cost region-wise:
  • Southern America: $15-$75/hour
  • Northern America: $50-$25/hour
  • Western Europe: $50-$200/hour
  • Eastern Europe: $20-$100/hour
  • Australia: $40-$170/hour
  • Asia: $10-$50/hour
The cost mentioned above is determined based on a few factors, which include:

App Features

The features added to the loan app will determine its development cost. The more complex features added to the app, the higher the app development cost will be.

Development Tools And Technology Stack Used

The usage of advanced development techniques will increase the overall development cost. Also, the tech stack used by the company will impact the app development cost.

Development Company Size And Location

The larger the size of the development company will be, the higher the development cost it will have. Also, the cost depends upon the location of the company.

Customizations Added

If you wish to get a customized loan lending app, you need to pay higher development costs calculated based on the type of functionalities and customizations added to the app.

Type Of Loan App

The loan apps can be of different types such as home loan apps, personal loan apps, commercial loans, or any other type of app. The development costs of these apps are different.
Loan Lending App Development

Real-Life Examples Of Popular Loan Lending Apps

In the past few years, the number of loan lending apps available in the market has increased at a very fast rate. Given below are some popular loan lending apps you must know:


It is one of the most popular loan apps, which allows users to borrow instant loans in small amounts. The app's user-friendly interface makes the loan process very easy and simple. Through this app, you can get loan approval in very less time.


It is one of the largest loan lending apps in the US. The app enables workers with bank accounts to get instant loans. The app has a smart tracking system that can detect your hourly income.


The app provides various types of loans, including home loans, personal loans, home loans, and other types of loans. The app provides you with same-day approval on your loan request.

How We Can Help You?

Are you searching for a tech partner who can develop a loan-lending mobile app development for your business? Our development experts at RisingMax, a renowned banking & financial software development company, can help you. We have a team of expert developers, Q/A testers, app designers, and UX/UI designers working with us, with years of lending app development expertise.

We have a streamlined app development process and make sure your app is delivered on time without any delay. Our team will ensure 100% transparency throughout the process. All your ideas and suggestions will be considered at each phase.

At RisingMax, our efficient team of 150+ developers has the capacity to develop innovative solutions for SMEs, startups, and large-scale businesses. Discuss your business requirements with us. 
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