Looking for loan lending app development cost and features? Well, this blog is for you.

Fintech or financial technology has become a big thing in recent times. As of today, companies are generating million, while the industry itself is worth in 100s of billions. And one of the most popular Fintech solutions is the loan lending app.

The name is quite self-explanatory and with the services they offer, they have won over people’s hearts. This is the reason why Over 30% of avid online-banking consumers use custom loan apps at least once a month.

In fact, the solution has become so big that, it has started replacing traditional loans. The largest provider of personal loans in the U.S. is FinTech companies.

It is expected that the global digital lending platform market is expected to grow to $20.5 billion by 2028, which means a compound annual growth rate of 24% from 2021 to 2028.

The growth of this market is great. In fact, it is growing at such an exponential rate that, tech market leaders like Apple itself have introduced their own loan lending solutions, Apple Pay. And needless to say, this is attracted further smaller and larger businesses to this solution.

If you are someone who is interested in the same, this blog is for you. However, here we shall be discussing a little more than just loan lending app development.

You see, there are a lot of people who are still confused about how mobile app development cost works. For instance, you can’t just Google to find out the cost of your development. There are various reasons behind it and we shall be discussing that later on.

In addition, we shall also be looking at some of the best features that you should include in your loan lending app to help it outshine the competition.

Therefore, with all of this said, we shall be starting with….

Loan Lending App Development: Everything You Need To Know

Fintech App Development Services has changed the financial industry. You no longer need to visit the bank for everything for with digitalization you can do it all with your mobile phone.

And one of the most market-disrupting solutions of Fintech is the loan lending app. As the name suggests, the loan lending app is mobile-based software that users can use to avail of soft loans.

Now, the term “loan” here doesn’t denote traditional loans that you get from a bank. Rather, these loans are much shorter term but one of the biggest benefits is that you don’t have to pay any interest. Only late fees, if you don’t pay back on time.

Moreover, being highly user-centric, the users get to decide when they want to repay the loan, the number of EMIs, and so on. There are various benefits that loan lending apps offer over traditional loans.

In addition to this, loan lending app development has helped many businesses generate millions, which is the reason why a lot of people want to develop their own.

So, with this being said, let’s look at the working of money lending apps in the next section of the blog.

How Do Money Lending Apps Work?

A loan lending app like all other mobile applications isn’t all that difficult to use.  For those who are still not familiar with loan lending apps working, we shall be discussing the very same in detail in this section of the blog.

The steps are, as mentioned below:

  • Step 1 – The very first thing is to download the app. You can download it from iOS App Store or Google Play store based on the platform.
  • Step 2 – Once the app is downloaded, you can start by registering yourself on the app. The registration process requires you to put in basic as well as financial details.
  • Step 3 – KYC is yet another important process that will finish the setup process.
  • Step 4 – Once all of the setups are done, it is time to explore the services.
  • Step 5 – You can apply for the loan with a simple click among various options.
  • Step 6 – After you have applied the authorities will be doing the checks and other things but the entire process takes a few hours at most.
  • Step 7 – The loan amount will be sent to your account and you can use it however you want.
  • Step 8 – Since it is a loan you have to repay it. Now, there are various ways you can do it. Either you can do it all at once or use EMI to pay it over a period.

These are the loan app business working processes. And with this said, let’s look at some of the popular loan lending apps.

Examples of Popular Loan Lending Apps

Examples of Popular Loan Lending Apps

It goes without saying that there are a lot of loan lending apps in the market. However, there are few that shine above the rest as best loan lending apps in 2022. Some of these are, as mentioned below:

BrigitMoneyLionPayActivChime
DaveEvenEarninCashApp

Average Loan Lending App Development Cost

With all said and done, it is time to discuss the loan lending app development cost.

First things first, why can’t you just Google it? Well, you can actually, but that won’t give you the answer you are looking for. You see, there are various things that can affect the total development cost.

The complexity, tech stack, platform, and whatnot. And one thing all of these have in common is, the ability to affect development costs. Plus, considering the fact that loan lending is much more technical, it only gets more complex.

In simple words, every loan lending app development project is unique for that reason, the cost associated with the same is also unique.

While you can’t find accurate costs, you can expect the cost to build loan lending app to be anywhere between $25,000 and $65,000.

Nevertheless, if you want dollar accurate cost, it is advised that you consult a mobile app development company who will be able to give you an insight on the same.

With this being said, let’s look at one of the major and first factors which can affect loan lending app development cost i.e. the feature. These are, as mentioned below:

cta mobile app idea

 

Feature To Include In Loan Lending App Development

Loan App Feature is the driving force behind the solution. It is with the right features and a good app idea that will help your app and business blow up.

Apart from being one of the most important components of the loan lending application, features are also a factor that can highly affect the cost of loan lending app development services.

For instance, the more basic features are cheaper to develop while when you go towards the more complex ones, it gets more expensive. This is a simplification of how features affect the cost.

Nevertheless, some of the basic features for different parts of the app are, as mentioned below:

Feature To Include In Loan Lending App Development

User Panel

  • Register or Login
  • Link Bank Account
  • Loan Form
  • Push Notification
  • Geolocation
  • Push Notification Reminders
  • Secure Payment Methods
  • Documents Management
  • Chat Support

 

Lender Panel

  • Sign-up
  • Profile Management
  • Lead Management
  • Push Notifications
  • Bank Account Linking
  • Secure Payment Gateway

 

Admin Panel

  • Approved Accounts
  • Notifications
  • Borrowers Management
  • Lenders Management
  • Reports & Analytics
  • Rewards & Offers
  • Loan Management

 

Advanced Features

  • SaaS Integration
  • Automatic Repayments
  • CMS Integration
  • Loan Calculator
  • Multiple Language Support

 


cta mobile app idea

 

How Location Affect Loan Lending App Development Cost

How Location Affect Loan Lending App Development Cost

Location is one of the big factors which can affect loan lending app development cost. For those wondering how this works, there are various things at play here.

For instance, the demand is different based on the region, the basic wage for mobile app developers, local currency, and so on. These are all of the factors which can affect the cost to develop loan lending app like space money lending.

Moving on, cost associated with different locations is, as mentioned below:

Location

Cost

Loan Lending App Development Cost In North America$80,000 to $150,000
Loan Lending App Development Cost In South America$50,000 to $100,000
Loan Lending App Development Cost In Europe$55,000 to $95,000
Loan Lending App Development Cost In Africa$40,000 to $60,000
Loan Lending App Development Cost In Asia$35,000 to $75,000

 

Complexity Of Loan Lending App And Cost

It goes without the saying that complexities of loan lending apps also affect the cost to develop them.  The reason is that the more complex your app is, the harder it is going to be to develop.

It will require more time, and more resources, you will also need to hire on demand app developers with more experience.

All of this means more costs added to the final bill. Nevertheless, if your app is simple and less complex, it is going to be more pocket friendly.  Moving on, the cost associated with loan lending apps of different complexities is, as mentioned below:

  • Simple Loan Lending App Development Cost –$50,000 to $80,000
  • Average Loan Lending App Development Cost – $80,000 to $250,000
  • Complex Loan Lending App Development Cost – from $350,000

 

Cost To Build Loan Lending App: Developer’s Experience

It goes without saying that you have to hire on demand app Development Company if you wish to create a loan lending app.

Now, cost to hire developer can be highly affected by their experience. This is the reason; it is a factor that can affect the overall loan lending app development cost.

Experience

Hourly Rate

Senior software developer$30-$40 per hour
Middle software developer$42-$48 per hour
Junior Software Developers$49-$65 per hour

 

Cost To Hire Loan Lending App Developers: Hiring Models

You have to hire developers to create a mobile app. And there are several ways through which you can do it. As one might expect, different methods have their own pros, cons, and cost.

Therefore, with this being said, let’s see what the different ways to hire mobile app developers are. These are, as mentioned below:

  • Outsource to Loan Lending App Development Company – $ 55,000 – $ 150,000

The very first option and by far the best option is to outsource your work to an on demand app development company.

You see, these companies have a vast team of experienced developers who help them deliver extraordinary results more often than not. For this reason, it is a good option that you may consider. All in all, it is pocket friendly and delivers exceptional results.

  • Hire Developers on Hourly Bases $ 25 – $45 / hour

When you outsource the work to a company, it is a project deal. However, instead of that, you can also hire them on hourly bases.

This is an option that is quite pocket friendly, which makes it a good option if you are tight on budget.

 


 

Conclusion: Pocket Friendly Loan Lending App Development Cost

Loan lending app development cost can stir up quite a bit and it goes without saying that this can be troublesome for those who have a tight budget. Anyhow, if you are looking for a budget-friendly solution, all you need to do is reach out to Nimble AppGenie.

As a market-leading loan lending app development company with years’ worth of experience and 700+ delivered projects, we have what it takes to convert your concept into reality. And the best part is, all of this is delivered at an affordable cost.

 

FAQ

Nimble AppGenie is a market-leading mobile app Development Company with years’ worth of experience. We have the right experience and know-how required to deliver a robust loan lending app solution that will help your business grow and generate record-breaking revenue.

Nimble AppGenie offers iOS as well as android app development services which you can avail to develop loan lending apps like space money lending. For more details, reach out to us.

While you can’t find accurate costs, you can expect the cost to build loan lending app to be anywhere between $25,000 and $65,000.

Nevertheless, if you want dollar accurate cost, it is advised that you consult a mobile app development company who will be able to give you an insight on the same.