How to Create a Loan App: Step-by-step Guide by CHI Software

  • Applying online for a loan using a mobile application;
  • Having the borrower’s creditworthiness screened according to platform requirements;
  • Getting a credit decision — this typically takes 1–5 working days, but can be as fast as 10–40 minutes;
  • Signing a contract and getting money.
  • Lack of banks involved and the absence of intermediaries, who can be expensive;
  • Transparent conditions determination: users can choose various options (if allowed), like a deadline, sum, and interest rate;
  • High security and data privacy level — an encrypted route, passwords, and personal accounts;
  • Benefits for borrowers — the applications’ approval speed and simplicity, lower requirements, transparent accountability, qualified service, and support;
  • Benefits for lenders — access to a broad audience, and an opportunity to improve customer focus thanks to an innovative payment tool.
  • Registration and authorization — tools to sign up or log in using customers’ email, phone numbers, etc.;
  • User’s profile (personal account) to view the information provided, get personal details, and manage and change profile info;
  • Payment gateways — integration with multiple payment tools and platforms ensures quick and secure financial transactions;
  • Loan calculator to define monthly payments, interest rate, and loan fees;
  • Application management to check various loan requests and track their status;
  • Loan proposal lists and search by lender;
  • Chatbox where users can message and call; and
  • Online 24/7 support through the app by phone, online form, or chatbox.
  • Definition of the app’s architecture, UI/UX, and MVP features, such as target platforms (Android, iOS, or hybrid), available SDKs, APIs, and code libraries, cloud solutions, and other essential points;
  • Development of a mobile lending app and, if needed, a website;
  • Testing with manual and automated tools to receive a high-quality, bug-free, and stable application; and
  • Launching, follow-up maintenance, and support.

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CHI Software

CHI Software

We solve real-life challenges with innovative, tech-savvy solutions. https://chisw.com/