How to Create a Revenue Generating Money Lending App

The year 2021 is a great time to build a money lending app. Why? Well, the world is still in turmoil as the economies have taken a major hit. Several investment projects might have been canceled, but the funds can yet be invested. And it’s the right time to look for ways on how to build a loan app because P2P lending is on the rise. P2P (peer-to-peer) lending applications connect individual lenders with the businesses or people who are borrowers. 

In this article, we will briefly cover the main aspects of creating a credit application. But if you want to know the whole creation process, the business model, the technical aspects, you need a complete guide. Our friends at CHI Software have published an excellent article on their blog about how to create a money lending app. We recommend it for reading.

Conceptualizing the app: The most important step 

You need a precise idea about the kind of loans you plan to facilitate with the app, including its functionality and target audience. After all, simply saying that you want to create a money lending app does not define its complete purpose. Ideation gives shape to your fantasies and makes analyzing competition a lot easier than ever. Once you have figured that out, move on to the steps given below. 

Steps on how to build a loan app that works 

If you are clear about the kind of money lending app that you plan to make, here’s taking you through the steps on how to build a loan app. 

Start with a thorough research 

Your first job is to carry out a thorough market analysis that helps you understand the pulse of your target audience. It will also aid you in pointing out your closest competition. As a result, you will get to work on creating something that is unique and has all the qualities to become a bestseller.  

Define the components you have 

The next step in loan lending app development is to outline the target platform – iOS, Android, or hybrid. Most apps made these days are hybrid, i.e., they work on both platforms. It makes them more convenient and functional.  

Then, you need to figure out whether you want to use ready-made APIs, code libraries, and SDKs or not.

Developing the MVP version of the app 

Before you develop the MVP app version, you need to work on the UI/UX. After all, an app has to be simple and easy to use for people to readily accept it. An interface that is chock full of icons and pictures will only impede your efforts towards a successful loan app development. You can work on developing the MVP after you verify the UX/UI with your test users. 

Developing and testing the app 

As you have successfully created the MVP, it’s finally time to develop the finished product with all the features and necessary changes. In this process, you will need an expert QA service to assist you in making the product free from glitches and bugs. The QA experts will use their tools to test the complete lifecycle of the app, along with keen attention paid to each stage. 

Launching the app and following up 

Your lesson on how to create a money lending app is almost complete, and you can now launch the app. However, your responsibility does not end here because the app needs continuous technical support to remain stable. Most app development companies offer this support by default as a guarantee of their partnership and trust. They send regular maintenance reports and necessary updates to their clients to keep the app well-functioning.  

Endnote 

And that’s all! Now that you know how to build a loan app, you can start working on making a stellar one.