New to the lending market and don’t know how to build a loan app? Follow 5 simple steps in this article.
In our everyday life, we use loans when we face money shortages. It took ages to receive the loan approval and the needed funds not so long ago. Technologies transform our lives for the better and remove bureaucratic obstacles. Nowadays, loans are quick to request, approve and get thanks to peer-to-peer (P2P) lending mobile applications.
The loan app market is predicted to reach 7,929 billion USD by 2023. So, how to build a loan app that your users will like and use? Get to know how to create a money lending app in our short guide.
Steps to create money lending mobile app
When it comes to app development, you should always start with an app idea validation and competitors analysis. Before any further steps, you need to validate your idea with MVP. In other words, you need to start small and check if your idea will bring your any profit.
What’s next? Design is one of the essential things in loan app development. Ensure that your solution looks good, is easy to use, and follows the latest UI/UX design practices.
When you complete the research and Minimal Viable Product (MVP) stage, you will have a clear picture of the project scope, basic design, features, and needed technologies set.
Now let see in detail how to create a money lending app your end-users will use and love.
Step 1: Research
During the research phase, you need to decide:
- who is the end-users of your future app;
- what platforms do they use (Android, iOS, or both);
- what killer features does your mobile app needs;
- what type of loans do your end-users need most.
At this first step, we check competitors, their solutions Pros and Cons, and find out where we can do better. Business Analysts, Project Managers, Designers, and Solution Architects will help you in this initial stage.
Step 2: UI/UX Design, Prototype
To understand the navigation flow of your app or how your end-users will use it, spend some time with a professional UI/UX Designer. We live in a time when end-users got used to the bright, captive, and yet intuitive design. It means the app interface should be simple and effective, and the loans information should be well-structured. Nothing extra.
If you want to have an app that end-users will love to use. So the main question is not even how to build a loan app but how to stand out in the competition and offer your end-users the best customer experience on the market. Go on with creating a product prototype to check the workflow.
Unlike Minimal Viable Product, a prototype is not ready for the market. It has a basic design and looks like a product draft. Still, it helps to figure out the next development steps.
Now it’s time to develop an MVP app version.
Step 3: MVP and must-have features
By definition, MVP or a minimal viable product has minimal functionality sufficient for your users. So, when we start loan lending app development, you should consider the required features list. Below are the primary features based on the most popular apps on the market.
- User’s profile
- Loan proposal lists
- Lender search
- Loan calculator
- Payment gateways
- App management
- Online support
If you need extra features, you can also consider CMS integration, cloud storage integration, reporting, analytics, and even repayment. However, extra features are not obligatory for your first MVP product version.
Step 4: Application Development
Let’s talk about platforms once again: native iOS, Android, or cross-platform. Native apps are created using Java and Kotlin for Android, and Swift, or Objective C for iOS.
Cross-platform apps run on all platforms. There are various tools to create such apps, for instance, Flutter SDK.
There are many ready-made tools to speed us and simplify the app development. For instance, Twilio is used for two-factor authentication. This way or another, you need an expert opinion and assistance on how to build a loan app.
Step 5: Application Testing
The last but not least important step is app testing and further support. Admit it, you cannot have a stable, high-quality, bug-free app without professional QA services. Software testers use many manual and automated testing tools for good app work:
- For test case management: Test Rails, TestLink, and Zephyr;
- Bug tracking and PM tools: Redmine, JIRA, and alike tools;
- And automation tools to reduce the load time, optimize the workflow, and cut costs: Appium, SoapUI, JMeter, Fiddler, and Wireshark.
Need more details about technologies, tools, best examples, and costs involved? Find out how to create a money lending app in even more detail.