February 12, 2024

Mobile App Development Ideas for Online Loan Companies

Obtaining a loan often becomes a significant headache. If you represent a company involved in online lending, arm yourself with these mobile app ideas that will simplify interactions with any client.

The North American online lending market is experiencing rapid development. More companies are emerging that offer their users instant loans, emergency loans, and other types of lending. All such services are incredibly popular among users.

However, interactions with companies engaged in online lending today could be much improved. Most often, one needs to register on a cumbersome website, contact a company representative, send a mass of documents for verification, and wait a long time for the results.

This is why companies that offer convenient mobile apps with a high level of automation and useful additional features are taking leading positions in the industry. They are relatively simple to develop but will surely increase customer loyalty and help attract new ones.

Expense Tracking App. Experience shows that many clients of companies involved in online lending do not know how to monitor their expenses and income. That is precisely why they turn to such organizations to obtain additional funds for any payments.

A very good idea to attract such users would be to create a mobile app for tracking expenses and income. It must allow convenient categorization of entries and include a separate window with detailed and very visual statistics that everyone can understand.

Of course, such a mobile app must include the functionality to obtain online loans, which will be very useful in dealing with unexpected expenses. The payment schedule for these loans could also be displayed as a separate category in the user's expenses.

Instant Loan App. A mobile app can offer the service of obtaining loan funds as quickly as possible without a large number of documents, a long wait for their verification, and with automatic or semi-automatic approval in the shortest possible time.

Due to the high degree of risk because of the fast approval, such loans may be issued at a higher interest rate. However, this will not reduce their popularity, as the ability to immediately obtain the much-needed money will clearly be better than its absence.

The interest rate on such loans could be calculated based on the user's credit rating, to which the mobile app could automatically gain access through the appropriate API. Such software should also provide online communication with the company's specialists.

Peer-to-Peer Lending App. A company offering online lending can also attract additional financial resources and reduce the cost of borrowed money with the help of a mobile app. For this purpose, it can also turn its clients into partners.

It's important to understand that the market includes not only those who need credit funds but also those who want to invest their money. Through the appropriate mobile app, fintech companies can become online intermediaries between these two types of users.

Beyond the security of any transactions made via the mobile app, the company can also control the cost of loans, consult both groups of users, and provide other types of services aimed at increasing customer loyalty.

The functional capabilities of the described apps can be combined with each other based on the goals set by the online lending company. The possibilities of the app are discussed with the developer during the initial stages of discussion with a software development company.

The mobile app can be used as an independent platform for selling financial services, but it can also complement the main online platform for convenient access to primary and additional features using a smartphone.

As our practice shows, companies in various sectors are increasingly creating their own mobile applications to attract new users or increase the loyalty of current clients. Most often, investments in them pay off in the first few months after launching in the App Store and Google Play.

Roughly 62% of businesses have an app or are in the process of developing one. Don't get left behind!


Nick Gric