While developing a personal loan app, your app should allow the users to complete every critical loan application step directly by using their mobile device.
To make the user experience better, you can break down your app process into various small sections and guide your users through the entire process.
Besides, your app needs to allow your users to view their transactions’ logs. It includes cash advances received, loan payments made, remaining debt, and direct deposit history. All such details should be easy to find and understand.
Your app can allow the borrowers to pay back their loan balance directly using your app. There are a plethora of payment options available in the market. The more you integrate into your app, the more consumers are likely payday loans Washington to use your app.
Peer-to-Peer lending: advantages and disadvantages
Allow your users to make payments using their debit card, credit card, bank account, and alternative payment mode, such as Bitcoin.
A key feature of the mobile experience is push notifications. Notification can assist in making the user remind about the upcoming payments, loan approval, and much more.
The app users expect receiving push notifications. So, you need to include it in your P2P money lending app to let your user be well-informed about the vital information.
Both the users and admins can get benefit from real-time analytics. Investors can evaluate the KYC details of the potential borrowers and assess their credit history. Additionally, admins can get detailed analytics on many aspects of platform operations, using AI and big data in money lending to attain actionable insights and enhance user experience.
Lenders and borrowers can be given points for fulfilling their obligations timely. Such ratings help them shine as reliable partners for future deals.
A chatbot feature would help your app users when they have any issue or a question. When it’s about financial matters, your app is going to get flooded with various relevant questions. So, including a support system will make your user know that you are there for them in their need.
As we know, the credit score affects the personal loan terms and repayment options. So, integrating a free credit score checker in your app will make your users know about their eligibility for a loan.
Including cryptocurrency features, like a wallet and other crypto buying and selling options, would be beneficial as including such a feature is quite common nowadays.
Advantages of P2P money lending
Peer-to-Peer loans provide a few advantages over other sorts of borrowing, like more competitive interest rates, a convenient and fast online app process, and flexible terms.
Today, P2P lending platforms have caught up with the online space; it states that the app process has become convenient and quick. If you want to secure your funds efficiently, then this would be very handy.
Combining P2P platforms with an automated process will make the time-consuming process of giving and receiving money relatively quick and easy.
If you are interested in getting a loan through P2P lending, you can get an initial quote that will not affect your credit score. This way, you will get a better idea regarding the rate you will get and the affordability of the prospective loan.
Initially, while enquiring about a loan, the widely-accepted P2P platforms will just perform a soft search’ on your credit transactions that would stay hidden in the future searches of other loan providers. It will offer you the detail you need without affecting your credit score for future finance apps.