How to build a loan app and where to begin

Posted by Helen Wonsin on April 14th, 2021

Have you decided that your company is ready to get into the business of "a bank in the pocket", and the advantages are outweighing the disadvantages of getting into the world of peer-to-peer (P2P) lending mobile applications? Are you looking for a step-by-step outline on how to build a loan app and where to begin?

First, think about the following: what kinds of loans do you plan to process with the mobile app, what functionality is required, and who is your target audience. The analysis of the existing competitors is also a must. Get your team of skilful professionals ready.

Then comes the loan lending app development and design, including but not limited to application architecture and functionality, with a focus on user interface design to distinguish the product from the others and unique features. Bear in mind that you need to receive scalable Android, iOS and cross-platform apps. 

Also, remember that the simpler the design is, the more borrowers will use the app. As soon as the UX/UI is verified, proceed to the development of an MVP version. It would most likely be best if you also had a dedicated website and many cloud solutions to deal with big data.

The next phase is to develop a finished application with both basic and advanced features. The role of the QA process is crucial for success. 

And finally, after the successful launch, your loan app will require efficient technical support. Also, bear in mind that your product is to evolve to stay competitive.