Mobile App Development

How to Create a Money Lending App in 2023

Developing a money lending app in 2022 | Loan lending app development cost

We have become dependent on mobile applications to the point that we order everything online now that everything can be done through them. Apps have not only simplified our lives but also helped us figure out how to do things better. The system is more organized and transactions are completed more quickly.

When you go to the bank for loan approval, do you have to wait in long lines and spend many days at the bank? What is the average time it takes to get a loan approved in person? In recent years, several companies have developed mobile apps to eliminate the need to borrow money from a bank.

Our day-to-day lives have been simplified by loan lending apps, just like many other apps.

The application works like a credit card, allowing users to apply for an instant loan. In order to use one of these apps, a user only has to download it and register. Upon being approved as eligible, they can add their bank details. People can check their credibility and credit score with these apps and see what their eligibility for a loan is. Saving you the time it takes to go to the bank, stand in line, and speak with bank officials.

How Money Lending Apps like Dhani, Navi, and PaySense Work?

User Onboarding

Upon clicking a link in an install-prompting banner, a customer lands on the loan app's page in the app store. Following user registration, users are presented with loan options once they are in the app. There are a couple of ways to implement loan options: a catalog of different types of loans or a dynamic screen where users can select specific parameters for the loan.

Usage and Auto Pay-outs

To set up auto payments, you need to link your loan app to your bank account. Once interest payments start coming due, loan repayment is necessary.

As a result, the lending app is responsible for keeping the user up-to-date on their payments. A notification system must be integrated into the app to display upcoming and completed payments. Apps should allow users to adjust payment dates and make early payments. Apps that provide loan services may also give users the ability to manage other financial products they're getting through a lending platform.

Security and Legal Compliance

What's the first thing a user would consider about an app before using its services to borrow money? Security, of course! When choosing where to borrow money, people rely on it.

For users to trust your money lending app, it should be secure and safe. There are several ways that this can be implemented. The majority of these are hidden from view, while others are directly visible to the customer.


In order for a lending app to be successful, it must provide a secure way for users to authenticate themselves. Many smartphones today are equipped with biometric authentication methods, such as face recognition or fingerprint scanning. Using APIs can help protect user data.

The use of services like Tulio or Duo can further your authentication security. A good loan app would allow customers to use a strong password and also support a short pin or biometric authentication method for faster authentication.


With customers providing sensitive information through the app, it's highly advisable to encrypt all data at rest and in transit, and to use a secure connection with servers. In recent years, consumer apps have been able to enable bank-level encryption. Money lending apps can't avoid such encryption.

Legal Compliance

The legal aspect of your project should be taken into consideration as well as the technical aspects. Applications for loan financing must comply with state and country-specific regulations.

Must-Have Features of a Loan Lending Application

Must-Have Features of a Loan Lending Application

When making a money lending app, it is important to carefully consider its feature set in order to attract users. As an MVP, a loan app should have the following features. You are evaluating options and probing the market.


App users should be able to register quickly using their social handles or phone numbers. Adoption rates are higher when friction is minimized at this stage. When users start applying for loans in the future, you will be able to get their data.

User Profile

The section allows users to upload and edit their personal information. You may want to hide the user's details by default when creating a profile. Consider adding a hint to all fields for first-time users.

Loan Application Form

It will be the core of your application. The loan application process will be more successful if you break it down into distinct steps, and guide them through it along the way. Displaying the progress will reassure your customers.

Payments Log

As soon as a loan has been funded, customers will need a place to see their payment information including outstanding payments. A graphical representation of the remaining debt should be available as well.


A push notification will inform users of the next payment. Adding a reminder a couple of days before the due date may help if they missed a payment.

Additional Features to be Implemented

Payment Options

Users will be able to add and edit their bank accounts when they use the app, which will ensure they can begin repaying their loans immediately. As an added benefit, you can help users enable autopay.

Live Chat Support

Despite the fact that lending apps eliminate the need for face-to-face communication, your customers may still seek assistance. In such cases, live chat with your representatives can be very helpful.


A chatbot will be able to resolve basic issues and explain how the app works when no customer service representatives are available.


Geolocation can help you determine where the nearest ATM is if your product allows users to withdraw cash via ATM.

Credit Score

A credit score service can also be integrated into your application. Through this service, customers will be able to better understand their eligibility for loan.

How to Develop a Loan Lending App?


Using your buyer personas, we assume that you already have defined your target audience. So, what next?

Choose a platform

The very first thing you have to do when creating a money lending mobile app is to decide which platform it will support. Are you planning to make mobile apps for both borrowers and investors, or will they be strictly web-based?

You’ll want to consider cross-platform development frameworks if you’re targeting mass consumers. You can quickly develop P2P lending apps with multi-platform apps like React Native.

Make a list of all essential features This step focuses on how your lending app will differ from competitors and what features it will provide.

Borrower mobile app

A list of must-haves and add-on features is already listed above. It's a good place to start. Don't forget to provide some unique features in your app.

Mobile app for investor

It's important to remember that there are two parts to p2p lending apps: borrowers and lenders. Those with this app would need it to manage their investment portfolio and choose the loan options they wish to invest in.

Admin app

There is something that many entrepreneurs overlook when it comes to managing their loan applications. You will need to track all requests and payments and manage everything else that happens through the mobile apps. And that's where an Admin app comes in.

Integrate SDKs/APIs

A wide range of components is available as plug-ins. It's helpful to review what building blocks (such as SDKs, APIs, and code libraries) exist for your app after you've figured out the features. Let's have a look at some examples: ⦁ Plaid for securely connecting to bank accounts ⦁ Tulio for adding a chat and 2-factor authentication ⦁ Facebook/Twitter/Google/Apple for quick login If you combine the right modules, you'll greatly improve your time-to-market and lower the cost of app development.

Design the UX and UI

A loan application's UX and UI can make or break the entire business. Testing each screen with customers carefully begins with low-fidelity wireframes and advances to high-fidelity mockups. To improve the user experience, create a clickable prototype.

Develop an MVP

Having tested your loan app's UX and UI with test users, you can now build an MVP. Invest in a qualified loan app developer to create a web portal for managing loans and a loan application. In this step, you'll put the most essential features in code that will help you gain traction.

Iterate based on user feedback

You should take advantage of users' feedback after you have released your application and tested it with real customers. An analytics feature built into your app can also help you identify potential roadblocks and gather insights into areas for improvement.

Maintain the app

As mobile operating systems advance, new features are added, and new opportunities for user experience improvement are presented. To take full advantage of new OS features, your loan app must be kept up to date.

How Much Does It Cost to Develop a Loan Lending Mobile App like CASHe, MoneyTap, and Navi?

  • India: $10 – $25/hour
  • USA: $99 – $200/hour
  • Southern America: $15 – $75/hour
  • Eastern Europe: $20 – $100/hour
  • Western Europe: $50 – $200/hour

Considering the various factors, such as the functionality, the platform on which the app is built, the target market size, and finding the best Loan Lending app development company like Neetable with a team of expert loan lending app developers, and the location of the outsourcing company, we estimate that the Loan Lending app development cost will approximately start from $25,000.


What is an online lending platform?

The term online money lending platform refers to any type of loan that isn't directly sourced from a traditional bank. They are most often than not considered a faster alternative to traditional banks.

How to create an online money lending platform?

  • Perform thorough market research about your money lending app, the target audience, etc.
  • Come up with a relevant solution.
  • Build your loan app from a futuristic point of view.
  • Choose an app development partner like Neetable who can help you build a competent solution.
  • Test your app's MVP version on real users to obtain useful feedback that can make your app better.
  • Continuously improve to stay ahead.