The major functionalities of loan lending apps development include:-
1. User registration and login:- This is the first step in the loan application process. Users need to create an account and provide their personal information, such as their name, email address, and phone number.
2. Loan application:- Users can apply for a loan by entering their loan amount, interest rate, and repayment period. The app will then evaluate the user's creditworthiness and provide an approval decision.
3. Loan terms and conditions:- The app should clearly state the terms and conditions of the loan, such as the interest rate, repayment period, and late payment fees.
4. Loan disbursement:- Once the loan is approved, the funds will be disbursed to the user's bank account.
5. Loan repayment:- Users can make loan repayments through the app. The app should provide a variety of payment methods, such as online transfers, debit cards, and credit cards.
6. Loan management:- The app should allow users to track their loan balance, interest payments, and repayment schedule.
7. Customer support:- The app should provide customer support to users who have questions or problems with their loans.
8. KYC (Know Your Customer) verification:- This is a process of verifying the identity and background of a loan applicant.
9. Credit score integration:- This allows the app to access the user's credit score from a credit bureau.
10. Machine learning for risk assessment:- This uses algorithms to analyze user data and assess credit risk.
11. Push notifications:- These can be used to send reminders about loan payments or to notify users of changes to their loan status.
12. Analytics and reporting:- This allows lenders to track the performance of their loan portfolio and identify trends.
