A P2P lending app can help both lenders and borrowers have a good experience when using services. Aside from that, investing in P2P lending app development gives a great advantage in cost reduction.
Finding a reliable P2P lending app development company is very difficult because the software market has a larger number of providers, and you have no idea about hiring them. Let’s keep reading this article; it can give you some helpful suggestions.
Benefits of P2P Lending App for borrowers
No interference from the intermediary
In a P2P lending app, there are no banks or intermediaries involved. So the users neither need to pay for the banking services nor have to convince the creditor to issue a loan that they are solvent and trustworthy. All the processes are carried out on a single mobile application at the expense of minimal fees.
Flexible than traditional loans
Mostly, P2P loans are unsecured because the borrower doesn’t need to provide any collateral. So users won’t need to tie personal assets or property like is the case with traditional loans. In a P2P lending app, the application process is quick and uncomplicated. Thus, users can easily access funds in a short period of time.
Lower Interest Rates
The loans that users will get through peer-to-peer lending will charge quite a lower interest rate in comparison to traditional lenders like banking and financial institutions. As the investors are lending their money directly to the borrowers through an application platform, there are no intermediaries, which both parties can leverage at more favorable rates.
Thorough Inspection
While there is no need for collateral, the borrower still had to submit personal information such as a passport, identity card, salary, and others to prove their solvency. A P2P loan app always provides users with a high level of trust.
Benefits of P2P Lending App for lenders
Steady and Attractive Returns
The current average rate of return on a P2P loan lending app is 10%. However, it depends on the type of loan and the duration. In the current banking market, a 10% return is quite attractive, especially if it is diversified among qualified borrowers.
Lenders Choose
As a money lender, users can categorize the borrowers and check their identification. They will get all the details of a borrower, along with its credit score and other related factors, in the funding algorithm. So, users can choose to invest in borrowers who match their preferences.
Fraud Prevention
The risk for money lenders is not getting their money back. However, a P2P lending app implements a fraud prevention system in order to maintain a zero-tolerance policy on fraud. The best P2P lending app always follows procedures that are the strictest and most rigorous within this industry.
P2P Lending Application Development Services
- Lender Management. Lender management helps lenders invest money by selecting borrowers of their choice within the application. A lender can check the details, such as the amount required, loan tenure, and profile for KYC.
- Borrower Management. It helps the borrowers with the submission of details like KYC, e-signature, and other personal information. The borrower needs to upload documents, a credit history, and business accounts to get loans.
- Push Notifications. If users agree to allow push notifications, they will receive timely alerts or notifications about their order, any new offer, policy, etc.
- Real-time analytics. Real-time analytics helps users get insights and act on data immediately or soon after the data enters their system. Moreover, real-time app analytics can answer queries within seconds.
- KYC Approval. KYC approval helps both lenders and buyers with their verification on the platform. The admin would approve the KYC if all documents were correct.
- CRM integration. Customer Relationship Management (CRM) tool integration can help apps build better customer relationships and increase retention rates, user engagement, and conversion rates.
- Loan Management. Loan management will keep all the records of the loan, including the amount, transactions, histories, lender and borrower details, and other data.
- Payment Schedule. The repayment scheduler will help the borrowers and lenders get notifications about the upcoming installments.
- Chatbot support. Chatbot support will help users resolve any queries that arise about the features and functionalities.
Why should you choose Innotech Vietnam?
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Experts by experience
With more than 12 years of experience, Innotech Vietnam has experience in core banking software integrations for financial institutions such as ACB Bank, Tyme Bank, Unifimoney, Manulife, Commonwealth Bank, etc.
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Ready solutions
Technical solutions and demonstrations of a product or technique are available.
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Dedicated teams
With more than 90+ mobile app developers, UI/UX designers, BAs, project managers, and QA/QC. Innotech staff have good knowledge of banking and financial operations.
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Reputation
Experience in consulting, deploying, and managing mobile applications with more than 2 million users.
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Cybersecurity
Maintaining the security and confidentiality of our clients’ projects is always our top priority. We try our best to respond to cybersecurity standards for the partner.
If you are looking for a Mobile App development company to provide solutions for digital wallet companies, we’re happy to grant our services. Contact experts at Innotech Vietnam for any questions about mobile applications!
