Remember those days when every one of us used to roam around the banks when we required money. Money may not be the ultimate thing but it is the foundation that ensures a happy living. We come across many circumstances when we are extremely in need of money. Sometimes, we are in emergencies and we cannot wait for too long. In such cases, P2P Lending Software Development is something that can provide a helping hand in those high moments. These type of applications have gained huge popularity with their functionalities and features.
Insights of P2P Lending Software Development:
The name peer to peer indicates that loans can be provided and obtained instantly from an individual to an individual without any mediator or any banks involved. People can simultaneously become money lenders and borrowers with the help of this P2P Lending application. Simply, these sites are more or less like mediators that render a platform for both lenders and borrowers by simplifying the process. As it is becoming one of the greatest tools for lending and borrowing money, there are many organizations that are attracted to start this type of application and are becoming more interested in this P2P Lending Software Development.
Features of P2P Lending Software:
This feature enables the lender to lend money by making them choose the borrower who has registered in the application. Lenders have the option of viewing the information of the borrower like the required amount, loan conditions, and the documents which they are going to keep on stake. Lenders can provide loans at their desired interest rate based on the loan requirements. The applications of the borrowers are transferred to the lenders’ account by their choices and then they can lend money to those borrowers.
With this feature, lenders can formulate leads and can track them efficiently. They can track the information like the amount taken, subsequent payment, the balance amount by their Know Your Customer Details, borrowers’ picture, digital signature. After the completion of the payment, the lender can terminate the lead, and this enables the lender to have clear planning for their coming investments.
This P2P Lending Software Development enables the lender to get the complete data of borrowers and to maintain them at a single place. This feature helps the lenders to revise all those documents effortlessly as they are stored in a single place. Moreover, it also helps the users to upload and download those documents and they are stored in a cloud when the user signs in with their respective accounts. One remarkable thing with this feature is the user can easily recover the documents when the documents are missing.
This is one of the most significant features in this application. This feature helps the users to formulate an application when submitting the details like KYC, digital signature, and other required data for the loan which is dependant on profile tags. Now, the borrower can receive requests from the Lender as the details of the borrower are received by the lender. Based on the interest rate, borrowers have that option of choosing their desired lender and to connect with them. The borrower can get any type of business loan or personal loan based on their requirement. They need to upload the right documents to avoid misunderstandings and further problems with the lenders.
This is one of the advanced features of the P2P Lending Software Development. This loan calculator helps borrowers to instantly calculate the whole amount that has to be paid to the lenders by entering the details like loan amount and tenure. If the borrower has any clue regarding the amount of pay they are paying then it makes the process much simpler. With this feature, the borrower can calculate the amount of EMI that they have to pay beforehand when they are going to approach a lender. This loan calculator gives the estimation of everything related to the loan.
Know your limits
This feature provides the rules and guidelines that have to be followed by both the lender and the borrower. Here is the user is provided with a digital form where they have to enter the details like occupation, earnings, etc. Based on this data, this feature provides the user with the details of the amount that the user is eligible. This amount may constantly vary with the distribution of the loan. Lenders can be aware of their boundaries for lending money by the information they have filled.
This feature provides all the lenders with the complete overview of the amount given to the leads and the amount obtained from them. It simply gives a brief history of the amount given to all the leads, the amount of loan that is in pending, etc in a single place. All this data can be found on the dashboard. Reports are generated based on the above data. These reports can be downloaded and can also be shared which will be useful for refinancing.
Cost of P2P Lending Software Development:
It is very difficult to mention the cost of development as it is mainly hinged on various factors. It always depends on the complexity of features and the mobile app development that you are going to hire to build your application. Als, the number of platforms that you have decided to launch your app also determines the cost. As this P2P Lending Software Development is completely based on the money transactions we advise you to give first preference to the security and privacy issues as there will be heavy transactions that are going to take place.
The more you have a clear idea of what you require, it will become for the developer to deliver the best output.
Tvisha technologies is a premier mobile app development company that is known for rendering sophisticated solutions to our clients. Our well-knowledged team is adept at delivering the best solutions that withstand the current market competition. We are very much excited to hear from you!