What is Mobile Loan App?
A decade ago, it was such a difficult journey for people trying to apply for a loan from the bank since they have to deal with complex process that involved a huge amount of paperwork and procedures. However, today it turns out that everybody can apply a loan by submitting required and valid documents by using smartphones.
The internet has made many parts of our lives easier including getting a loan. And, today needs for a loan seem to be growing and it is predicted to be exponential in the coming years. However, the loan app in the app world is still limited.
Therefore, it would be a good opportunity to develop a loan app customized to your requirements to get into the competition and standing out of the crowd. And, the online loan is a suitable option for they who do not qualify for a bank loan and need funds immediately.
What will you get by purchasing the product?
The users can enjoy the borrowing facility at their disposal since the application makes it easier for them to get instant funds into reality for anyone who needs financial resources immediately.
No Collateral Required
One of the most important reasons for having a loan online is there is no collateral required. The users don't have to worry about arranging any collateral or if they don't have any guarantor.
The application allows the users to keep track and check their online borrowing such as how much the amount borrowed, the level of their loan whether at the excellent level or low priority and upcoming payment dates.
It will be tiring when it comes to applying for a loan with a conventional bank since the customers need to visit the institution during office hours only, however, the Mobile Loan App offers simplicity just by logging into the app without compromising the busy schedules.
The system can check customer information in real-time, collect updates, and track the borrower's status from the first applying until the repaying of their loan and detect potential delinquencies easily from the back-end.
Boost conversion funnel
The system allows the staff to engage with the users easier and boost conversion rates with automated follow-ups and easy document upload from across all data acquisition and screening.
Save operational cost
The system enables the customer to check on their minimum requirements and necessary documents required for applying for a loan by themselves and there is no need to reach out to a company resources physically as in the traditional loan method.
Here are some of the features of the app:
The admin manages the loan transaction, credit limit scheme, and can view all transaction data including the on-going ones and active loans using this feature.
02. Credit limit management
The admin can view all user data who request or apply for a credit limit in detail and process it into validation for approval or rejection.
All history of transactions with credit limit were displayed in this feature including the transaction with another platform, approved loan, and auto-debit for loan payment.
The admin can view all transactions such as transaction or mutation data from many sources that use a loan balance from another platform, including the approved credit limit and auto-debit for loan payment.
The user can register by submitting their valid data and documents needed to apply for a loan with the loan amount and duration and the system will checked its eligibility and validate it for approval.
02. Payback period
The user can set the payback period referring to the amount of time to recover the cost of their loan in this feature.
The user will receive the payment due date notification before date of payment must occur, whether paying the minimum amount or one-time payment according to the amount of loan applied.
04. Auto debit
The user can arrange auto debit payment for paying back the loan by giving permission to the system to take the payments from their bank account.