The race to digitize everything is on. Most businesses, if not all, have to adapt and move operations online if they want to survive and thrive among the smartphone-obsessed population. And this doesn’t exclude mammoth institutions like banks, venture capitalist firms, loan companies, and the like. If anything, they are being outdone by new digital businesses which have sprung up because of the opportunity for online financial solutions. And they’re killing it!
FinTech is thriving and is predicted to reach over $31,503 billion in market value by 2026. With over $210 billion being invested in FinTech businesses worldwide in 2021 (Research done by KPMG), no wonder so many people are looking to take advantage of this by creating their own financial solutions.
Alternative lending is the branch that is making noise, and it’s expected to reach around $400 billion by 2026. Apps that lend you money are the current trend of alternative lending.
And are we surprised? No, not really. Online lending platforms and apps offer people the opportunity of borrowing money without a lengthy, complicated process, without leaving the house, and at lower interest rates.
If you’re interested in loan app development, you’re in the right place. In this article, we will explain in detail what these solutions are, their pros and cons, and how to proceed if you’d like to have one developed for you.
What exactly is a Loan Lending App?
Money loaning apps are a form of P2P (Peer-to-Peer) lending, meaning an entity – investors, startups, small companies, venture capitalist firms, and so on – lending to a person – individuals, homeowners, students, business-starters, or just about anyone else who wishes to take out a loan. There are no banks involved or large loan companies, and everything is done online. There is no need for multiple trips to the bank, signing tons of paper contracts, or excruciatingly long financial examinations.
Advantages of loan lending apps to end users
They are accessible
Lending through an app is a lot easier for borrowers than a more traditional avenue like going through a