Money lending or loan lending are not new terms as the process has been continued for thousands of years, it is just people who are now using different ways to borrow money. With digitization, there have come different money lending apps like Albert, Chime, Brigit, etc.

Not only money lending, but P2P lending apps have also gained enormous popularity in the market. According to the Global News Wire, the size of the P2P lending market was valued at $82.3 billion in 2021 and is predicted to reach $804.2 billion by the end of 2023 with 29.1% from year 2022 to 2030.

money lending app stats

Coming to the point, using money lending mobile apps is occurring as one of the most used ways for borrowing money. These solutions make the money-lending process so smooth that it feels like sitting on your couch at home and just clicking a few buttons.  Considering the market reports and popularity of mobile apps for loans, ventures are trying to create an app that can help them enter the industry and leverage the benefits.

Before entering, it would be good to brainstorm about some important questions like whether it worth is making such a long-term investment in this segment, how you will survive among existing competitors, and many more. To clear up all your doubts and concerns, we have come up with this exclusive guide to let you know how to create a money lending app. Let’s go through it without any further ado-

What is a Money Lending Mobile App?

Money lending or borrowing apps enable people to take out loans or lend money in no time at a specific interest rate. Users can get this loan from an individual or bank operated in their country by comparing the interest rate and can choose the one that best suits their requirements. It is the fastest way through which lenders and borrowers can connect with each other.


These apps provide a wide range of loans including business, personal, mortgage, and car loans. Along with loans, there are even different lenders comprising banks, individuals, and credit unions to provide loans to people and businesses.

In past years, the acute impact of the pandemic has driven people to the financial crisis, and due to social distancing, they also started using digital ways more for money transactions. With this, the global FinTech market size increased to $449.89 billion in the year 2020 and is predicted to grow to $4957.16 billion by the year 2030 at a 27.4% CAGR from the year 2021 to 2030.

How Do Money Lending Mobile Apps Work?

Before recognizing how to build a money lending app, you must know how this app works. The loan mobile apps work like credit cards for borrowers to get instant loans. The only difference is that no third parties or intermediaries are involved between banks or loan brokers. Both borrowers and lenders act as equal parties and deal directly with each other on their own terms and conditions. They can negotiate the interest rates and the time of repayment.

Some of the steps to use loan lending mobile apps are as below:

  • Install the app and register via email id, phone number, name, etc.
  • Then, users can check their loan eligibility and can add their bank and personal details including suitable interest rates.
  • Here the users’ loan application will first get approved by the app after doing a security check and to approve loans, it must get approved by lenders based on their credibility and credit score.
  • If anyone’s loan application gets approved, then the app gets a specific percentage of every loan as a profit, or they can earn via subscription fees received by users.

Why Are Money Lending Apps So Much in Demand?

As a startup envisioned to invest in the FinTech realm, not having a custom-made lend money app can cause you to lose an opportunity to secure a place in the fast-evolving financial sub-sector. But before going for loan lending app development, you must know what advantages or benefits the app can provide you-

  • Fastest Market Growth
  • Lower Interest Rates
  • Hassle-Free Loan Processing
  • Easily Accessible
  • Highest Security
  • Confidentiality
  • Different Loan Alternatives
  • Advanced Logs

1. Fastest Market Growth

In 2022, the digital lending platform market size worldwide was estimated at $7.04 billion and it was expected to grow at a 26.5% CAGR from the year 2023 to 2030. While looking at the expanded alternative lending market, we can see that there are a large number of loan app options including traditional bank loans. These massive numbers present the possibilities implying investing in more cash lending app ideas.

US Digital Lending Platform

Over a decade, MFIs (microfinance institutions) have lent a big amount of money with just a basic CAGR of 11.5% over the last five years. Simultaneously, there was an outgrowth in the number of borrowers globally even though it was at a slower speed compared to the 2000 to 2010 period at a 7% average annual growth rate since the year 2012 than the 20% rate in the last decade. Some of the other related stats are-

  • In the marketplace lending segment, the transaction value is estimated to value at US$32.10bn in the year 2023.
  • Transaction value is projected to increase at 1.97% CAGR with an assessed amount of US$34.70bn by the year 2027.
  • The average transaction value for each user is projected to lead to US$0.62m in the marketplace lending segment in 2023.

2. Flexibility in Loan Amount and Tenure

This feature lets the borrowers choose the amount payback time as per their suitability and they can also negotiate the loan amount with the lender. There are multiple loan amount brackets, borrowers can choose from and the same goes with the loan term ranging from 90 days to above as per the eligibility of the person who is availing the loan.

3. Lower Interest Rates

While taking instant loans from banks or such organizations, people have to bear high-interest rates due to their premise rent, provided salaries, and many other reasons, but here is not a similar case. The money-borrowing apps don’t have any premises or employees to maintain, thus, they keep the interest rates lower comparatively.

4. Hassle-Free Loan Processing

If you are finding a good reason to use mobile apps for money borrowing, then, its hassle-free loan processing can be that one reason. People can easily have loans in one go without bearing a lengthy process. Be it a short background check or signing papers or sending a loan request, everything becomes easier & time-efficient with online loan applications.

5. Easily Accessible

Online apps don’t make borrowers wait for long to get loans. They just need to download the app from Apple App Store or Google Play Store and can use it instantly. By sitting at their home, they can apply for loans by analyzing different lenders and can have a seamless and short online lending process.

6. Highest Security

While taking an instant online loan, you need to have the best loan apps to get the highest security. These money loan apps use a secure and encrypted network to safeguard the users’ information by setting strong passwords.

Kiva, a money-lending app developed by SemiDot Infotech also adheres to the best security protocols and practices while providing loan services to its users. There is no other app in the market that can beat Kiva in terms of security.

7. Confidentiality

Some borrowers take a loan for purchasing a home or car, but some can’t reveal the reason to apply for loans. For such people, apps that lend money provide particular privacy and secrecy to make them confident that their reasons are safe with the apps.

8. Different Loan Alternatives

If you are going for the best money lending apps, you will get a different range of options while taking loans. Seeing the current demands, various software development companies develop different loan alternatives as per the specific requirements of users. The loan alternatives range from vehicle or home loans to payday loans to advanced loans.

9. Advanced Logs

Lending loan apps are able to process automatic money transactions easily accessible by users. It helps users to make timely payments for loans with improved record management. All these records are used by apps to send important alerts or notifications to users.

To understand how to create money borrowing apps, you must look at the existing best apps for borrowing money to get an idea of how they work and their strengths. Check out the below popular apps included in the table-

Money Lending AppsCharged FeesMaximum Loan AmountTime to Funding
BrigitFree and $9.99 monthly for the Plus plan$20 to $2501-3 business days
AlbertInstant cash advance feeUp to $2503-6 business days
DaveMembership fee: $1;
express fee: $1.99-$9.99;
external transfer fee: $2.99-$13.99
Up to $500Instant with express fee and 2-3 business days without express fee
ChimeNone$100-$200Up to 5 business days
Possible FinanceDiffers as per the users’ stateUp to $5001-2 business days
MoneyLionTurbo fee: $0.49-$5.99 to RoarMoney account;
$1.99-$8.99 to external debit card
Up to $50012-48 hours for a fee;
3-5 business days without a fee

Brief Discussion on Different Types of Loans

Before looking at a loan lending app development guide or hiring loan lending app developers, have you ever thought that what type of loans you are going to offer to your audiences?

Different Money Lending Loans

There are several numbers of loans that must be considered while developing a money lending app. Following are some of the types-

  • Payday Loans
  • Personal Loans
  • Business Loans
  • Home Loans
  • Student Loans
  • Installment Loans
  • Title Loans

1. Payday Loans

These are short-term loans that come with advanced interest rates and fees. These types of loans are owed on the next payday of borrowers and availed by people who need fast access to cash. Though these can be too unsafe, and borrowers can be trapped in lots of debt if they can’t repay the loan on time.

2. Personal Loans

Personal loans can be used for different purposes like home improvement, debt consolidation, or other personal payments. These loans have fixed interest rates and their own repayment terms that may be needed to fulfill eligibility criteria or credit checks. All the terms and loan amounts can differ according to the lender and the financial situation of the borrower.

3. Business Loans

Business loans are mostly taken by start-ups and small-scale businesses to expand their business and services including employee hiring, buying equipment or inventory, etc. Here the loan amount and terms can be varied depending on certain circumstances.

4. Home Loans

Home loans specifically provide benefits to the ones who are in need to buy a home but don’t have enough amount. It has both fixed and adjustable rates and sometimes also requires a down payment or other essential documentation. Loan terms and amounts depend on several factors such as the borrower’s income, credit score, and property value. These types of loans have lower interest rates usually in comparison to others.      

5. Student Loans

These loans are used to pay the fees of college or higher education and they can be private or federal with different interest rates and repayment terms. Several aspects including credit score, financial need, etc. can affect the loan amount and its terms. It is the most demanded lending loan worldwide.

6. Installment Loans

These loans are refunded in regular and decided installments within a set period with a fixed interest rate. Installment loans are used as a handy personal finance tool to pay off substantial debts in small and convenient portions at the decided time. 

7. Title Loans

Title loans are short-term loans that are assured by the borrower’s vehicle. The loan amount borrowers want to take will depend on the value of their vehicle. This loan often comes with high-interest rates and fees. If the loan is not repaid, borrowers may lose the vehicle, hence taking this loan can be risky.

Important Features to Add in Money Lending Apps

Finding appropriate features to add to a loan money app is as necessary as hiring a loan lending app mobile development company. To make your application able to accomplish all the users’ demands and be competitive, you must add these below features into your solution including two different panels- user and admin. 

User Panel Features

Loan lending app user panel features

The user panel must have easy-to-use features & slick UI to simply interact with target audiences. Let’s take a look at these significant features-

  • Registration/Login with Social or Email ID

The app registration process must be simpler just by putting the user’s name, number, email, address, and ID proof with account personalization.

  • Connect Bank Accounts

Users can link their different bank accounts to lending money apps so that they can use them whenever they are needed during depositing or withdrawing money.

  • Apply for Loans

Users can apply for loans by analyzing suitable lenders and filling in the crucial information while considering their loan requirements.

  • Set Payback Period

Here users have the advantage of setting up the loan payback period according to their choice and suitability. After this, the interest rate will be dependent on the time duration of loan payback & lender’s terms.

  • EMI & Interest Calculation

Interest and EMIs will be calculated by users as per the decided loan payback time and will be paid in monthly installments.   

  • Payment Schedule and Billing

Users can view the entire history of payments to track the lending procedure step by step which leads to complete transparency.

  • View EMIs Paid/Unpaid

To repay the app loan with utmost convenience, the loan money app must have this feature so that users can view all paid and unpaid EMIs to track down how much loan amount is left to pay.

  • Withdraw Money

Users are able to withdraw money using these mobile loan apps via debit card or direct bank account.

  • Transfer Money to a Bank Account

Money lending apps also enable users with money transfer options. Users can transfer as much amount as they want to another bank account.

  • Discounts and Offers Using Credit Card

During P2P lending app development, this feature is a must-have to provide users discounts & offers on loan payments done using credit cards.   

  • Reward Points

Borrowers and lenders can get rewards and added benefits for their loyalty and continuous belief in the app.  

  • Variety Loans

When choosing an app to lend money, it must contain different loans such as home, car, business, etc. to cater to different users’ requirements with personalized loan terms & reimbursement options.  

  • Online Chat and Call Support

Providing customers online support through AI chatbot and calls from executives helps to gain a higher user retention rate. Users get help to know about the app’s functions and their uses through it.  

  • Push Notifications

This feature helps to make users informed about their upcoming payments, loan status, and other essential updates to ensure timely loan and payment management.

Admin Panel Features

Money lending app admin panel features

To manage the entire app, your chosen money-lending app developers need to integrate outstanding and easy-to-use features into the admin panel so that users can enjoy a smoother experience. Check out below-

  • Log in via Email ID

Money lending apps have an easy and secure feature for admins to log in as it enables them to access the system via app registration by entering their email ID.

  • Two Factor Authentication

While registering the app, the admin has to go through 2-factor authentication leading to an extra layer of security to inhibit unauthorized access and ensure data privacy and protection.    

  • Manage Profile

This feature allows the admin to view & update all the users’ profiles, manage loan data, loan applications tracking, and manage the entire loan procedure.

  • Loan Management

It enables the admin to review and then, approve the loan application, track loan payments, set interest rates & loan terms, & streamline the loan accounts.  

  • Manage Rewards

Admins can create and manage reward programs, promote loyalty & engagement, incentivize borrowers, etc. to increase the overall user experience.

  • Manage Discount and Offers

This feature permits the admin to create and supervise promotional campaigns, tailor discounts & offer settings, performance analysis, and grab more user engagement & retention.   

  • Manage Profile Approval

Admins are allowed to analyze and approve user profiles while making sure to comply with all the regulatory requirements and lessen the theft risk and fraud with the help of this feature.

  • Manage Customer KYC Approval

Customer KYC approval is necessary in order to get a genuine user base and to prevent money laundering & spam. Admin review and approve KYC to avoid any kind of future risk.

  • Manage Customer Credit Limits & Requests

It is easy for the admin to set and adjust the limit of a credit card while accepting or rejecting credit requests and perceive user creditworthiness and amount settlement behavior.   

  • Manage Users

This feature enables the admin to create and manage user accounts and view their past activities, permitting them for specific events while ensuring safe and efficient access to the system.

  • CMS Integration

CMS integration facilitates the admin to credit, modify, and publish content helping users with app navigation and knowing about other functions & features to enhance their app experience.

  • Bank Partner Management

With this feature, the admin manages the relationship with different banks, reviews & tracks their transactions, and manages loan processing & disbursement while ensuring reliable & smooth loan services to users.

Advanced Features

Alongside core features of the user and admin panel, money lending apps must contain some advanced features as well to lure target audiences and outshine their competitors. Here are they-

  • Push Notifications
  • Online Support
  • Bank Partner Management
  • Admin Dashboard
  • Integrated Cloud Storage
  • Chatbot
  • Loan Calculator
  • Analytics
  • Supports Multiple Languages and Currencies
  • CMS Integration

How to Create a Money Lending App?

The below-defined steps represent the process to create a money lending application. Following them is necessary to know how to develop a money lending app fortified with exceptional features and functions.

How to Create a Money Lending App?

Let’s have a look at this important step-by-step procedure

  • Conduct An Initial Study
  • Register the Business Name and Do the Legal Work
  • Acquire Initial Investment
  • Find A Development Team
  • Prioritize Features
  • Create Design
  • Develop The App
  • Test And Launch

Step 1: Conduct An Initial Study

In this first crucial step of money lending app development, you need to gather a lot of information including app conceptualization and market study & analysis. Find out the necessary elements for your application, what will be more beneficial to get the large customer base, conduct a SWOT analysis of competitors, and others. The more information you will get, the more it will help you to outshine your existing and potential competitors.

The ongoing phase must also comprise major requirements and goals, functional needs, must-have features, legal requirements, the estimated cost to develop money lending app, needed app platforms, and future possibilities. This created document will help your chosen fintech software development company throughout the procedure to be aware of project needs.  

After the market research, the first thing you need to do is to register your business name to do it all legally. Here, you must choose the suitable way among many to register your legal entity and then follow all government compliances to rightfully start the business. Try to have a different brand name than others to avoid conflicts and keep the domain name short and catchy.

Step 3: Acquire Initial Investment

Developing fintech industry solutions is not an easy task as it needs a lot of funds to create one desired solution. Therefore, businesses require to gather funds first to attract investors. To raise the initial capital, start-ups can go for venture capital, Initial Coin Offering, or can take a loan. You will also need money to assist with the bank in which you will keep your amount for P2P lending loans.

Step 4: Find A Development Team

Choosing the right fintech development company is necessary to develop a high-performing and feature-rich solution. Along with the right company, ensure you hire dedicated developers as well. They are the ones you will interact with during the entire loan lending app development process.

Selecting an experienced and reliable IT financial service partner makes your work half done but be aware before choosing anyone as they must have knowledge about the platform you are developing your app for. Do proper research and check their portfolio (previous work), talk to their client, and know about their working process & experience.    

Step 5: Prioritize Features

When developing a loan lending app, it is important to choose such features that can provide a secure and seamless user experience. Key and advanced features must include real-time loan processing, a user-friendly interface, security & confidentiality, loan tracking, bank account linking, an AI chatbot, and many more.

Every feature must prioritize based on the user and admin panel. Be careful about adding features and try to limit them by only adding important ones. It is considered as it can affect the overall cost to develop loan lending app.

Step 6: Create Design

The UI/UX design you are choosing for your money-lending app should be outstanding and tempting to target audiences. Mobile app wireframes and prototypes also play a significant role in developing the user interface of a lending app. Your created product should not be difficult to navigate for users, it should have an interactive, user-friendly, and appealing design.

Several mobile app development companies hire specialists or expert app designers to get the app in the way that want. The mobile app design must comprise MVP features along with advanced ones if you have that much budget.

Step 7: Develop The App

The mobile app development process to build one of the best cash apps is not as easy as it seems. It needs an experienced team to follow the steps. First, they must determine how the app will be created from scratch and which mobile app development programming languages they are going to use.

To build a money lending app, there is a need to write code by skilled coders to integrate necessary features and functions so that they can perform the essential tasks. Expert app developers use different mobile app development frameworks and technologies to make it all happen. Keeping the whole procedure at ease, hiring a top software development company will be a great option to go for.

Step 8: Test And Launch

Mobile app testing is the most significant part of the entire development process. No app can be launched on the chosen platform without testing its code. Before launching, the app must get tested on different parameters such as performance, speed, functioning, security, and many more.

There is manual and automation testing to ensure that the app is just working fine. Also, check if the app is compliant with regulatory standards such as GDPR, CCPA, and others.

After passing this stage, the app is ready to launch on Google Play Store or Apple Play Store, or both and be available for users worldwide. Here businesses can use various tools like, SurveyMonkey, etc. to get users’ feedback and review.

Tech Stack Required for Developing Loan Lending Mobile App

An appropriate mobile app tech stack can make your entire development process a lot more flawless and faster comparatively. To develop a money lending app, there must be used latest mobile app development tools & technologies to make it advanced and competitive in the market. Check out the below technology stack to get an idea-

Development AspectsUsed Technologies & Tools
Front-end DevelopmentJavaScript, Bootstrap, HTML5, React, CSS, JQuery
Back-end DevelopmentJava, Kotlin, Swift,
DatabasesPostgreSQL, MySQL
Integrated APIsObjectMapper and CloudRail (iOS), Retrofit, Cloud Storage, and GSON (Android)
FrameworksJava 8+, Spring, Slick, JSON, Lagom,
Web ServicesREST, SOAP
Product ManagementConfluent, JIRA software

Team Structure Involved in Developing Loan Lending Mobile App

There is available a wide variety of on-demand app development companies from where you can hire mobile app developers with rich experience and capabilities. While hiring, ensure that the hiring team best compliments your business’s objectives and vision. Consider that the team you are selecting will directly affect the loan lending mobile app development cost.

Here is the right team structure you can go for

  • Business Analysts
  • Project Manager
  • UI/UX Designers
  • Back-end Developers (Android & iOS)
  • QA Experts

How Much Does It Cost to Develop A Loan Lending Mobile App?

The cost to build a loan lending application might differ according to work scope & time, app complexity, team members, hired developers’ location, added features & functions, chosen platforms, etc. Before hiring a mobile app development company in the USA, you must search and compare the price by getting quotes from some top companies.

To create one of the best loan lending apps, you must keep in mind all the necessary aspects along with how much loan lending app development costs. Below we have provided a table defining developers’ different charges per hour based on different regions-

CountriesDevelopers’ Charges Per Hour
Western Europe$50 to $150
Eastern Europe$30 to $100
South America$20 to $100
North America$70 to $250
Asia$30 to $70
Australia$60 to $120

The below table represents the cost breakdown according to the development process executed by fintech software development companies.

Process StepCost
Initial Project Research$2000-$5000
Register the Business & Do the Legal Work$500-$1000
Acquire Initial Investment$5000-$15,000
Prioritize Features$10,000-$35,000
Create Design$10,000-$35,000
Develop the App$15,000-$40,000
Test and Launch$10,000-$20,000
Overall Cost$50,000 to $1,50,000

Depending on the above factors mentioned in table, the complete money lending app development cost will be around $50,000 to $1,50,000. It is just an expected number, but the cost can vary if you make any kind of alteration in features, function, team, or platforms. Whatever the cost to build a money lending app will be, it will always be less than the fintech app development cost.

How Does SemiDot Infotech Helps in Financial Software and App Development?

However, fintech software development companies are available in bulk but choosing the most suitable one according to your priorities is such a tough task to do. It must have specialists in fintech software development and rich experience in a similar field.

At SemiDot Infotech, we follow an individual and out-of-the-league approach for every project to provide our clients with numerous benefits. Our practical software development experiences have benefitted a lot of sectors. For example, you can review Fibe, an instant cash loan application created by SemiDot Infotech to fulfill all your credit needs with utmost ease and convenience.  

The process we follow to develop a lending app comprises thorough research and market analysis by our business analysts and then, we determine what kind of features and functions should be coupled with the app with an estimated project cost.

At our firm, we offer different pricing models as well including dedicated team, offsite, hybrid, and fixed price. It helps businesses to choose the one that suits them most and satisfy their determined cost to develop an app. Finally, our applied innovative app development approach and advanced app technology stack are the reason why businesses prefer to approach our agency first.


With the whole world getting advanced, money lending apps are also doing good comparatively in the market and their demand is upsurging day by day. Succinctly, it is providing much convenience to users by applying for loans just by few taps, hence they are going gaga over this exceptional innovation. But while looking for the right tech partner to develop one desired solution, you must adhere to a detailed guide to hire mobile app developers to get the best one for your money lending app.

By crossing all the market competition and following the latest trends, SemiDot Infotech is here to assist you with its outstanding team of experts and professionals. We have over a decade’s experience and have much potential to turn your unique idea into a feature-rich and fast-performing loan lending application. Choose us to stay ahead of your competitors!


Check the below questions and answers to get a clear idea about loan lending app development, have a look-

  1. What is a loan lending app?

    A loan lending app is known as a digital platform facilitating users to lend or borrow money from the application directly. Users can receive the funds by applying for loans and can manage repayments according to their suitability.

  2. How do lending apps work?

    Lending apps basically are fintech platforms used to offer loans via mobile phones or other devices. There are used Automated processes and algorithms to evaluate the creditworthiness of borrowers and uncover loan terms. To apply for loans, borrowers can download the app from any platform and can get credit assessments. If they get it approved, they are eligible for a loan and receive the amount directly in their bank account. They can also repay the amount within a set period.

  3. How to build a loan lending app?

    The process of building a loan lending app starts with market assessment & research, registering the business name, designing the UI/UX, determining the features, employing security protocols & compliance, to testing & launching the app on a selected platform.

  4. How do money-lending apps make money?

    The major monetization approach applied by money-making apps is the higher interest rate they charge on loans in comparison to traditional lenders. There are other ways as well including origination fees, late payment fees, etc. Though, other apps also use referral programs or partnerships to earn revenue.

  5. What does the money lending app development cost?

    The overall cost of money lending app development starts from $50,000 to $1,50,000. Further, it depends on a wide range of factors such as the complexity of the app, used technologies, features and functionalities, and the development team’s charges. Based on these, the estimated cost can go up or down.

Develop a money lending app like Chime
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