Online Lending Service for SMEs Maintenance

Business Challenge

Fintech solution for funding SMEs has been operating and serving clients since 2014. The online lending platform offers funds for businesses to enable their stability. The application provides loans for a certain time, depending on the sum and the selected repayment plan. The borrower returns part of the funds each month, plus the monthly cost. At some point in time, business owners realized that the platform was expanding, and the number of loan recipients was growing. So, the business had a decision to hire additional fintech developers.

Solution

A fintech app development engineer started the work on a money lending app for small and medium-sized businesses. The hired .NET developer blended well into the project and team. During the onboarding stage, the engineer clearly understood the business logic of the loan app, set up the environment, and started working on project tasks.

At the beginning of the work, the tasks were more related to supporting the existing functionality. Later, the project rework phase started. Our developer worked on a subproject – a payment platform, which gives current users the option to send payment requests to other users, who will make payments through this platform. The developers manage these processes from a developer’s point of view. Previously, this platform was part of the main project; now, its rework has started to be able to use this platform separately without being tied to the main product and with the same set of functions.

The main responsibilities of the hired .NET developer:

• Work on the main project on the .NET Framework, its modernization, separation of legacy systems, and migration to .NET 9
• Direct participation in the development of a separate service for making payments based on .NET 9, migration of certain logic, and writing new parts of the code
• Participation in the development of clean code, scaling the application, and reliable architecture according to best practices and coding standards
• Proactive approach to the project, making recommendations regarding architectural solutions in order to balance the limitations of the legacy database with newer technologies
• Writing unit tests to verify and improve test coverage
• Supporting the old project on .NET Framework, fixing bugs, and  solving issues of varying complexity
• Supporting a smooth transition to modern practices and approaches to development
• Acceleration of development efforts by using advanced tools like GitHub Copilot

How Does a Loan App Work?

A loan app for SME finance lending offers a simple process for loan requesting. Thus, the business needs a few minutes to fill in the application form. Such an application requires basic information about the company and its owner. The main benefit of loan apps is the fact that the borrower doesn’t visit the bank. The process of receiving capital payment is online, without any paperwork and long waiting. A few minutes after sending the application via the money lending app, the business owner receives the decision. Usually, companies receive the funds in their banking accounts within 24 hours. 

Another advantage of loan apps is fee transparency. The borrower is aware of what amount of the commission has to be paid and the terms of repayment. While sending the application, the business owner selects a repayment plan. Usually, it is 6 or 12 months. Also, the company has an option to pay the sum back earlier without any additional fees. 

Among the functionalities, that the money lending app includes, the loan repayment calculator deserves special attention. Thus, it is available for users for free and without registration. Online loan calculator for SMEs helps to identify the amount of capital investments with an exact repayment plan. In general, the online loan calculator takes into account 2 main criteria:

• Funding sum that the business wants to receive
• Number of months for repayment

After having defined these 2 criteria, the business owner gets information about the total repayment sum. Hence, a loan repayment calculator has a certain set of rules based on which it calculates the payout amounts.

Business Impact

The online lending firm that owns this loan app extended its fintech software development team with an additional fintech app developer. Cooperation with our company in the financial software development direction was beneficial for the customer. The client is satisfied with the work of the fintech developer. Technical experience, soft skills with full money lending app project engagement are the main strengths of the fintech software developer. The application is supported properly and requests from customers are handled promptly.

Chudovo: Custom Fintech Solutions Provider

Software development for financial services providers requires appropriate experience and industry knowledge. Our software engineering team can help your company in building a finance app. Either you have possible finance app ideas to implement or already existing fintech software, where you need assistance – in both cases our fintech developer team can be useful. Certainly, our fintech development services expertise might be an advantage for the implementation of the following fintech solutions:

• Loan apps for business or personal needs. This kind of fintech solution offers to apply online for loans and receive funds without the need to go to banking institutions.
• Financial transaction monitoring tool. It enables monitoring of transactions and identifies suspicious payments to prevent financial crimes.
  
• Online banking software. This fintech software allows the clients of banking institutions to manage their accounts/transactions and all other types of financial activities using online applications.

Enterprise software development/custom software development for the FinTech sector belongs to the strengths of Chudovo company. We are ready to build a dedicated fintech application development team for the successful realization of your fintech solutions project.