The project itself is a fintech software for business funding. SMEs fill in standard applications with some personal and business information. Additionally, they link their internet banking account. The system evaluates the business and its prospects to identify the best type of funding. After all, the applicant receives the decision. Funds are deposited into the bank account within 24 hours.
Also, the web app has an online loan calculator. It helps SMEs to check out possible funding and monthly repayment costs. Thus small and middle-sized enterprises get a clear overview of possible capital payments.
Online lending service for SMEs maintenance
- Online lending company while hiring our fintech developer was able to cover all its needs in financial software development
The project itself is a fintech software for business funding. SMEs fill in standard applications with some personal and business information. Additionally, they link their internet banking account. The system evaluates the business and its prospects to identify the best type of funding. After all, the applicant receives the decision. Funds are deposited into the bank account within 24 hours.
Also, the web app has an online loan calculator. It helps SMEs to check out possible funding and monthly repayment costs. Thus small and middle-sized enterprises get a clear overview of possible capital payments.
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, it’s time to extend the development team and involve additional fintech developers.
Solution
Hence, when hiring a fintech software development partner, the online lending company sets clear tasks. A Fintech app development engineer started the work on money lending app for small and middle-sized businesses. Fintech developer blended well into the project and team. During the onboarding stage finance software developer clearly understood the business logic of the loan app, set up the environment, and started working on project tasks.
How Does Loan App Work?
A loan app for SME finance lending offers a simple process of loan requesting. Thus, 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 shouldn’t visit the bank. All 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.
- Online lending company while hiring our fintech developer was able to cover all its needs in financial software development