Business Challenge

Fintech solution for funding SMEs has been operating and serving clients since 2014. Online lending platform offers funds for the 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 of time business owner realised that the platform is expanding, the number of loan recipients is growing. So, it’s the time to extend the development team and to involve additional fintech developer.

Our Solution

Hence, while hiring a fintech software development partner, online lending company set clear tasks. 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?

Loan app for SME finance lendings 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. 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. In a few minutes after sending the application via money lending app, business owner receives the decision. Usually, companies receive the funds on their banking accounts during 24 hours. 

Another advantage of loan apps is fees transparency. The borrower is clearly 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 functionality, which money lending app includes, loan repayment calculator deserves special attention. Thus, it is available for the users 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 in account 2 main criteria:

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

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

Business Impact

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

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 following fintech solutions:

• Loan apps for business or personal needs. This kind of fintech solutions offers to apply online for the loan and receive funds without the need to go to the 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 client’s of banking institutions to manage their accounts / transactions and all other types of financial activities using online application.

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 realisation of your fintech solutions project.