Top 10 Lending App Development Companies
Online lending has recently become popular: partly, because of the marketing which is actively advocating for what to buy, how to look like, and which cafes to visit. Partly, due to the lockdown and inability to book an appointment with the bank when you need some money. Also, if there is no need to go to the bank and make physical contact with bank employees there, it’s easier to get a loan and not to feel uncomfortable after all. Some people simply like the instant nature of P2P loans as it allows them to borrow a couple of bucks just before the payout date in case needed, and then pay it back with relatively small interest after a week or two, depending on the borrowing conditions.
All this led to the automatization of lending processes, including online loan application generation, credit score calculation, KYC, payments, underwriting, and bad deals management. Luckily such modern technologies like AI, ML, Blockchain, and Big Data have created a safe space for 2P2 lending app development which is warmly welcomed by the end-users due to its scalability, swift operation, and intuit user experience. Let’s discuss the top 10 lending app development companies bringing significant value to the lending sphere nowadays.
Top Loan Lending Software Development Companies of 2022
1. Itexus
Itexus has a successful history of FinTech software development starting from 2013. Having high-qualified specialists on board the company managed to create solutions making businesses soar, attracting thousands of new users and increasing the ROI. Having expertise in building custom solutions for insurance, banking, investment, and other financial spheres, Itexus has also developed a reputation for an outstanding partner in lending software creation, which has allowed the company to hit the list of top lending software development companies. The company is focused on building secure and reliable FinTech solutions compliant with PCI DSS and FASB financial regulations. Itexus is well-versed in providing smooth integrations with multiple third-party services, not to mention deep expertise in such technologies as React, Python, Swift, Kotlin, .NET, C#, etc.
2. Code & Pepper
Code and Pepper is a Polish-based IT company founded in 2006 building FinTech apps and custom web solutions for clients all over the world. They are equally skilled with front-end and back-end customization providing services of lending app development for startups and midsize companies. The company is actively providing team augmentation services in addition to building end-to-end solutions.
3. Radixweb
Radixweb is a custom development company that not only provides turn-key solutions and maintains their performability but also, in case needed, offers marketing, SEO, and SMM services. The latter could be a pleasant bonus if you are a startup and think of P2P lending app development. The solutions created by the company are customized with a lot of attention paid to safety and reliability.
4. Praxent
Praxent is a US-based development company having vast expertise in financial APIs development, loan lending platforms and apps, as well as other FinTech solutions. The company also claims to have qualified IT Business analytics and solution architects in-house to come out with a specific project delivery strategy to match your business goals ideally.
5. Magora Systems
Magora Systems is a UK-based development company with more than 5 years of experience in FinTech development. The company development service helps to bring better brand awareness to its clients and increase the monetary turnover of the platform through high-quality robust lending apps. Magora Systems software has well-written code in its backbone which makes its integration with other software smooth and speedy.
6. Woodridge Software
Woodridge Software is a US-based company with a head office in Colorado. It’s been a trusted player in the FinTech market for almost 10 years with thousands of projects completed and steady clients obtained. They are advocating for agile development, smart technologies application, such as ML, and AI and come out with a unique secure software development cycle.
7. Diceus
Diceus is a trusted partner in loan lending app development knowing how to bring benefit to your business through shortened loan lifecycle, detailed customer overview, smart deal dashboards, and, as a result, improved customer experience. In addition to the development solely, Diceus offers a discovery phase which is a very useful option if you don’t have a clear view of your future product.
8. Scalo
Scalo is a Poland-based vendor with a successful history of projects for such international banks and financial institutions as Santander, ING, Onet, Vodeno, Capgemini, etc. One of the specialties of this company apart from well-built software is that they advocate for quality customer support of any solutions they create. With AI-driven chatbots and immediate responses to users’ questions 24/7 in several languages, the company is winning the hearts of end-users.
9. STX Next
STX Next is another Poland-based development agency building its reputation with loan lending platforms and apps you can trust. They have the needed expertise and tools to build solid system architecture, provide powerful data analytics and secure integrations with a hypothetically unlimited number of solutions to make your app the first of its kind.
10. Scopic
Scopic is a US-based development agency offering a wide range of services within the FinTech domain, and lending app development is one of them. The team has a proven record of well-done resilient solutions and their strong suit is the provision of high-level safety and reliability for their solutions.
How to Choose a Partner to Develop a Loan Lending App?
Finding the right partner to develop the solution for you is half the battle. When looking for a contractor to develop lending software and help your business succeed, there are a few factors you should not overlook.
Make sure the development company has the needed expertise
Go through the reviews that the company posts on its website or other independent sources like Clutch and others. Pay close attention to the company’s experience in developing loan software. Check the skills of the team and make sure the company has the necessary professionals who can handle the technical stack specific to your project. Don’t hesitate to ask and have zoom sessions before you decide to work with this company to develop your dream lending app.
Opt for a company with a strong business analytics part
It doesn’t matter if you are a startup or a company that has made a name for itself in the world of lending when it comes to developing an app that will help you better engage and retain your customers. The same process of market analysis and competitor research needs to be done. Some flexible development companies can do all this for you in the discovery phase.
Decide on what model of engagement you seek for your project
There are several ways to get developers for your projects done: hire an in-house team, give work to freelancers, or outsource the development. Of course, in terms of efficiency and cost-effectiveness outsourcing is the best solution. The next question to answer is what part of our small globe to give it to outsource? Find a company with a similar mentality, business ethics, which doesn’t charge you millions for their work. Check out different engagement models and their comparisons.
Pay attention to in-house design team availability
In case you decide to outsource the development, ensure that the company which is building the software for you has all the needed specialists in-house such as business analysts, designers, developers, testers, etc. The company should also provide you with an experienced project manager to establish communication with the development team and ensure that the project would be delivered on time and within budget.
To Sum Up
If you are making up your mind toward ordering the creation of custom loan lending software, keep in mind that the rough estimate of development hours could range from 1500 to 2200, depending on the functionality you need. If you choose to outsource the project to an Eastern European country where the average hourly rate is $45-$50, then the cost of development alone could range from $75,000 to $110,000. For more details, feel free to contact us and let the journey to the land of coding begin.
Originally published on Itexus Blog on November 29, 2021.
