Lending Software Development

Loan software development includes a lot of features. Below we’ve listed the most popular:

• Loan application
• Credit scoring
• Loan calculator
• Loan repayment schedule
• Payment option
• Loan management
• Loan tracking
• Referral program

Loan management helps users manage their loans, including tracking payments. Loan management software development also allows for updating personal information and requesting changes to loan terms.

The process can vary, depending on the financial institution’s requirements. However, there are a few similar steps to create a new loan agreement between a lender and a borrower. Loan origination software development helps automate and streamline the loan origination process, customizing it to meet the specific needs of different lenders and borrowers, depending on various factors such as the type of loan, the lending criteria, and the regulatory requirements.

• Application Processing
• Credit Assessment
• Underwriting
• Document Preparation
• Funding

Lending software development cost depends on various factors – mostly on the app’s requirements and the development team’s location. Lending software developers need time to create each feature and add each integration. Additionally, you should also consider design and testing.

The lending software development time depends on the features and app complexity. It’s better to share your idea with an experienced development team to get a rough estimate of the time required to build your tax software solution.

We follow a single-page application approach and RESTful services. Our key technologies are Angular, React, and Vue.js for front-end development; .NET, Node.js, and Java are used for back-end solutions. But each business is unique and if you need any custom solution, we’d be glad to discuss it with you.

As a lending app software development company, we gear our production to be scalable from the very beginning. The software is capable of handling an increasing number of loans, users, and transactions without compromising on performance or security. The software architecture employs cloud-based solutions and modern database management systems that ensure high availability and scalability. This means as your customer base grows and your loan portfolio expands, the software can effortlessly scale up to meet the increased demand. We also continuously monitor system performance and conduct regular optimizations to ensure the software not only meets but anticipates your growing business needs.

The software features an advanced loan repayment and collection module. It automates the calculation of monthly installments, interest accruals, and penalty fees for late payments. The system can be configured to issue automated reminders via email or SMS prior to due dates, enhancing the timeliness of repayments. For collections, the software offers a comprehensive dashboard that displays real-time data on payment statuses, delinquency rates, and collection efforts. It also supports various payment gateways and methods, making it convenient for borrowers to make payments. In addition, the software can integrate with third-party collection agencies, providing them with necessary data while maintaining borrower privacy and compliance standards.

Our lending software development is conducted in a way to adhere to the stringent standards set by financial regulatory bodies. The software by Devox integrates features that ensure compliance with both local and international regulations, such as GDPR for data protection, the Dodd-Frank Act in the U.S., and other relevant anti-money laundering (AML) and Know Your Customer (KYC) directives. The software is regularly updated to reflect the latest legal changes. We also offer the option to customize compliance features based on the specific requirements of different geographical locations, ensuring that lenders operate within the legal framework of their respective regions.

Yes, we offer comprehensive post-launch maintenance services for our lending software. Our commitment extends beyond the initial deployment, ensuring that your software remains efficient, secure, and up-to-date. Our maintenance package includes:

• Regular Software Updates: To keep your software current with the latest features, security enhancements, and regulatory compliance updates.
• Dedicated Technical Support: Our experienced support team is available to assist with any technical queries or issues, ensuring minimal downtime and smooth operations.
• Performance Monitoring: We continuously monitor your software’s performance to identify and rectify any potential issues, ensuring optimal functionality.
• Data Backup and Recovery: Regular data backups and a robust disaster recovery strategy are in place to safeguard your critical financial data.
• User Training and Resources: As the software evolves, we provide updated training and resources to help your team leverage new features and capabilities.
• Compliance and Security Audits: We conduct regular audits to ensure that your software adheres to the latest financial regulations and maintains high security standards.
• Scalability Support: Our software is designed to grow with your business, and we provide the necessary support to scale up your operations seamlessly as needed.