CASHe Clone App
We have become so reliant on mobile applications that we order everything online now that everything can be done through them. Apps not only make our lives easier, but they also teach us how to do things better. The system is more organised, and transactions are completed more quickly.
Do you have to wait in long lines and spend several days at the bank to get a loan approved? What is the average time it takes to get a loan approved in person? Several companies have created mobile apps in recent years to eliminate the need to borrow money from a bank.
CASHe Clone apps, like many other apps, have made our lives easier.
The application functions similarly to a credit card, allowing users to apply for a quick loan. A user only needs to download and register one of these apps in order to use it. They can add their bank information once they have been approved as eligible. These apps allow people to check their credibility and credit score and determine their loan eligibility. You will save time by not having to go to the bank, stand in line, and speak with bank officials.
How Do Money Lending Apps Like Dhani, Navi, CASHe, and PaySense Function?
Onboarding of Users
A customer visits the loan app's page in the app store after clicking a link in an install-prompting banner. Users are presented with loan options once they enter the app after registering. There are two ways to implement loan options: a catalogue of various types of loans or a dynamic screen where users can select specific loan parameters.
Usage and Automatic Payments
To enable auto payments, connect your loan app to your bank account. Loan repayment is required once interest payments become due.
As a result, the lending app is in charge of keeping the user up to date on payments. To display upcoming and completed payments, the app must include a notification system. Users should be able to change payment dates and make early payments through apps. Apps that provide loan services may also allow users to manage other financial products obtained through a lending platform.
Legal Compliance and Security
What is the first thing a user would think about before using an app to borrow money? Of course, security! People rely on it when deciding where to borrow money.
Users should be able to trust your money lending app if it is secure and safe. This can be accomplished in a variety of ways. The majority of these are hidden from view, while others are right in front of the customer.
Authentication
A lending app must provide a secure way for users to authenticate themselves in order to be successful. Many smartphones now include biometric authentication methods like face recognition or fingerprint scanning. APIs can help to protect user data.
The use of services such as Tulio or Duo can increase the security of your authentication. A good loan app would allow customers to use a strong password while also allowing them to use a short pin or biometric authentication method for faster authentication.
Encryption
When customers provide sensitive information via the app, it's critical to encrypt all data at rest and in transit and to use a secure connection with servers. Consumer apps have recently been able to enable bank-level encryption. Such encryption cannot be avoided by money lending apps.
Legal Obligation
The legal aspects of your project, as well as the technical aspects, should be considered. Loan applications must adhere to state and country-specific regulations.
Must-Have CASHe Clone Application Features
In order to attract users, it is critical to carefully consider the feature set of a money lending app. A loan app should have the following features as an MVP. You are weighing your options and researching the market.
Registration
App users should be able to quickly register using their social media handles or phone numbers. When friction is reduced at this stage, adoption rates increase. You will be able to obtain user data when they begin applying for loans in the future.
Profile of the User
Users can upload and edit their personal information in this section. When creating a profile, you may want to hide the user's details by default. Consider including a hint for first-time users in all fields.
Application for a Loan
It will serve as the foundation of your application. The loan application process will be more successful if you divide it into distinct steps and walk them through them. Making the progress visible will reassure your customers.
Log of Payments
Customers will require a location to view their payment information, including outstanding payments, as soon as a loan is funded. A graphical representation of the outstanding debt should also be available.
Notifications
Users will be notified of the next payment via a push notification. If they missed a payment, adding a reminder a couple of days before the due date may help.
Additional Features to be Added
Options for Payment
When using the app, users will be able to add and edit their bank accounts, allowing them to begin repaying their loans immediately. You can also assist users in enabling autopay as an added bonus.
Live Chat Assistance
Even though lending apps eliminate the need for face-to-face communication, your customers may still require assistance. In these cases, live chat with your representatives can be extremely beneficial.
Chatbot
When no customer service representatives are available, a chatbot will be able to resolve basic issues and explain how the app works.
Geolocation
If your product allows users to withdraw cash from ATMs, geolocation can help you find the nearest one.
Credit Rating
Your application can also include a credit score service. Customers will be able to better understand their loan eligibility with the help of this service.
How to Create a CASHe Clone App?
We assume that you have already defined your target audience using your customer profiles. So, what comes next?
Select a platform
The first step in developing a money lending mobile app is determining which platform it will support. Are you planning to create mobile apps for both borrowers and investors, or will they only be available online?
If you intend to target a large number of people, you should think about cross-platform development frameworks. With multi-platform apps like React Native, you can quickly develop P2P lending apps.
Create a list of all necessary features. This step focuses on how your lending app will differ from competitors and what features it will offer.
Borrower mobile application
A list of essential and optional features is already provided above. It's a good starting point. Remember to include some unique features in your app.
Investor mobile app
It's important to remember that p2p lending apps have two components: borrowers and lenders. Those who use this app will need it to manage their investment portfolio and select the loan options in which they want to invest.
App for administrators
When it comes to managing loan applications, many entrepreneurs overlook one aspect. You will need to keep track of all requests and payments, as well as manage everything else that occurs via the mobile apps. This is where an Admin app comes in.
Create the UX and UI
The UX and UI of a loan application can make or break the entire business. Each screen is meticulously tested with customers, beginning with low-fidelity wireframes and progressing to high-fidelity mockups. Make a clickable prototype to improve the user experience.
Create an MVP.
You can now create an MVP after testing the UX and UI of your loan app with test users. Invest in a qualified loan app developer to create a loan management web portal and a loan application. In this step, you'll code the most important features that will help you gain traction.
Upkeep of the app
New features are added to mobile operating systems as they develop, and new chances to enhance user experience also arise. Your loan application needs to be kept up to date in order to fully benefit from new OS features.
Why Should You Use Omninos Solution?
Omninos Solutions is a mobile app development company with a mission and a vision. We have built ourselves around values that allow us to deliver exceptional results.
Mission: Omninos aims to improve the financial sector by developing innovative fintech apps, facilitating faster transactions, and enhancing security.
Vision: Our Vision is to contribute to the digital economy by providing exceptional mobile app/website solutions.
Goal: Our goal for 2022 is to provide more innovative digital solutions to clients than ever before.
Success: Omninos defines success as client satisfaction and growth-driven solutions that assist you in reaching your objectives.
