The Cost of Making a Loan Lending App

The Cost of Making a Loan Lending App

Nowadays, getting loans is much easier, thanks to our progressing technology. According to Codigo’s website, One innovative way to apply a loan is through mobile apps, which completely changed the processing, making the loan application with just a couple of taps away to be granted.

Very convenient right? Now, the question is how much does it cost for the app development of a mobile loan lender? But before that, to fully understand why a lending app cost at that certain amount, you must learn first the procedures done when making one.

Stages of Creating a Loan Lending App

Creating a mobile app is not something that can be initiated at whatever point and finished at any place.  The entire app development process is made on different interchangeable stages that the developers should undertake to achieve the optimum solutions.

Idea

First of all, it is important to assess the application to know the whole idea behind the app, whether it’s only for a personal loan, auto loan, etc. or a combination of everything. This will indicate a hint for the functionality that must be installed on the app. Moreover, the probability of the clients can be estimated with such features to obtain an incomparable service.

Research and Development

The research and development phase plays a significant part in any start-up business. To be an effective app, an adequate study of the market, making a friendly user interface is needed. This is done more likely to raise your business above from the others. Besides, the navigation flows can be recognized by conducting research that can be instrumental for the success of the app.

Testing

After coming up with a plan, it’s time now to test the waters.  A lending app can’t be made available in the market without this process. That’s why top developers emphasize to put to test the application first because this is an effective way of discovering the bugs and glitches that might give problems to your future clients.

Launching the App

Lastly, after the app is developed and free from issues, it is now ready to be launched in the App Store and Google Play. Developers are still monitoring the app as it might need to perform update or add new features

Rates of App Developers

Once the whole concept and features of a loan lending up have been finalized, that’s the point that the total cost will be determined. Generally, developers around the world vary from their hourly rate depending on their location. The rate can go as low as $10 per hour and as high as $200 per hour. See below to know the complete rate:

Asia: $10 – $50/hour

Australia: $40 – $170/hour

Eastern Europe: $20 – $100/hour

Western Europe: $50 – $200/hour

Northern America: $50 – $25/hour

Southern America: $15 – $75/hour

Notice that there are is no fixed rate in all regions, that is because experience developers will likely ask for a higher rate compare to newbie developers. Also, the price will depend on the entirety of the project.

Final Thoughts

App development of a lending application is no piece of cake. That is why you need to hire expert app developers and designers to get the job done.  Finally, the estimated cost to make a loan lending app is ranging from $20000 and could reach up to $30000.

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