Killer Features to Consider During Payday Loan App Development

Approaching banks for loans has become a thing of the past. Prolonged processing time and humongous interest rates has made people lookout for alternatives. Payday loan apps have become people’s one-stop destination in recent years. The instant loan disbursement, matched with the comfort of availing loans anywhere, has made these Payday apps an instant success among the audience. Apps like Dave, Earnin, etc., are based on this model and are boosting their profits substantially.

If you’re an entrepreneur eyeing to make your presence in the flourishing industry, you need to have a feature-filled Payday loan app. This blog discusses distinctive features to consider during Payday loan app development.

AI-based scoring: Automating the entire process is crucial for efficient functioning of the platform. Having an AI-based scoring system enables the software to determine the maximum loan limit of users based on their details and documents.

Instant loan status: Unlike traditional loan processing, users should get instant updates on their loan status. This way, you can enhance customer engagement rates.

Interest rate calculator: Users needn’t calculate or worry about higher interest rates. The software preloaded interest rate calculator provides a detailed overview on interests to be paid monthly/annually.

e-KYC: Ensure instant verification by letting customers upload the essential documents and admins verifying its authenticity. This way, the entire Know Your Customer process becomes a piece of cake.
Auto-debit: Users needn’t worry about how to repay their loans. By availing the auto-debit option, the monthly loan amount along with the interest amount gets debited from their account after they receive their paychecks.

Conclusion,
Features create an instant impact among the audience. Introducing cutting-edge features enables the audience to switch from the existing app to your Payday loan app. Integrate these features into your Payday loan software and cater to a global customer base without any hassle.