How much does it cost to develop lending software?
The cost of lending software tends to fluctuate depending on various factors. The final cost will be precise after considering the type of solution, feature set, third-party integrations, team size, etc. On average, lending software development costs from $40,000 to $100,000 and above.
The Northell team is always ready to finalize exact figures according to the budget, project deadlines, and team structure required. Besides, we offer flexible contract types (fixed price, time & material) and cooperation types (team augmentation or dedicated team) to choose from. Thanks to our in-depth Fintech experience, we know how to ensure a cost-efficient and time-optimized lending software development process to meet your expectations.
How long does it take to develop lending software?
The lending software development may take 3 to 6+ months. The timeline may vary depending on the team composition and the project scale.
At Northell, we split the software development process into 4 major stages where our customers often need help: product discovery, UI/UX design, development, and QA. So if you need to know the specific timeline for one of these development milestones, it’s easier to imagine the approximate timeline based on your project size.
In any case, we can assign a personal manager to help you with project estimates. Contact us.
What does microfinance software mean?
Microfinance software entails smart banking functionality to provide loans of small amounts and helps microfinance institutions to grow business digitally. These microloans can be used for various purposes for small businesses, including working capital, buying equipment, machinery, etc. Microfinance offerings typically include small loans (microloans), savings accounts (microsavings), and insurance policies (microinsurance).
In other words, microfinance software provides banking functionality at the lowest cost, allowing users to save extra time and money.
What does loan origination software do?
Loan origination software is a system that automates the process where a borrower applies for a loan online. Through this platform, you can centrally manage and automate all stages of a loan process, from the application, through underwriting, approval, documentation, pricing, funding, and administration. These solutions automate credit scoring and decisioning while minimizing risks for lenders and streamlining the borrower application process. Loan origination software gives customers self-service options and improves the loan management process.
What does the loan IQ system mean?
The loan IQ system provides a single data model that aims to create a global platform. The loan IQ system ensures the smooth operation of the entire loan lifecycle and provides greater control over profits. Banks and other financial systems that rely on IQ loan systems can achieve business optimization, transparency, and cost efficiency.
Have you already developed lending software?
Yes. Northell has hands-on experience in lending software development. We have already built such apps:
- Banking apps
- Financial analytics
- Custom self-service portals
- Mortgage apps
- Crowdfunding apps
- Micro-loan apps
Our lending software development services don’t end there, and we’re ready to turn your loan idea into reality and take on new challenges.