How much does it cost to build a lending app?

Standard price for a lending app: $37,500

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What is a lending app?

A lending application is a web or mobile app that enables users to borrow money from other users. Lending apps typically feature an interface that allows borrowers to request loan amounts, submit information about their income and expenses, and view payment schedules for each of their loans. The app may also include a dashboard for administrators that lets them analyze the performance of all borrowers and lenders.

Lending apps share functionality with other credit monitoring apps, invoicing apps, and accounting apps. Some of the most popular lending apps include Lending Club and Prosper.

Here are some recent lending app examples built with Crowdbotics:

  • A mobile Peer 2 Peer loan application very similar to Solo. Here is the functionality: Internal credit check system based on previous repayment and lending history.iOS/Android availability. Apple Pay Google pay Venmo Cashapp.

What is the typical cost to build a lending app?

A lending app usually costs $37,500 to build. However, the total cost can be as low as $25,000 or as high as $50,000. A lending app with a low number of features (also known as a "minimum viable product", or MVP) will be more affordable than an app that includes all intended functionality.

For example, here are some recent lending app price quotes from Crowdbotics:

  • $25,000

Here are some considerations that may impact the cost of a app:

How long does it take to build a lending app?

A lending app usually takes 333 hours to build. However, a lending app can be built in as few as 267 hours, or in as many as 400 hours. The exact timeline mostly depends on how complicated your app is. As a general rule, it will take longer if you require highly custom designs, niche features, or non-standard release platforms.

For example, the most recent lending apps built with Crowdbotics received the following hourly estimates:

  • 333

How to successfully grow your lending application

Lending apps are highly dependent on the volume of loans that they can provide to their users. In order to grow rapidly, a lending app must provide a high level of value to individual users in exchange for their loyalty. Lending apps can make loans more attractive by offering lower interest rates, and they can also increase the number of loan opportunities available by partnering with local banks and credit card lenders.

Risks and challenges of building a lending application

A lending app faces risks associated with the handling of users’ sensitive personal financial information, the violation of federal and state laws related to consumer lending, and the potential for fraud. It is recommended that your platform take strong measures to verify identities and adhere to all applicable laws regarding the storage and handling of user information. Your platform should also provide frequent audits to ensure that user data is being stored in a secure manner.

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Some of the descriptions on this page were completed with AI assistance. Learn more here.