How to Develop a Credit Line App Like Grain Credit?

Credit line app development is an ongoing trend in the loan and money lending industry. And why not? Afterall, they have broken the complex circle where on the one hand, lenders seek a solid history of credit management to lend you funds. But on the other hand, they do not provide a loan without a history of responsible management. In fact, the success of Grain Credit app has confirmed the popularity and demand of credit line apps in the market.

This instant line of credit app has been rated 4.6 on the App Store with almost 35k+ ratings by users worldwide. This number clearly depicts the craze of credit line apps like Grain Credit. So, why not leverage this market demand and invest in credit line app development?

Investing in credit line app development and creating an app like Grain Credit can be the best option. Not only is it a well-established app with a proven track record, but also a great example of what a credit line app should look and function like.

So, if you are seeking assistance for credit scoring app development, then this blog is for you! Here, we will explore the top features, benefits, and development process for creating an app like Grain Credit.

Key Takeaways:  

What is Grain Credit App, and How Does it Work?

Grain Credit App is an instant line of credit app that provides credit without considering the traditional factors for credit scoring. It is basically a credit line app that allows borrowers to access short-term loans with flexible repayment terms. This innovative credit line app links your current debit card to the platform. It then analyzes your cash flow rather than your credit score to send you credit.

That means you get free from the chaotic circle of getting a loan based on your credit score. You can easily transfer the credited amount to your current banking account and use the debit card to spend or pay your bills easily.

Once the loan is approved, the funds are disbursed to your bank account within minutes. You can make repayments using different methods such as bank transfer, debit card, or USSD code.

Why is Investing in Credit Line App Development Profitable?

If you look closely at the digital lending market, you will notice that it is expanding. The market was already valued at $10.7 billion, and it is predicted to surpass $20.5 billion by 2026! However, the common concern that still persists in the digital loan lending market is the chaotic circle in which the user gets trapped.

Many individuals suffer due to such chaotic situations of checking credit scores before lending money. Hence, the need for credit line apps like Grain Credit is at its peak!

Moreover, the robust Grain Credit application is still available only for the iOS platform. And there are not many apps like Grain Credit that have gained such huge popularity in the credit line market. Hence, this could be your big chance to become a pioneer in the money lending market.

Additionally, if you have already invested in a different fintech solution like buy now pay later app development, then integrating a credit scoring module that accelerates the lending process will enhance customer satisfaction.

All in all, credit line app development is a trending concept that is still growing and has a bright future ahead. So, you can gain the first-mover advantage as the Grain Credit app did by launching your custom credit scoring app.

Features that Will Help You Launch a Top-notch Credit Line App

Now that you have finally decided to proceed with a line of credit app development, let us quickly discuss the main realms that will make a difference in the success of your app. Features play a crucial role in defining your app’s success. You can easily build a distinguished brand by launching a credit line app with the most advanced and unique features.

So, as a leading app development company, here we have mentioned some of the best features that could work wonders for your app, like Grain Credit.

Credit Line Management

This is a crucial feature that will allow your target audience to manage their credit lines in real time. Your app’s users can apply for credit, view their outstanding balance, and make payments all in one place. They can also monitor their credit limit and adjust it as needed.

Loan Calculator

A loan calculator is a useful feature that will allow your users to estimate their monthly repayments based on various loan parameters such as the loan amount, interest rate, and repayment term. This feature can also help your users plan their finances accordingly and make informed decisions about taking a loan.

Credit Score Tracker

Another essential feature that helps users monitor their credit scores is the app. By tracking their credit scores regularly, users can understand their creditworthiness, identify potential credit issues, and take steps to improve their credit scores for future money lending needs.

Alerts and Notifications

Allowing users to set up push notifications is a fantastic way to keep them informed about their credit accounts. These notifications can alert them about upcoming payments, changes to their credit line status, and other important updates. This feature helps users stay on top of their bills and payments and avoids any missed payments or late fees.

Data Analytics

Incorporating data analytics into the app can be a game-changer. By analyzing user behavior, spending patterns, and credit utilization, data analytics can provide users with insights into their credit account management. This feature allows users to make more informed decisions about managing their credit and encourages healthy credit behavior. With this feature, users can also track their financial progress and get recommendations based on their credit scores.

Chatbot for Customer Support

Adding a customer support chatbot feature helps users resolve their queries and concerns quickly without having to wait for support staff to get back to them. Chatbots make use of artificial intelligence and natural language processing to answer users’ questions and provide personalized solutions. This feature not only provides efficient support to users but also helps reduce the load on your support team.

Payment Gateway Integration

Multi-payment gateway integration in the app is incredibly convenient for users. It ensures that users can make quick and secure payments from within the app without having to leave for an external website or payment portal. Offering multiple payment options such as e-wallets, bank transfers, and credit cards will enable users to pick their preferred payment method, making your platform more user-friendly.

Multi-currency Support

If the app is available in multiple countries, supporting different currencies is a must-have feature. It will allow users to transact in their local currency, eliminating the inconvenience of currency conversion and potential currency exchange fees. This feature makes the app more accessible for users worldwide, providing more value to users and broadening your user base.

Tips and Suggestions

Finance tips and suggestions included in the app can also attract more users. Providing users with insights about credit score improvement, debt management, and personal finance can encourage healthy financial habits among users. This feature portrays your app as a reliable source of financial advice, promoting users’ financial wellness.

How is AI Used in Credit Line Apps?

It is no surprise today that cognitive technologies like AI/ML are widely used to enhance the capabilities of any software solution and application, and credit line apps are no exception! If you want to succeed in the highly competitive market and launch a business-centric app, then AI can be your best tool.

Here’s how AI development services can enhance the capabilities and, eventually, the popularity of your credit line app like Grain Credit:

Credit Score Assessment

AI can analyze vast amounts of data to assess users’ financial history and current creditworthiness. This can help you determine whether an applicant qualifies for a credit line and what the applicable interest rates should be.

Fraud Prevention

Online fraud is the top-most concern of the fintech industry, and it also implies the credit line app market. However, you can eliminate this issue from your custom app, like Grain Credit, by integrating robust AI modules. AI-powered algorithms can detect suspicious behaviors and patterns that indicate fraudulent activity. The system can then flag these transactions for further review or investigation.

Personalized Loan Offers

Personalization is the key to success in today’s competitive market. However, traditional credit line apps like Grain Credit do not offer a deep level of personalization to your users. That’s where you can become a distinguished brand by incorporating AI in your credit line app like Grain Credit. AI can analyze your users’ spending patterns, credit history, and other factors to offer personalized loan offers. For example, the app could recommend a specific type and size of loan that’s best suited for the user’s financial standing.

Risk Assessment

There are several risks associated with the loan lending industry, and we are sure you do want to operate a risky business. So, you can use AI to analyze data from various sources and evaluate the risk of a borrower defaulting on their loan. An AI-based credit line app can also predict the likelihood of different scenarios, such as an economic recession or a sudden change in interest rates.

Loan Management

With AI, you can easily streamline your loan management process. AI modules deployed on your custom app, like Grain Credit, can automate various processes related to loan management, such as repayment reminders, debt collection, and risk management.

Customer Service

Last but not least, we have NLP-driven chatbots that can be a savior for your customer support operations. Implementing AI-powered chatbots that can not only understand the true intent of your user’s messages but also respond to them in multiple languages can greatly enhance your app’s UX. The custom chatbots can handle a variety of tasks, such as balance inquiries, transaction history, and loan application status updates for your app, like Grain Credit.

Also Read- How to Develop AI Customer Service Software?

How to Proceed with Credit Line App Development – A Step-by-Step Approach

So, we are now at the most awaited section of our blog post – developing a credit line app like Grain Credit. Well, like other custom enterprise mobility solutions, credit line app development also includes many complex steps and procedures. There are various aspects associated with credit line app development, including data acquisition, model training, choosing the right technologies, and whatnot.

Apart from that, creating an app like Grain Credit also requires you to have in-depth knowledge of the latest market trends that can further ensure success for your business. That’s where experts come into play! By hiring dedicated mobile app developers, you can streamline every aspect of your credit line app development project.

Here’s how you can proceed with credit line app development with experts:

Identify Your Target Market and the Latest Trends

The foremost step to creating a credit line app like Grain Credit is to identify and understand your target market. Although the market for credit line apps is new and vast, you need to select a suitable audience and location which you want to target initially.

For instance, the best audience for your credit line app could be people between the ages of 21-45. These are the people that actively need credits for their day-to-day requirements and can even pay you in a timely manner as they are the working group.

Similarly, you also need some actionable marketing strategies that can help you build a sense of requirements for your application in the market. Not to mention, understanding the latest market trends for your fintech application is also a must when planning to create an app like Grain Credit. For that, you can connect with experts, which is our point number two!

Opt for Expert Consulting

Once you are done with the initial planning and requirements gathering, it is now time to connect with experts and turn your ideas into a reality! One of the best things about opting for a digital consulting service is that you can streamline all your complex tasks and get a result-oriented app development roadmap.

For instance, with experts, you can easily explore the latest market trends that are suitable for your credit line app. Besides that, creating an actionable strategy, selecting the right tech stack and resources, and even planning the monetization strategy for your app become easy with expert consulting services.

Hence, you can either seek a reputable company that offers expert app development consulting services, or you can simply fill out our form to book a free 30-minute consultation with our experts. We will carefully analyze your ideas and offer you the best solution for all your business problems.

Choose a Suitable Credit Scoring Model

The next and most important step for creating a credit line app like Grain Credit is choosing a suitable credit scoring model and an operating system. A credit scoring model is an important aspect of the credit line app that helps you assess the creditworthiness of individuals based on their financial history.

However, we live in a digital world, and there are various credit scoring models, each having different accuracy and complexity. For instance, FICO (Fair Isaac Corporation) and VantageScore are the two most popular credit scoring models that undertake payment history, length of history, new credit, credit mix, and the amounts owed for checking the creditworthiness of an individual.

However, there are several other models, like CE Score and TransUnion, that can offer you a suitable credit score for your target user based on several different factors.

Hence, you must select a suitable model based on the data available to you and the complexity involved. You can connect with our experts to decide the best credit scoring model for your custom app.

Hire Dedicated App Developers

Once you have finalized your app development roadmap and selected the most suitable model and operating system, the next step would be to hire app developers. You need to have a dedicated team of developers, testers, consultants, and project managers that can turn your ideas into a successful reality.

For that, you must connect with an experienced mobile app development company. But why only a professional studio and not a freelancer? Well, partnering with an experienced firm has its own perks. For instance:

• You can easily discover the best trends and next-gen technologies for your custom credit line app.
• An experienced app development company offers you all the resources in one place. That means you can access consultants, developers, testers, and even Ui/UX designers for your project at flexible pricing models.
• You can leverage a wide array of professional services, ranging from digital consulting, DevOps, automated/manual testing, cloud computing, security testing, enterprise mobility solutions development services, and more.
• You can also leverage their Staff Augmentation services that let you hire dedicated developers that only work for your project until it is completed. An experienced company also offers needs-based scaling services so that you can easily scale your development team at any point in time.

Well, at least Matellio offers all such and many other services to its clients for their projects! In short, partnering with a reputable app development company has many benefits over hiring freelancers. The expertise of talented developers will surely help you turn your concept into a profitable reality. Hence, choose wisely!

Read More: A Complete Guide for Hiring Dedicated Developers for Your Project

Select the Best Features and Next-Gen Tech

In today’s competitive world, if you want to win the market, then launching an app that offers a higher user experience is essential, and having the best features, designs, and tech stack is the key to a brilliant UX.

But how to choose the unique features and designs that can help you stand out from the crowd? Well, that’s where partnering with an experienced mobile app development company helps you!

The experts at a professional app development company have experience working on similar projects and can easily offer you unique features and engaging designs for your app’s success. They can even help you select a future-ready tech stack that plays in the long run while benefiting your organization and target audience alike.

As an experienced app development company, we have already listed the best features in the above-mentioned section. Here’s the next-gen tech stack that you can use in your credit line app to make it advanced and successful.

When building a credit line app, it is important to select the right tech stack that enables the app to be scalable, secure, robust, and easy to maintain. Here are some of the key technologies and tools that can be used to build a credit line app:

• App Development Technologies: Swift, Objective C, Java, Kotlin, Flutter
• Database: MongoDB or PostgreSQL
• Cloud Platform: Amazon Web Services (AWS), GCP, Microsoft Azure
• Payment Gateway: Stripe, Braintree, PayPal
• AI/Machine Learning Technologies: TensorFlow, Keras, Python with NumPy, Pandas, and Scikit Learn
• APIs: Experian, Equifax, and TransUnion for credit scores, Financial APIs (like Plaid, Yodlee, and MX) for bank transactions.  

Remember that this tech stack is general, and you may need to work with other technologies and APIs for credit line app development, like Grain Credit. Hence, you can connect with us to discuss your ideas and get an accurate tech stack for your business idea.

Follow the Agile Methodology for Credit Line App Development

Now that you have a perfect roadmap, the best features, and talented resources, you can begin creating your credit line app like Grain Credit. However, there are a few things that you should keep in mind while creating a credit line app, and following the Agile methodology is one of them.

You should always partner with a finance app development company that follows the Agile method. That’s because, with the Agile methodology, you get constant updates of your app after every development stage. That means you can monitor the progress and can even make changes in your app anytime.

Moreover, since your project will be divided into various parts or sprints, you can easily introduce changes to a sprint without affecting the previous version. That means there will be no effect on your overall app development time.

Read More: What is Agile Development for Mobile Apps?

Do Not Forget Testing

Finally, do not forget to test your app once it is developed by your chosen team. There are many instances where the development team omits a bug that can be dangerous when the app is launched in the market. Hence, to prevent situations like these that can impact your brand value, you must always opt for testing services.

You can choose between manual and automated testing according to your project requirements. So, always ensure that your chosen development partner offers testing as an integrated app development service.

Well, at Matellio, we always offer testing services to deliver an error-free app.

Ready to Build Your Custom Credit Line App with Matellio?

So, that was all about credit line app development. We discovered several aspects in this blog, like the tech stack, features, the importance of a better UX, and the Agile methodology for creating an app like Grain Credit. In short, we can say that the market for credit line app development is new and has the potential to transform the Fintech industry. You can easily leverage this golden opportunity by launching a custom app like Grain Credit.

However, there are several aspects related to credit line app development that need expert assistance. That’s where Matellio steps in!

As a leading app development company, we have assisted several global companies in creating custom finance applications. Whether you are a Fortune 500 company or a startup, our experts can easily cater to your business problems by offering business-focused services and solutions equipped with next-gen tech.

Right from consultation to strategy creation, development, UI/UX, deployment, and even maintenance, we handle everything for your project while you expand your business. Plus, you also get a free, no-obligation quote along with complimentary market and competitor analysis services for your project by partnering with us.

So, why wait for your competitors to win? Reach our experts by filling out our form and booking a free 30-minute consultation slot.