Loan Management System

The best inventions come from a particular need of people. Once recognized and implemented, the solution becomes truly popular as its founders got through it by themselves. That’s the case with PayMyParents loan tech application. Like most parents, the founders wanted to help their children financially. But, the money lending process was not regulated clearly. It became quickly obvious that children lack the needed knowledge about their responsibilities and the money lending process.

The repayment procedure was hugely delayed and any reminders caused family disputes.

The founders realized the need for an online loan tech app that will be able to regulate the whole money lending process with the loan agreement and teach children good financial literacy. The reminder system allows for avoiding personal conflicts.

Over time, it was clear that such a loan management system can be useful in any relationship. So the loan tech app required a change in the business logic. The Visartech team helped to introduce the necessary improvements in the business model along with the concurrent solution infrastructure upgrade, frontend, and backend development.

Deep expertise in fintech software development allowed our team to easily propose the right solutions in tech stack choice and the whole loan tech app development process implementation.

The Visartech team has stepped into fintech solution development, not from the ground. The money lending platform was already launched and well tested by the founders and their families in the first place. Once the idea was proven to be in demand, the founders wanted to make it available for everyone.

It required us to evaluate accurately the existing functionality for both the Borrower and Lender roles, get acquainted with the codebase, and propose the necessary improvements along with the clear step-by-step app development roadmap.

Among the most crucial challenges ahead of our app development team were:

• Introduce the business model change

  Our business analysts needed to calculate all the details of shifting a loan tech software product to a new business model. In particular, from a system for parents and children solely, it should become a fully-functioning platform for lending money to anyone. No wonder, it required changes in the payments model as well.

Update the platform’s functionality Apart from the implementation of new features upon the new business model, the existing functionality required proper improvement and smooth fine-tuning. It will guarantee stable platform functioning interconnecting all the parts of the system into a unified fintech solution. Improve the loan tech app interactivity Instead of the form-based technique, we saw the need to enhance the loan tech solution with the AJAX-based approach. This way, all that needs to be changed are reloaded on the page, not the whole thing.

The main challenge was to make the transition to the new business logic of the loan management platform. In doing so, we were obliged to ensure the system works stable, the user’s data stays safe and the user experience is even better than it was before.

A dedicated business analyst had to document the user flows and app user behaviors to make a clear vision of the expected result for both app developers and business owners.

There was a range of various challenges along the entire journey of fintech product development. Even so, Visartech specialists remained dedicated to the primary business goals that are reflected in solid loan management software.