Question

Data Modeling question: model a personal lending app where Borrowers can request loan amounts, Lenders can offer Loans that are either amortized, installment-based, or interest-based, Borrowers can accept or reject loan offers, and the app tracks the principal, balance and payments made or missed.

Answer 1

A Loan Lending App must have following features:

- Online Presence : Borrowers often go to a firm that has good online reputation and good ratings given by the rating agencies. Borrowers generally compare various lenders in relation to the Interest Rates, Processing Fees, Number of Processing days. Hence as a lender you must put efforts to gain a good reputation and name in order to attract more customers with effective advertisement on various popular apps.

- Speed : This factor matters the most to the online loan applicants. For fast processing it is advised to work with tech Giants like Microsoft, Oracle, Cisco that help them in closing out the loans in the earliest time or a ridiculously short period of time.

- User Friendly : The app must be designed in such a way that even a layman can understand it's interface and minimum documentation is required to enable faster processing of loans. The process should be entirely digital where the borrower needs to upload it's documents online.

Service : The app should allow the user for applying, tracking the status of the application, and even to manage the payments. Plus, the app should pretty much be available on the Google Play Store and Apple App store. If any person wants to apply for a loan using the mobile app, they can do so easily after downloading it from the respective app store based on which type of smartphone they use. Then they can register on the mobile app by sharing some basic details and then proceed with the application process.