An online referral service is a complex web service that collects and sorts information about goods and services from company websites. It is worth ordering such an online service if you need to concentrate a large amount of information on a specific topic in one place. Thanks to this functionality, users save their time. They don’t have to search different sites for the data they need.
The advantage of such web services is also that it is possible to set up a filtering system, for example, sorting information by state or cost, as well as other parameters. Thus, the resource is aimed at a specific target audience and its needs.
We have recently developed software for First Federal Michigan Loans. This is a loan referral company where you can get matched with the right lender for your needs and get information on many microfinance organizations in Michigan.
Loan referral service: functionality and potential
The trend shows the growing popularity of online payday loans in Michigan and all across the United States. According to the forecast of the Institute for Business and Finance Research, in 2021 the increase in issued loans is 20%. The volume of loans issued in Michigan will amount to $667,337, while in 2020 the total amount of payday loans issued was $412,860.
A few years ago, US law simplified the loan application. Today, to get accepted for a payday loan, you only need to meet some basic requirements. Loan amounts range from $100 and $1,000 which gave a new impetus to the development of business on the Internet.
In Michigan, the lending market has shown a stable growth trend over the past few years. So, as of August 5, 2021, over 1.200 payday loan providers were registered in the state. 74% of short-term loans were issued online.
Loan application is possible online, which reduces the load on the call center, eliminates the need to increase the staff. Besides, fast automatic form processing eliminates the human factor.
First Federal referral service has already been used by millions of consumers to get the most affordable loan in Michigan. The application takes only 5-10 minutes and the process involves no paperwok. The service checks the client’s creditworthiness automatically and matches the person with the most suitable lender. Funds are transferred to the borrower’s bank account within 24 hours which is very convenient. The development of the loan referral platform usually takes 2-3 months.
Advantages of a loan referral service
The benefits of a loan referral platform for the client include:
- the ability to choose the most suitable loan offer from multiple payday lenders;
- simplicity and speed of processing a loan.
For business, a loan referral service has the following advantages:
- identifying needs and assistance in choosing a loan product online;
- accepting loan applications online;
- making an automatic decision on the issue and informing clients online;
- additional source of traffic, advertising and attracting new customers;
- permanent loyal users.
How much does it cost to develop software for a loan referral company?
The cost of developing software for a loan referral service depends on many factors, including the complexity of the functionality, visual design, the introduction of unique tools, the stack of technologies used for development, the number of specialists involved, and others. We will be able to give detailed calculations after consultation and definition of tasks.