Lenme

Lenme Invest Flow

Defining The Problem

What is Lenme?

Lenme is a mobile application for peer-to-peer lending, providing a user-friendly platform that enables investors to optimize their profitability through personalized interest rates, while simultaneously offering borrowers the convenience of obtaining funds and repaying them at a later stage.

On mobile platforms, users are classified as either investors or borrowers. As a borrower, individuals have the opportunity to secure loans within the range of $50 to $5,000 (for regular loans). Upon determining the desired loan amount and payback period, investors evaluate the borrower's credit rating and other pertinent information to assign a customized interest rate. Subsequently, they submit tailored loan offers based on this evaluation.

Problem

There has always been a significant gap in the short-term loan market, with limited options and a cumbersome process.

Solution

Peer-to-Peer lending platform: connecting borrowers directly with lenders to streamline the lending process.
Flexible loan options: Allowing customization of amounts, durations, and rates to meet borrowers' needs.

Ideation

In order to establish a coherent user flow, it is imperative to construct the primary user persona for the Lenme Invest Flow. This crucial step enables us to gain a comprehensive understanding of the user's needs, goals, and pain points.

Upon developing the user persona for the Lenme Invest Flow, I can effectively synthesize the user's emotions and experiences by crafting a comprehensive user journey map. Through this map, I can identify any instances where the user may feel discomfort or encounter pain points, allowing for targeted improvements in the user flow.

Information Architecture

Investors can filter loans based on characteristics such as loan amount, credit score, payback period and risk profiles.
This helps investors assess the risk associated with the borrower and make informed investment decisions.

2. Investment Allocation

Once investors have identified the loans they want to invest in, they can allocate their funds across multiple loans or choose to invest in a single loan. This diversification strategy helps spread the risk among different borrowers. The Borrower's details page holds significant importance as it plays a pivotal role in influencing investors' decisions regarding loan offerings. It contains information such as the Credit Score, Payment history, Credit Utilization, hard inquiries, total accounts, annual income, derogatory marks, loan history with Lenme, and overall financial health.

3. Loan Monitoring

• Pending Loans: Loans that are in the process of being funded by investors after passing verification and assessment.

• Current Loans: Loans that have been fully funded by investors and are currently active, with borrowers making repayments and investors earning interest.

• Completed Loans: Loans that have been fully repaid by the borrower, indicating the loan's maturity and investors receiving their principal and interest payments.

• Corrections: Adjustments or modifications made to loans or associated data to ensure accuracy and transparency in loan information.

• Default Loans: Loans where the borrower has failed to make required repayments within the specified period, posing a higher risk of potential losses for investors. Lenme may have specific procedures to handle default loans, such as collection efforts or legal action.

Now that you know, borrowers are directly connected with individual lenders.

Borrowers have the flexibility to pay back their loans at a later date. This feature allows borrowers to extend the repayment beyond the originally agreed-upon due date. By offering the option to pay later, Lenme accommodates borrowers who may need additional time to meet their repayment obligations. Additionally, borrowers also have the option to utilize the "Pay Now" feature if they wish to repay their loans earlier than the originally agreed-upon due date. This is why Lenme is considered innovative app.

Lenme's transaction history for investors includes investment details, funding and repayment transactions, loan status updates, account balances, and fees and charges. It provides a comprehensive view of their activities and earnings, helping them track investments, monitor repayments, and assess portfolio performance.

Outcome

Overall, the data presented highlights the scale of Lenme's investor base, its revenue-generating capabilities, and the remarkable growth the company has achieved. These metrics are positive indicators of Lenme's performance and position in the lending industry.

My reflections

Being involved in the development of the app's core function and witnessing its full functionality was a fulfilling experience. Through designing Lenme, I gained a valuable understanding of the significance of simplifying complex ideas and conveying them clearly to users. By streamlining the user journey and reducing obstacles, we can enhance user engagement and satisfaction.