In 2023, the personal loan market grew a lot, reaching a total of $241 billion. This was a big jump of almost 15% from the year before. The increase in loans, along with stricter rules for who can get a loan because more people are not paying them back on time, shows that the financial world is getting more complicated.
Because of these changes, it’s important to have good loan management systems (LMS) that can handle more loans, follow the new rules, and manage risks well. This article will help you learn how to make a successful loan management software that can keep up with these changes. We’ll start with the basics and go all the way to testing and launching the loan system.