Registration and Login: Users (borrowers and lenders) should be able to register, log in, and manage their profiles.
Profile Verification: Implement identity verification for both borrowers and lenders to ensure legitimacy.
Loan Listings
Loan Application: Borrowers should be able to apply for loans, providing necessary details such as loan amount, purpose, and repayment terms.
Listing Details: Each loan application should display key details, including interest rates, loan term, and borrower information.
Investment Management
Browse and Filter: Lenders should be able to browse and filter available loan listings based on criteria such as loan amount, interest rate, risk level, and borrower rating.
Investment Transactions: Facilitate investment in selected loans and manage the distribution of funds.
Loan Management
Repayment Schedule: Provide borrowers with a clear repayment schedule and allow them to make payments online.
Automatic Deductions: Enable automatic deductions from the borrower’s account for scheduled repayments.
Risk Assessment
Credit Scoring: Implement credit scoring and risk assessment tools to evaluate the creditworthiness of borrowers.
Risk Rating: Display risk ratings for loans to inform lenders about potential risks.
Notifications
Alerts: Send notifications to borrowers and lenders about loan status, repayment reminders, and investment opportunities.
Updates: Notify users of changes in loan applications or investments.
Payment Processing
Secure Transactions: Integrate payment gateways to handle secure transactions for loan disbursements and repayments.
Fees Management: Manage and display any applicable fees for loan processing or investments.
Reporting and Analytics
Financial Reports: Generate reports on loan performance, repayment status, and investment returns.
Analytics: Provide tools for users to analyze their loan portfolios and track performance metrics.
Dispute Resolution
Conflict Management: Provide mechanisms for resolving disputes between borrowers and lenders.
Support: Offer customer support for resolving issues related to loans and investments.
Compliance and Regulation
Legal Compliance: Ensure adherence to financial regulations and legal requirements for P2P lending.
Audit Trails: Maintain detailed logs of all transactions and system changes for auditing purposes.
Non-Functional Requirements
Performance
Speed: Ensure fast response times for loan applications, investment transactions, and real-time data updates.
Scalability: Design the system to handle increasing numbers of users, loan applications, and transactions efficiently.
Reliability
Availability: The system should be highly available with minimal downtime.
Error Handling: Implement robust error handling and recovery mechanisms to ensure continuity of service.
Security
Data Protection: Use encryption and secure protocols to protect sensitive user and financial information.
Access Control: Implement strong authentication and authorization mechanisms to safeguard user data and system functions.
Usability
User Interface: Provide an intuitive and easy-to-navigate interface for both borrowers and lenders.
Accessibility: Ensure the system is accessible to users with disabilities and supports various devices and browsers.
Maintainability
Code Quality: Develop clean, modular, and well-documented code to facilitate future maintenance and updates.
Documentation: Provide comprehensive documentation for both users and administrators.
Compliance
Regulatory Standards: Ensure compliance with financial regulations, data protection laws, and other relevant legal requirements.
Interoperability
Integration: Ensure compatibility with external systems, such as credit scoring agencies and payment processors, for seamless operation.
Backup and Recovery
Data Backup: Implement regular data backups to prevent loss and ensure recovery in case of failures.
Disaster Recovery: Develop a disaster recovery plan to restore operations in case of major disruptions.
