The advantages of custom-built software are always more valuable than the time and price it takes to develop it. We divide FinTech solution development into five steps: product ideation (the idea of the product, market fit, analysis of competitors' products, etc.), design (prototype, UI/UX), development (MVP or full-scale product), testing, and release. Depending on the situation, each stage may have a different time frame. For example, the product ideation stage may take two weeks or six months, depending on the branch, type, complexity of the product, the number of competitors, etc. The design stage of a basic mock-up takes around two weeks, while the wireframe with highly complicated iterations takes two months. MVP development may take a month or three based on the difficulty of the product, while the development of a full-scale version varies from six to nine months or even more. The amount of time a lending software development company will spend on creating the system is up to you and your idea. Yet, the average estimated time is four to nine months.