We use mobile apps for everything. Using apps to get short-term credits and small loans is now more popular than ever, and the number of people using such apps is also on the rise.
One of the biggest examples is MoneyLion. The app enables users to get short-term loans. And users are utilizing the app well.
Naturally, many businesses want to build such apps with the help of a mobile app development company. And if you are a business looking to capitalize on the chance, you may have many questions about it.
How to build the app?
How much does app development cost?
How to hire reliable mobile app development services?
These are some of the questions. As a mobile app development company, we get all these questions with almost every project.
That’s why we decided to publish this blog to help you all develop cash advance apps like MoneyLion and others.
Instant cash advance apps—often referred to as ‘cash advance apps’—enable users to access their earnings before payday, depositing the money into a designated checking account.
Most apps like MoneyLion offer their services for free, while a few may impose a modest fee. Many of these apps do not burden users with interest charges. Cash advance apps are designed with user convenience in mind.
Any fees that need to be paid with the app are repaid at the end, making them a practical alternative to traditional payday loan programs and credit cards. The apps are accessible on various platforms and users can access it on any device.
MoneyLion is a leading instant cash advance app that offers free access to instant cash payments, with a maximum limit of $250. It stands as one of the top choices in the cash advance app category.
It is useful in dynamic work scenarios when you require funds before your next paycheck arrives. However, the users must meet certain eligibility criteria to qualify for the $250 cash payout.
The borrowed money app amount is to be repaid after your subsequent deposit, aligning with the due date. This repayment model is one of the ways through which the app generates revenue, ensuring continued service.
Let’s understand the top 10 cash advance apps like MoneyLion in the market now.
Like MoneyLion, Brigit stands out as an established app. It is designed to empower users to manage their finances when in need. Offering quick cash access of up to $250 without the hassle of credit checks or interest charges, it goes beyond simple solutions.
Brigit extends its benefits to credit building, expert financial insights, and more. This makes it a great companion for anyone with quick financial needs.
Affirm breaks the mold of traditional finance programs. It introduces a remarkable and unique approach to acquiring desired items without depleting your funds.
Affirm users can make purchases without the looming specter of late fees or hidden costs.
Another element that makes the app super valuable is that it is easy to use, making it ideal for newcomers.
FlexWage streamlines paycheck management for both employers and employees. With FlexWage, users can avoid the headaches of paying and getting checks.
Employees can access their earnings on-demand with the app, and it offers the convenience of reloadable paychecks, too.
Another prominent player in the fintech realm, Chime, takes center stage by delivering free mobile banking services through its website and mobile apps. Making banking easier for individuals, it also provides a $200 fee-free overdraft option with the added flexibility of early payment.
Like MoneyLion, Klover also provides its users with an option to get an advance of up to $250. The app also allows you to get points by completing simple tasks, such as answering a few questions.
Klover can also be used to improve the users’ credit score.
Rufilo is a registered NBFC (Non-Banking Financial Company) under the RGI, serving the Indian market.
It offers Instant Credit Lines, allowing you to secure a $2500 cash deposit to your bank account. Unlike its counterparts, Rufilo has a very stringent process to check the credits of its users.
The stringent may make it hard for some customers to use the app.
Dave specializes in providing rapid cash advances for urgent and future needs.
With a user base exceeding 5 million, Dave's mobile app has been a catalyst in improving financial prospects through its innovative financial services.
CASHe stands as a personal loan app, extending instant cash loans ranging from $100 to $10,000 without the need for collateral or a guarantor.
Using a unique credit rating algorithm, it ensures rapid loan disbursal within minutes of approval. The repayment window spans 15 days to 6 months, with competitive interest rates.
CASHe is a great help for those in need of quick funds for emergencies, medical expenses, travel, or unforeseen financial challenges.
AfterPay follows the footsteps of MoneyLion and lets users buy now and pay later. After the initial payment, the remaining four installments are spaced evenly, and the purchase is dispatched quickly.
This app boasts off many features, shielding you from rising interest rates and providing seamless installment payments.
Pocketly app has been Tailored to meet the requirements of the youth of India. It offers a secure and expedited personal loan experience with a two-click signup, minimal KYC requirements, and rewards for punctual repayments.
The app’s interface gives access to its cash advance service. This is loved by the youth, who prefer quick and efficient app transactions.
When developing apps like MoneyLion, it's crucial to go beyond just the instant loan feature to capture your target audience's attention. Incorporate a range of innovative features to outshine the competition.
Here's a list of features you can ask your mobile app company to integrate into your payday advance mobile app:
1. Credit monitoring
Credit monitoring is a crucial component of any payday loan app. This feature empowers users to access their credit reports, scores, history, and more through a single mobile app.
It also serves as a security measure, notifying users of any suspicious activities, such as new account creation, through push alerts and emails.
2. Financial tracking
Many users turn to cash advance apps due to challenges in managing their finances . You can assist them in tracking expenses and offer insights to help reduce excess spending and increase savings.
You can introduce this as a premium feature providing expense tracking and personalized financial advice.
This will help you generate revenue for your business.
3. Financial education
Improving financial literacy is pivotal as many users struggle due to limited financial knowledge.
You can offer premium users access to financial education, covering topics like budgeting, money management, investments, debt management, etc.
This empowers users to make informed financial decisions and minimize futile expenses. And it will improve your brand image in the market.
4. Online banking services
You can streamline the user experience and access their banking details with your app by offering bank account management features. Make it easier for them to check their account balance, make transfers, generate online statements, etc.
This brings their banking activities within a single, efficient app. When your app becomes the go-to option for users for payments and finance management, it helps your business grow.
5. Personal loans
In addition to instant loans, enable users to obtain personal loans through the mobile app. Cover various personal loan purposes, such as paying off debt, home decor, medical bills, and more.
Work with reliable fintech mobile app development companies to create algorithms for interest rates, repayment periods, and application process.
6. Cashback rewards
Attract users by giving cashback rewards, an enticing feature.
Reward actively engaged users with cashback and other incentives based on their transactions. Everyone likes a little extra money in their wallet, making this feature appealing.
When they get rewards for payments, they are more likely to use your app.
7. Credit building
You must understand that not everyone has a good credit score, which can hinder them in various situations, including loan applications.
Add a feature to help users enhance their credit scores.
You can also offer personalized help to improve credit score and secure loans directly from your app.
8. Personal finance tools
For an inclusive offering, integrate third-party tools into your mobile app to provide advanced features.
This minimizes resource management concerns and ensures accurate, interactive services with minimal errors.
By choosing a top-tier finance mobile app development company, you can reduce the risk of app failure.
As you move forward on your fintech app development venture, you must explore the strategies to enhance your cash advance app.
Here are the most popular ways to generate income via your app.
1. Transaction Fees
You can opt for a small fee per transaction or charge more for smaller transactions, allowing users to make significant payments for free. Debit a commission from their loan amount and transfer the remainder to their account.
2. Subscription Plans
Giving fixed-cost subscription plans with monthly charges is another option. Create different subscription tiers with varying features to cater to diverse user needs.
3. Freemium Model
The Freemium model is a popular choice for monetization. You can provide essential features for free and charge for premium functionalities. This lets you penetrate the market quickly and then start selling premium services.
4. Premium Support
Most fintech app users often seek professional assistance related to finance, investments, asset management, etc. You can offer advisory services from finance experts for a fee.
5. Sponsored Content
This is another popular model. You can work with financial institutions to list their services or content on your platform in exchange for a fee.
This can be a revenue source but may require industry experience for optimal results.
Deciding the precise cost of developing a cash advance app like MoneyLion involves several factors that influence the overall cost. A deep understanding of these factors is essential for making well-informed budgetary decisions.
Here is what we do at AddWeb Solution As a mobile app development company when developing an app like MoneyLion to determine its cost.
The selection of the platform constitutes a pivotal factor in learning the development cost of an app like MoneyLion. While the difference in cost between developing iOS and Android apps is marginal, starting with Android is often useful due to its extensive user base.
The quality of the app's user interface (UI) and user experience (UX) design is another crucial factor. The smoother and more visually appealing the app is, the higher the user retention rate. The budget allocation for cash advance apps like MoneyLion may change based on your app’s UX goals.
Development Team Size.
A dedicated team skilled in building apps like MoneyLion is another factor influencing the overall cost. Hire a mobile app development company rather than freelancers offering mobile app development services to ensure the necessary professional expertise and experience.
App maintenance expenses are an inherent cost element in any app development project. It ensures that the app performs well and stays up to date as per changing technologies. Check with your mobile app development company about the terms before hiring them.
App Development Company’s Location.
The location of the selected loan app development company also affects the overall cost a lot. Hourly developer rates in regions such as Asia and Africa are typically more efficient than those in the UK and the US, while the expertise remains the same.
Features and Functionalities
The development cost is also greatly influenced by the app's features and functionalities. A budgeting app with a simplified feature list will be less costly, and the cost may increase with more features. However, the investment is justified to deliver an app enriched with diverse abilities.
When it comes to selecting the right app development partner, AddWeb Solution stands out as a compelling choice.
Here's a breakdown of the key factors that make us your ideal partner:
1. Team of Qualifie Professionals
With diverse skill sets and a commitment to staying ahead of industry trends, our team is well-equipped to create mobile apps like MoneyLion.
2. Customized Service Plans
We understand that every app is unique, and so are its web application development services requirements. Hence, we offer customized development plans tailored to the specific needs of your project, leaving no room for unexpected glitches or issues that could compromise user experience.
3. Advanced Development Tech Stack
AddWeb Solution uses advanced development tools to create the best apps for our clients. This is to ensure that your app meets the highest standards for functionality, security, and performance.
4. Timely Customer Service
We understand the value of keeping you in the loop and solving your concerns promptly. That’s we have a responsive customer service team to keep you informed about the project’s progress and solve your issues quickly.
5. Affordable Services
We believe that budget constraints should not stand in the way of achieving your app development goals. Our services are designed to adapt to any app development budget. We believe that top app development must be accessible to all.
6. Top Mobile App Development Quality
When you partner with AddWeb Solution, you are choosing top-tier mobile app development quality. We hold ourselves to the highest standards, ensuring that your app not only meets but exceeds your expectations. Our internal processes monitor the mobile app development services we offer for quality.
Developing a cash advance app like MoneyLion requires great care and planning. Because such apps can impact users' lives, businesses that want to hire mobile app development services must work with expert app development agencies like AddWeb Solution.
With years of experience and expertise to rely on, we have made a name for our services. You can check our portfolio to learn more about our services. In addition, we can also work with established and startup businesses like their primary mobile app development company.
If you are a business looking to develop such an app, speak to our client service team to build your strategy.
The time taken to develop a cash advance mobile app depends on factors such as the complexity of the app, the features of the app, whether the app is native, hybrid, or cross-platform, etc. Hence, the time taken can change from one project to another. The best way to understand the time is to check with our customer service team with your expected app features requirements.
Our mobile app development team at AddWeb Solution can help you with developing an app like MoneyLion. We have years of experience in the industry creating numerous apps for businesses from diverse industry sectors. And we also have the infrastructure and insights to develop apps like MoneyLion.
There are different means for cash advance apps like MoneyLion to make money. One of the popular ways is to charge a nominal fee for the services and transactions. Apps also charge fees to provide premium services to their users. Subscription plans are another popular option. You may also publish sponsored content from other businesses to make money via the app.
There are different types of apps like MoneyLion and Dave. While one app cannot replace another, some alternatives to these apps are Brigit, Chime, Klover, etc.
Cash advance apps can help you get short-term loans. Some such apps do not require a guarantee or look into the credit scores of the borrower while offering loans. However, the borrowers need money to meet certain criteria for getting loans. A few examples of such apps are MoneyLion, Chime, Dave, etc.
There are different apps that let you take loans from them. Different apps have different criteria to process loans. And the processing depends on the person who’s applying for the instant credit. Hence, it is hard to conclude that one app is faster than another. However, some of the apps that process loans faster are MoneyLion, Dave, Klover, etc.