Top Cash Advance Apps Like Moneylion: A Comprehensive Guide
App Development
18Aug 2023
A cash shortage is one of the common problems almost every one of us faces on a daily basis. You might say we have tons of payday loans, no we are not talking about that. They won't help you pay your monthly electric bills, rent, or other everyday expenses when you ran out of money before your salary gets credited or you haven't received that much-awaited payment.
The cash advance apps like MoneyLion can be your savior in times of crisis and help you stay out of the debt of your friends, family members, or loan sharks. Got any idea about what we are talking about? Let us elaborate it a bit more in the different blog sections covering the different aspects like what are cash apps, how they work, how we qualify to be the best choice as the fintech app development company, and various other things.
What is Instant Cash Advance App?
The Instant cash advance apps are the apps that allow users to get cash based on their requirements till their next payday. It is perfect to get instant short money to pay bills on time without missing dates. These cash advance apps help users never run out of money before their payday. Let's take an example to clarify a bit more about the idea of how apps like MoneyLion and Dave actually work. Let's say you haven't got your paycheck yet but the due date of your billing amount is near, you can take a few bucks from the cash advance apps and pay it back when the due date arrives.
One of the things about these mobile applications is it does not demand you to have a good credit score or anything and offer some amount as instant cash that you can pay back with some interest amount. If you are thinking this is one of those trends that will fade away in some time, here are some facts that can clear your misconceptions. Based on the stats, the total cash advance app is about to cross 12 million users by the end of 2023 which was around 7.5 million in the year 2021. Out of all of these Cash Advance apps, MoneyLion is one of the primarily used. So, if you are thinking about reaching out to the best app development company out there to hire app developers that can help you build a significant app, it is important for you to learn a bit more about it.
How Cash Advance Apps Work?
I hope you have a clear idea of what is the cash advance app but if you are not sure how the cash advance app works, here is a detailed guide on how exactly the cash advance app works.
First let's clarify this either we say it cash advance app or payday loan, or let's just say short-term landing app; we are referring to the same type of mobile applications. One of the basic things is this app like a cash app works with a simple motto that is offering a certain amount of cash to the user that can help them to get their things done just as the certain purchase, take care of their regular payment without missing the due dates before they get their salaries or desired payment and handle their financial emergency without getting the loans with insanely high-interest rates.
As we talk about the exact working process of mobile apps like MoneyLion users need to download their preferred app like the cash app and create their profile providing accurate details such as their name, banking details, employment statements, and in some case credit score. Once the user feeds the expected details the profile passes through the accurate eligibility test to activate the user account. After that user can apply for a loan which usually is around $10 to $10000 for the payday advance apps. Users should check the terms and conditions of the loan such as interest rate, repayment modes, repayment date, other additional costs, and more before getting the app. Cash advance mobile application usually approves the loan within 1 to 7 business days based on the requested amount and their terms and conditions. Once the users get the amount they can repay the amount with additional fees and interest without missing due dates.
Introduction to MoneyLion Payday Advance Apps
As it is clear that MoneyLion is a cash advance app that users can use to get a certain amount for the time being and pay it back on a certain Due date. Here are some of the things that are specific to the MoneyLion. MoneyLion allows users to get cash up to $250 if they check all of the below-listed points.
- You should have an active banking account.
- Your account should have been open for at least two months with regular income deposits.
- Your account should constantly have been positive and it has never been negative.
- Your account should have a regular revenue deposit.
These are some of the must-have preferences that you should meet to get instant cash from MoneyLion. Once you pass the verification process as a user MoneyLion allows you to get cash up to $25 for the time being and after that, you can get $50 to $250 from your account.
As you can see MoneyLion has certain strict criteria that one should fulfill before getting instant cash so here are some of the other Payday loan apps you can browse to get instant cash. And if you are one of those who are thinking about investing in fintech app development, get an app like cash advance app. These are some of your top competitors that you should be aware of.
List of Top Cash Advance Apps Like MoneyLion
1) Dave
If you are looking for a Payday advance cash that can help you get instant cash with no interest Dave is your app. Dave is the perfect app to get short-term loans with the flexibility to pay back the amount based on their preferences. Even if Dave seems like a perfect app there are some flaws that can might not make it the chosen one for you. The users of Dave need to pay back the amount right next to the payday and users need to have the $1 monthly Membership to get the cash advances.
2) Brigit
The very next in our list of payday loan apps Brigit is the right choice for many users in the time of crisis as it offers cash up to $250 with no credit check or interest with some amazing finance app features like credit monitoring, budget tracking, credit builder loans, automatic advance to avoid overdraft fees, and more. As they say, everything comes at a cost if you are comfortable with a third-party application keeping track of your every transaction Brigit is not the one for you. This cash advance app keeps track of every transaction of your account and charges a $9.99 monthly subscription charges to help you get instant cash whenever you need it.
3) Chime
Chime is another app like Dave that offers various amazing features and functionalities like instant loan, SpotMe, credit builder, direct deposit, and more. Chime allows users to get up to $200 for day-to-day activities till payday and build credit with no credit check and no extra fees. Along with this with a Chime account users can get access to more than 60,000 ATMs. While focusing on these amazing finance app features do not ignore the list of cons that comes along with it. One of the things that you should be aware of is the app charges higher APRs (Annual Percentage Rates) and there are low chances to get the in-person assistance.
4) Earnin
If you are an employee who needs to communicate to work daily and have a steady amount that gets deposited to your account on a monthly basis and needs instant cash in the emergency case, Earnin can do that for you. This payday advance app does not charge any mandatory fees or credit checks to offer the same-day funds that can help you get out of the emergency at any time. But keep in mind this app has a low borrowing limit so you can not rely on this like you can on the apps like Dave. Along with this, it demands you to share your personal banking information, track working hours and GPS locations before lending you money in a time of crisis.
5) Empower
Staying true to the name, Empower is the cash advance app that demands no interest or fees while helping users to build credit history. With the help of Empower app, users can get cash in advance up to the limit of $250 with the flexibility eligibility criteria demanding no credit check. But keep in mind Empower demands $8 as a monthly subscription fee and only allows instant cash funds for free to the user with Empower card.
6) Branch
The branch is another app that allows users to get cash instantly for any kind of financial emergency paying a small amount as a service charge of $2.99 to $4.99 based on your requested amount. You can get the exact requested amount in three business days if you want to opt out of the service charges. But just like Earnin, this payday advance app is not for the remote worker as it demands your banking history, checking the records of the past two months, a debit card for the same account, working hours details, and more before lending the desired money.
7) Klover
Klover is the cash advance app that allows users to get a cash advance before payday without any credit check or interest rate. if you are in need of instant cash within 24 hours, you need to pay $1.99 to $9.99 to get the cash up to $250 but if you are not in any hurry you can get $100 in your account within three business days. Just as any other payday advance mobile application Klover demands you to link your bank account and share your personal and financial details.
8) Affirm
Affirm is more like a Buy Now Pay Later mobile application that allows users to buy things without paying instantly. Users can get "Pay in 4 instant loans", which they can pay over the time of 2 months in 4 installments. There are various circumstances where is it not advisable to use Affirm such as If you want to build your credit, or not sure you can repay your loan, or have a habit of impulse buying.
9) AfterPay
AfterPay s yet another Buy Now Pay Later fintech mobile application that various users use to purchase things online or in-store. One of the amazing things about AfterPay is, it does not charge any interest or finance fees as long you don't skip any due dates. But if you are under the age of 18 or trying to build good credit AfterPay is not the right app to choose. Make sure you don't get habituated with the app that can enhance your unnecessary debt.
10) Avant
Last but not least Avant is a cash advance app that allows creditors with around 550 credit score to get an instant loan up to $35000 with 1 to 5 years of repayment timeline. Even though it sounds amazing the Avant app charges the origination fees up to 4.75% that they detect before sending you the loan amount. Along with this Avant does not allow you to add the co-signed or co-borrower which minimizes your chances to get the loan.
These are some of the popular cash advance apps that most people around the globe use to get payday advance loans, pay their debts or purchase things of their own by paying later on. So, if you are looking for the perfect make sure you browse through their list of pros and cons to make sure you get the perfect one for you. And if you think none of these is as perfect as you think it has to be; you can reach out to the top Fintech app development company to hire an app development team and build the perfect Fiance app.
Features of Cash Advance Apps Like MoneyLion
When it comes to building apps like MoneyLion and Dave just the instant loan app feature can possibly fail to grab the attention of your target audience. As to beat the competition you need to offer various innovative features here is a list of some of the features that you can integrate into your Payday Advance Mobile Application.
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Credit Monitoring
Credit monitoring is one of the necessary features of any payday loan application. The credit monitoring feature allows the users to generate credit reports, and credit scores, along with their credit history, credit accounts, and more through the single mobile application. It can also help the users to stay aware of fraud by getting push notifications and emails about new account creation and more.
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Financial Tracking
One of the reasons your app users are constantly drawn to the cash advance apps is they are miserably failing to keep track of their finances. You can help them track their expenses and offer insights that can help them to minimize their expenses and help them save a bit more every month. You can introduce this as a premium feature where you keep track of their expenses and give them insights on how they can avoid unnecessary expenses.
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Financial Education
One of the reasons most people out there can not manage their finances well is because of higher financial illiteracy. You can offer financial education to the premium users that can help them get lessons and knowledge about budgeting, money management, savings, investments, debt management, insurance, stock trading, asset management, and more to enhance their financial literacy and minimize their unnecessary expenses.
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Online Banking Services
As you will need access to their banking details and transaction, you can offer them bank account management facilities that can help them to check their bank balance, transaction history, transfer amount, generate online statements, and more. It will help them to streamline their banking services through one single application and manage their accounts proficiently.
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Personal Loans
Along with instant loans, you can allow users to get personal loans through the mobile app. You can cover the personal loan section that allows the users to get loans to consolidate debt, fund home improvements, cover medical bills, or other reasons. To include this in your mobile application you need to reach out to the Fintech app development company that can help you generate correct algorithms to calculate the interest rate, repayment period, application process algorithm, and more leveraging their years of experience and expertise.
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Cashback Rewards
One of the features that can help you get the much-needed attention of your target audience is offering cashback rewards. I mean who doesn't want a few more bucks in their wallet right? You can hire app developers that can help you introduce a new feature that can offer cashback and other rewards to your regularly active users based on their transactions.
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Credit Building
Not all the people out there have higher or good credit scores which can hinder them on various occasions for example getting a loan. So, you can introduce a feature in your payday advance app that can help them to build a good credit score. Credit building can help them to enhance their credit score and get loans from your app itself. You can offer insightful information and offer them personal assistance that can help them to get a good credit score.
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Personal Finance Tools
If you want to be a perfectionist, you can integrate different third-party tools in your mobile application to offer their top-notch offering to your target audience. The third-party tools integration minimizes the resource management headache for you and offers accurate and interactive features with minimum errors. make sure you get the Finance app development services from the best app development company to minimize the chances of app failure.
As you are about to invest a certain amount in your fintech app development idea, you need to figure out a way to get a bit of money back that can help you enhance the offering of your cash advance app idea. So, here are some of the app monetization methods that you can employ for your application.
App Monetization Methods for Advance Cash Apps
In the world of mobile app development, app owners employ to generate income from their mobile applications. As your app can be considered as a fintech app you might not be able to employ every other app monetization method. So, here are some of the ways you can generate income from your mobile application.
Transaction Fees
you can charge a certain amount based on the transactions of the users. When it comes to transaction fees, you can either charge a significantly small amount for every transaction or you can charge a certain amount for small transactions allowing users to make huge payments for free. Along with this, you can deduct a certain amount of commission from their loan amount and transfer the remaining amount to their account directly.
Subscription Plans
You can introduce fixed-cost subscription plans with monthly charges that users need to pay to leverage the service offering of your mobile application. You can define various subscription plans based on different features that users can choose from according to their requirements. Along with this, you can offer 24*7 personal assistance to the users with the highest subscription plan.
Freemium Model
The freemium model is one of the popular app monetization models for almost any type of mobile application. In this model, you can offer accessibility to the basic features and functionalities for free and charge a bit for additional functionalities. For example, you can allow the users to get instant loans for free but charge a bit more to offer expense analysis, credit monitoring, credit building, and more based on your app functionalities. So if the users are loving your app, there are higher chances they will opt-in for the paid services as well.
Premium Support
Most of the fintech application users need assistance from professionals to get accurate services. You can provide premium support from your mobile application that can help the users to take help from the finance experts for any queries they have whether it could be for tax filing, asset management, or anything else. You can offer your actual services for free but charge a bit more to offer premium support to your target audience.
Sponsored Content
Sponsored content is one of the ways that allows your users to get the services they want for free but earn a bit more from the firms you have collaborated with. You can charge a bit more from the financial institutes to list their service offering on the platform or you can ask them to publish their content on your mobile application by paying a bit to you. Keep in mind, that sponsored content is not n ideal choice if you are relatively new to the finance app development industry.
App Development Cost for Cash Advance Apps like MoneyLion
When it comes to getting the accurate app development cost estimation to develop a cash advance app like MoneyLion, there are various things that affect the cost estimation. The features, functionalities, target audience, platforms, app development tech stacks, fintech app development team, their development expertise, and more. So if you need to get the app development cost estimation it is advisable to reach out to a finance app development company like Hyperlink InfoSystem with your accurate app development requirements and they will help you get the accurate cost estimation offering top-notch app development support.
Conclusion
If you think having one of these kinds of payday loan apps can do wonders, hire app developers from a fintech app development company. Choosing a top app development company who have a well-versed team offering finance app development services like Hyperlink InfoSystem can enhance your chances of beating the competition and making the best out of your finance apps like MoneyLion.
Frequently Asked Questions
It can take three to six months to create a cash advance application with all the required functionality. This time frame includes project planning, design, development, testing, and deployment. For apps with cutting-edge features and more difficult integrations, it can take longer—up to a year or even longer. It's important to keep in mind that timelines may be impacted by changes to requirements, interfaces with external parties, and the requirement for extensive testing to ensure stability and security.
Some of the best app development companies like Hyperlink InfoSystem can help you create an app like MoneyLion. Once you have your app development requirements, you can reach out to the app development team of a Fintech app development company and they can provide you all the much-needed app development support to create the Fintech application.
MoneyLion employs the subscription-based app revenue generation model along with earning a commission as interest from the loans. You can employ one of these or any other app monetization methods such as transaction fees, freemium model, and more to make money from your cash advance mobile application.
Harnil Oza is the CEO & Founder of Hyperlink InfoSystem. With a passion for technology and an immaculate drive for entrepreneurship, Harnil has propelled Hyperlink InfoSystem to become a global pioneer in the world of innovative IT solutions. His exceptional leadership has inspired a multiverse of tech enthusiasts and also enabled thriving business expansion. His vision has helped the company achieve widespread respect for its remarkable track record of delivering beautifully constructed mobile apps, websites, and other products using every emerging technology. Outside his duties at Hyperlink InfoSystem, Harnil has earned a reputation for his conceptual leadership and initiatives in the tech industry. He is driven to impart expertise and insights to the forthcoming cohort of tech innovators. Harnil continues to champion growth, quality, and client satisfaction by fostering innovation and collaboration.
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