Want to Create a Money Lending App? Read about the 5 Key Features and 3 Tips From Our Expert
Planning to create a money lending app? Stop browsing. You have found a blog that will tell you all the essentials. We discussed with our finance app expert and compiled a list of features that you could integrate into your app. Bonus: Find tips from our technical and business experts to help your business grow.
The month-end cash crisis is as real as it can get.
It is not an uncommon scenario when people find it hard to pay electricity, gas, card bills because they have run out of cash. They are only a few days away from getting their salary but bills and subscriptions wait for nothing.
One subscription can help this problem – a subscription to a money lending app. Payday loan apps are much in the news because they help salaried people get by during tough times.
Apps like Earnin and Dave are doing quite well in the market. According to Business Insider, Dave app has raised $110 million in June 2019. Earnin, on the other hand, has raised $25 million as of December 2018 as reported by TechCrunch.
The personal cash crunch issue is probably not going away any time soon. Get geared up for your ‘Get paid today app’ idea with these important features.
5 Features You can’t Afford to Miss in Your Money Lending App
1. Simple sign up, effortless approval
Payday loans are considered to be a pain as it is a complicated and long process to apply and approvals take too much time. Signing up in cash advance apps should be hasslefree. Connecting the user bank account to the app account should be enough.
Source: Dave app
If a person is in need of cash, apps should make approval as fast and easy as feasible so the user is benefitted.
When you create your own advance pay app, look out for this feature first.
2. Money on demand
When a person has an emergency and needs cash fast, following an intricate process will be a huge turn-off. An app like Dave must enable users to request money with a single tap.
This requested amount of money should be either directly paid to the user’s bank account or the user may pick it up from an assigned store like Walmart (like Even app)
3. Repayment Options
The lent money amount is automatically debited from the user account after the salary is transferred into his account. This way it becomes very easy for users to keep a track of the repayment.
An app like Earnin also provides the option to repay the amount earlier than required which helps the user to clear off his debt faster. In fact, even if the user needs a little extra time to pay off, he just needs to make a request for the same.
This feature will make your app one of the best instant loan apps.
4. Predictions and Alerts
Certain money lending apps also make overdraft predictions. These apps notify users if they don’t have enough money for their upcoming expenses before payday.
Source: Dave app
Calendar tool of Earnin app informs about upcoming bills and you can estimate the amount you might need at that time. Certain money lending apps also notify users if the balance changes so they can stay top of their spending.
Whenever a user puts sensitive information like bank and salary details in cash loan apps like Dave app, they are concerned about security. The thought is: What if the apps that loan you money sell your information or conduct a fraud?
This is why all the user data should be protected. The information should be kept private and secure. It should be made sure that no data is accessed by any unauthorized third party.
These are some of the essential features of a pay advance app, let us now tell you about some takeaways and tips by our technical and business experts.
3 Expert Tips You Need to Pay Heed to While Developing Money Lending Apps
1. Quick Service
Consider yourself in the place of the user, you are short on cash and your salary won’t be credited until five more days and you have to pay the gas bill within 3 days. It is for situations like these, any advance salary app becomes useful.
If the app itself doesn’t approve the request or lend the money within 3 days, it becomes pretty ineffective. This is why money apps like dave should provide quick and seamless service to the users.
In fact, Earnin lets you connect your debit card to your app account to eliminate the waiting period between transactions.
2. No hidden charges
Obviously, there is no such thing as an absolutely free payday loan app. Most money lending apps like dave overdraft have a monthly subscription fee which is quite nominal and reasonable.
If you wish to retain your users, you must not have any hidden charges. In fact, there also should be no interest as it is not a loan app, it is a salary advance app and the money actually belongs to the users.
An overdraft fee is also not advisable. Overdraft apps should make arrangements for late repayments by the users.
Any money lending app should work with as many banks as possible. Advance paycheck apps like Even working with over 18000 big and small banks to provide services to account holders of these banks.
Cash apps like Earnin also collaborate with thousands of local stores. These local stores provide cashback offers to the users, making it beneficial to all the parties involved.
We’re sure that these features and tips will be useful and guide you through the app development process.
In a Nutshell
We have covered must-have features and vital business tips that you require to develop your money lending app. If you have queries about personal loan apps, instant loan apps, banking apps, finance apps, budget apps, please feel free to contact us.
Being an eminent iPhone app development company in Canada, we have developed mobile apps of various genres. These apps run seamlessly on iOS, android and web platforms. We also provide web development services.
Our technical expert will provide a 30-min free consultation and provide you with an estimated app development cost and timeline. All you need to do is to fill the contact form below.
This page was last edited on August 21st, 2020, at 12:13 PM.