Generally, people run out of budget for routine needs like groceries, medication, or transportation before payday. Even numerous circumstances compel them to prioritize expenses and bills and connect with payday loan providers for quick cash.
According to a 2023 survey by Payroll.org, a staggering 78% of Americans live paycheck to paycheck. This means three out of four Americans struggle to save or invest after covering their monthly expenses.
Have you ever found yourself in a situation where your payday is just around the corner, but your finances are stretched thin? Yes? You would be happy to know that with the technical advancements, the digital landscape has already greeted various best apps, like MoneyLion, to meet their cash advance needs.
Whether you are an app user or a merchant looking to expand your instant cash business, a cash advance app can be a win-win situation for both parties. How?
This blog post will unveil all the basic facts you need to know, like what an instant cash advance app is, how the MoneyLion app works, the top 15 cash advance apps, steps to build a cash advance app like MoneyLion, the cost to build, and more.
Stay tuned to clear up your doubts!
What are Instant Cash Advance Apps?
Instant cash advance apps are like short-term loan providers just a tap away, providing users access to a predefined, limited amount of money. This helps them cover temporary gaps in their income.
Such apps can offer small advances, repayment on the next payday, early access to paycheck, and more.
Cash advance app development includes creating a mobile app that permits users to borrow a small sum of money easily and quickly until their next paycheck.
Best Cash Advance Apps – Latest Facts and Figures
The global cash advance app market stats are unexpectedly expanding. Watch some of the below to understand the scenario revolving around it.
- By 2032, the global cash advance service market will likely be valued at $138.5 billion, recorded as $73.7 billion in 2022. The surge is expected at a CAGR of around 6.6% from 2023 to 2032.
- A cash advance app allows quick access to funds instantly or within a day.
- By 2029, the global merchant cash advance market size is predicted to grow and reach $26.3 billion, with an annual growth rate of about 5.03% through 2019 – 2029.
The facts and figures above state how helpful a best cash advance app is for users and businesses. Next, we will discuss how an advance cash app works.
How Does A Cash Advance App like MoneyLion Work?
The advanced cash app works by providing a small loan amount. Let’s talk about the working in detail sequentially:
- Download the app and fill in every detail needed for a quick approval process.
For example, In MoneyLion, the users’ income deposits and account activity are checked.
- On approval, the users request an amount in advance.
For example, MoneyLion usually deposits the money into the users’ linked bank account with a repayment date for the next payday.
- The advance repayment (given) is made by automatically drawing the amount plus the applicable fees from the linked account on the set due date. Or a manual repayment can be made beforehand using the app.
This is the general workings of a cash advance app, and you can decide how your app would work by incorporating distinctive features and functionalities.
Top Instant Cash Advance Apps In The Market
There are a plethora of app ideas for cash advance apps that can help you catch up with the needs of your target audience. A few alternatives are already available in the market and offer instant cash advances as below:
1. Dave – Banking & Cash Advance
Downloads: 10M+
One of the best cash advance apps, Dave, allows users to borrow money after opening an account with them. They offer instant advance cash up to $200 without any extra fees.
Top Features
- $500+ amount in five minutes or less.
- No hidden fees
- Upto 2 days early payment
- Personalized savings
2. Brigit: Borrow & Build Credit
Downloads: 5M+
Using one of the best cash advance apps, you can buy credit, track your spending, and save money when you connect with 4+ million users.
Top Features
- Build credit and save money.
- Get cash fast
- Protect your money
- Budget smarter
- Instant loan offers
3. EarnIn: Make Every Day Payday
One more advance cash app, Earln, provides users access to about $100 of their earned wages every day before payday. They don’t have to pay an extra amount, interest, or hidden costs.
Top Features
- Speedy access to the amount
- About $750 per pay period
- Free credit score tracking
- 24/7 support
4. MoneyLion: Bank & Earn Rewards
Downloads: 5M+
For better money decisions, you can go for MoneyLion. It permits access to personal financial resources, mobile banking, cashback rewards, and fast cash advances for extra money whenever needed.
Top Features
- Quick cash access
- Rewards and cashback
- Credit builder loan
- Cashback on daily spending and significant financial decisions
5. Klover – Instant Cash Advance
Downloads: 1M+
One of the top cash advance apps, Klover provides varied financial tools and services. A standard cash advance of up to $100 can be offered to the users with a same-day option for an express fee.
Top Features
- Easy points scoring
- Daily money win
- Zero late fee
- Up to $100 daily
6. Branch – Digital Bank & Loans
Downloads: 10M+
Now, you can transfer and save money in the branch wallet and instantly pay your bills. Personal loans range between Ksh 500 to Ksh 300,000.
Top Features
- No paperwork or office visits are needed.
- Easy access 24/7
- easy and quick sign-up
- Lower fees
- Flexible payment option as your reply
- Use your money per your wish
7. Affirm
Downloads: 10M+
One more leading cash advance app, like MoneyLion, With the Buy Now Pay Later option Affirm, allows users to buy goods without worrying about hidden costs, late fees, and fines.
Top Features
- Pay overtime at any store.
- Provide access to exclusive costs and discounts
- Manage account easily and make payments
- Open an account with no fees or minimums
8. AfterPay – Buy Now, Pay Later
As its name indicates, AfterPay is like MoneyLion, which permits users to buy anything and pay for it later. With its shopping app, users can browse the stores, products, brands, gift cards, and discounts across various items.
Top Features
- Exclusive shopping
- Sale and price drop alert
- Allow increasing spending limit
- 24/7 customer support
9. Cleo: Budget & Cash Advance
Downloads: 10L+
AI money coach Cleo assists users in saving, budgeting, getting a cash advance, or building credit in low-balance moments. Cleo is where AI meets money. It converts stressful money life into an easy chat where you can learn about your finances and ask questions.
Top Features
- Offers limitless budget
- Smooth approvals
- Lower interest rates
- Higher credit limits
- Credit builder card
10. Payactiv
Downloads: 500k+
Using this app, users are paid as they earn through employer participation. They get their wages from hours they have worked directly into their bank account or the Payactiv card.
Top Features
- Faster access to money
- Easy, instant, and free mobile payments
- Real-time insights on what’s possible to save.
- Banking without any hidden charges
11. Avant Credit
With this cash advance app, you can manage your credit or loan from anywhere. The Avant app eases users’ loan management. With this app, you can borrow better as it’s a leading online lending platform that offers access to credit through a simple and fast experience.
Top Features
- Better loan management
- Fast loan or card application through a website
- Simple payments management
- Alerts for account status
12. Ingo Money App – Cash Checks
Downloads: 1M+
With the Ingo Money app, users can get money in minutes. This app even offers personal checks, business checks, cash paychecks, and almost every type of check, anywhere, anytime. Only a few minutes are required; the users get money in their banks, PayPal accounts, and prepaid cards.
Top Features
- Only approved money is funded.
- Approval review generally takes 3 to 5 minutes and, in rare cases, up to an hour.
- Guaranteed money
- No check cashing lines
- No take-backs
- No deposit holds
13. Possible: Fast Cash & Credit
Downloads: 1M+
The Possible, one of the top 15 cash advance apps, like MoneyLion, allows users to get cash faster with no late fees. Even with bad or no credit history, the users can get up to $500 in minutes. Existing Possible Card users can manage their cards using this app.
Top Features
- Faster and convenient payment options
- No late fees or any penalty fees are charged.
- Allow payment to be rescheduled up to 29 days without impacting your credit score.
14. Axos All-In-One Mobile Banking
Downloads: 100k+
Axos believes that Your Money, Your Way is true. It delivers smart personal and business finance faster. You can plan on your terms Whatever you need, borrow, bank, or invest. You can even move and access your money with ACH direct deposits, transfers, and deposits.
Top Features
- Track savings
- Manage accounts
- Pay bills
- Monitor credit score
- Early direct deposit
- One-time and recurring bill pay
- Wire transfers
15. Empower: Advance & Credit
Downloads: 10L+
Being a financial tech brand for users, Empower provides a 14-day trial if you are a first-time customer. After the trial ends, this app charges an auto-recurring fee of $8 monthly. The user can cancel the subscription anytime before the end of the trial.
Top Features
- Get cash advance instantly.
- Boost limit to $1,000
- No security deposit or credit score to qualify
- Get eligible for an increased credit limit on successful payment of at least a minimum amount by the payday.
These are the top 15 cash advance apps like MoneyLion that you can opt for to meet your instant cash advance needs.
Top Features of a Cash Advance App Like MoneyLion
To create the best advance cash app, you must include the features below that can make it worthwhile.
| Feature | Description |
|---|---|
| Cash Advances | Allow users to borrow a small amount (usually up to $500) until their next payday. |
| Automatic Repayment | Provide an alternative to set up automatic repayment from the user’s linked bank account on the due date. |
| Secure Transfers | Seamlessly integrates with secure payment gateways for quick or instant deposits to users’ bank accounts. |
| Fast and Easy Approval | Easy loan application process with quick decisions. |
| User-Friendly Interface | Intuitive and straightforward design for a smooth and easy navigation experience. |
| Overdraft Protection | The app can protect overdraft fees on their linked account. |
| Financial Tools | It may include spending trackers, budgeting tools, or financial education resources. |
| Reward Programs | The app may offer cashback rewards for app usage or debit cards for purchases. |
| Credit Building Tools | It may provide top features to help enhance credit scores, like credit score monitoring or secured credit card options. |
A cash advance app may include only some of the features mentioned above, but ensure that it incorporates essential ones to make your app worth downloading.
How To Build A Cash Advance App – Steps to Follow
Now, as you are aware of the varied cash advance apps that are ruling the market, it’s time to learn how you can build an app for cash advance in easy steps.
Developing an instant cash advance app, like MoneyLion, demands following a multi-step approach; let’s elaborate below:
1. Deep Research & Planning
Start with market research, analyzing the digital landscape, identifying the target audience, and understanding users’ needs. Define your app’s USPs and business model for revenue generation.
2. Regulatory Compliance
Conduct research and ensure your applicable financial regulations in the target market. Remember to prioritize strong data security measures to safeguard user information.
3. App Development
A team of certified and professional developers develop the app’s core functionalities, like loan application, repayment options, secure payment processing, etc. A creative UI/UX designer crafts an intuitive, user-friendly interface for a smooth user experience.
4. Testing & Launch
The QA experts perform rigorous testing of your cash advance app, including testing all the security protocols and functionalities before the app launch.
5. Ongoing Maintenance & Updates
Consistent identification of bugs and releasing security updates maintain user trust.
Building the best instant cash advance app demands a perfect combination of technical skills, financial expertise, and a user-centric approach.
How To Choose The Best Cash Advance App?
While picking the best instant cash advance app, you need to consider the top three aspects described below:
1. Loan Amount
First, determine your routine needs and decide which app holds the caliber to offer you the same amount.
2. Processing Time
On average, the processing time takes 1-3 days, like MoneyLion. Choose the one that can offer quick delivery, even within a day.
3. Repayment Time
Some of the best apps to get cash advance offer variable payment dates, like Brigit, while most aim at upcoming paycheck dates.
If an instant cash advance app meets the above-mentioned factors, you can download it and reap the benefits of your advance cash needs.
Why Prefer Instant Cash Apps Like MoneyLion Before Payday Loans?
The ease of use and quickness make the payday loan apps, like MoneyLion, win the race. The users only need to sign up to access instant advance cash. Of course, there are various apps you can find in app stores that provide fast delivery services to offer users the money right when they need it.
How are such instant cash apps better than payday loans?
We will take some aspects to state this fact:
1. Cost
As compared to payday loans, cash advance apps charge a lower amount (commission). Payday loan apps demand high fees and interest rates.
2. Repayment
The former apps provide a short period to the user’s next payday or even manual payments (before the due date), which means flexible repayment options.
On the contrary, payday loans usually arrive with shorter repayment alternatives (around two weeks).
3. Transparency
Cash advance apps usually have a transparent fee structure, while payday loan apps have hidden fees.
4. Effect on Credit Score
Instant cash apps don’t directly impact credit scores (commonly), while payday loan apps perform a hard credit check that harms credit scores.
So, these aspects are enough to decide which are the best apps (instant cash advance apps or payday loan apps) to get cash advance.
How Much Does It Cost To Build A Best Cash Advance App Like Moneylion?
The exact cost to develop the top cash advance app demands details of some essentials, like the app’s type, complexity, number of features to include, UI/UX design, and much more. This states you need to be clear and put forth this information while consulting with a mobile app development company.
On average, the cost to make an instant cash advance app starts from $10,000. It can go beyond depending on the price parameters, like the app’s complexity, features, functionalities, region of the developers you hire, the platform you want your app to run, devices, app development teams’ expertise, etc.
Why Start Your Cash Advance App Development Project with EmizenTech?
Are you looking to transform your instant cash app concept or any other fintech app idea into an authentic product? If yes, you should hire expert app developers with the required knowledge in fintech app development and offer custom services meeting your distinctive requirements.
EmizenTech is a trusted app development company backed by professionals with years of experience who have accomplished successful projects per clients’ expectations and objectives.
Key Highlights of EmizenTech
- Clutch Awarded (Clutch Champion for Spring 2024, Clutch Global Leader for Spring 2024)
- Free Consultation
- Competitive Pricing
- Agile Development Approach
- Team of Experienced Developers
- On-time Project Delivery
- No Hidden Cost, etc.
Conclusion
Developing an instant cash advance app can benefit your business because of the growing demand for a small cash amount, increased revenue generation, reduced overhead costs (compared to traditional loan services), automated tasks, improved user engagement, competitive advantage, etc.
The more cash advance apps benefit your business, the more they demand user data security and expected service delivery. Hiring app developers can help you with a seamless app development journey with a relaxed and stress-free mind.
You can scan the top 15 cash advance apps mentioned above, like MoneyLion, and integrate the features and functionalities you want into your app.
Contact a fintech app development company, like EmizenTech, to build the best cash advance app to thrive in this instant advance cash landscape.
Frequently Asked Questions
It takes 16 to 20 weeks to create a cash advance mobile application like MoneyLion. The timeframe may fluctuate depending on the factors affecting the cost, like the app’s complexity, type, development platform, etc.
Such apps generate revenue by choosing varied methods, like subscription fees, interest on loans, transaction fees, lead generation, etc.
You can hire a team of expert mobile app developers, leading fintech specialists, API developers, etc, from a reliable mobile app development company.
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