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How much does it cost to develop a loan app like Viva Payday loans, Earnin, Branch, Dave, Money Lion, Brigitt, Empower?

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Getting a loan at present time is not a big deal for anyone. It is all because of the evolving technology as it has made getting loans easy and comfortable. However, this approach has also completely changed with the help of different mobile apps. Therefore, in turn, the rise of freelance mobile app developer is on the rise. However, mobile apps have proven to be the best way to process many services within a few clicks. Be it entertainment, technical, healthcare, and even loan, if you own a smartphone then with the help of an app it becomes easier to reach all of your desired services.

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Years ago applying for a loan was a tough task and also cannot be easier done. But as I stated earlier with the help of technology it has become quite easier to get a loan as per your eligibility and with ease. Hence the demand for loan apps is increasing as businesses are investing more and more in loan apps. Therefore be it an android app or an iOS, loan lending apps are rising day by day.

  1. What Is A Loan Lending App?

Loan Lending App

A loan lending app allows you to borrow money from any bank within your country and with an interest rate set by them. Also, different loan lending apps allow you to compare the rate of interest or the loan amount to help you get the most desired one.

These apps work like credit cards allowing users to get an instant loan. As a user, all you need is to choose one app and install it on your smartphone. In this way, it becomes quite easier to get started with the other steps and acquire a loan.

However, there are different requirements like:

  • For buying new vehicles, and paying off their bills.
  • For emergency services like hospital bills, etc.
  • For the payment of your children’s tuition fees.
  • For consolidating debt.
  • For investment brokers.
  • To purchase venture capital.
  • For funding the start-up organizations.

These apps help in acquiring a loan for any of the above requirements that individuals are in a need of.

  1. Role Of Loan Lending Mobile App

With the help of loan lending mobile apps, people are at ease and they do not require to borrow money from their friends or other relatives. This is because there are different loan apps available and hence people can choose one of their choices. People can now easily borrow money from any bank in the country at their given rate of interest. In simple words, these apps can help people to get a loan instantly. As a user, you simply need to download the loan lending app and get registered yourself. As a loan lending app developer, I ensure to develop apps with different features and functionalities.

They are found to be valuable like personal loans, private, institutional, and even commercial loans. Different loan apps can easily lend money as soon as the borrower submits their applications. Once the application is submitted it is then approved by the admin who will check the applicant’s security and credit score. Once the admin gets approval in all aspects then the loan is approved.

  1. Loan Lending App Market Size

Loan Lending App Market

It has been witnessed that the global market of the digital lending platform is expected to cross a revenue of around $20.31 (2027).
Accordingly, 82% of the US companies are more willing to go for PPP loans than the traditional loans.

  1. Different Types Of Loan Apps

There are different loan apps available in the USA through which people can lend loans instantly. This means if you own a smartphone and a stable internet connection then it becomes easier to take out a loan as per your eligibility. Whatever your financial demands are with the help of a loan app it has become quite easier for individuals to lend desired amounts.

Businesses are keen at present to develop loan apps, through which they can help people with their financial needs. Hence there are different loan apps to take help from. Hence, I will here help you to know the top loan apps working in the USA.

4.1 Viva Payday loans

Being in the USA if you are looking to lend money then you no longer have to reach anyone. By this I mean, Viva Payday loans are one of those to help you with. It is now way easier to obtain a desired amount of loan whenever you want to. Viva Payday loans are one of the highest-rated loan apps available. It helps in providing rapid loans to users (this means the amount gets deposited into the account the next business day you apply for it). The entire application process gets completed within 5 minutes. Further, there are many other features that you can get with Viva Payday loans. Hence once you are registered with Viva Payday loans then you can easily undertake benefits.

4.2 Earnin

Earnin is another loan lending mobile app that brings out instant results. If you are looking for where you can take out a loan then there are many apps available. Hence Earnin is one of those to help you $100 per paycheck, or up to $500 for active users. The app charges no fee of interest and it is one of the apps that help borrowers to borrow money in the USA. Now to use Earnin you must own a consistent pay schedule weekly, biweekly, semi-monthly or monthly. The app calculates your pay rate based only on money that is directly deposited into your account. Further, if you have the Earnin lightning speed feature then it becomes quite easier to receive money instantly.

4.3 Branch

The branch is a smooth-to-use app that will let you borrow cash easily. To apply branch pay to get coins strengthened, you have to have a minimum of two months of direct deposits from the same organization. Each deposit needs to be extra than $forty and deposited into an equal financial institution account with a participating bank. The quantity of cash you could request for a cash improvement is based on things: your bank account direct deposit history and how much you spend compared to what you earn. When you first begin the use of the app, the department says your coin development limit might be low.

However as you use the app over time and repay your advances, your restriction may additionally increase. Department doesn’t rate hobby on cash advances, and its fees vary based totally on how you pick to obtain the money. You can get an “on the spot” entry at no cost whilst the cash is sent for your branch debit card. Absolute confidence branch is one of the apps that assist you to borrow cash online.

4.4 Dave

Dave is known as the basic and at the same time effective loan app in the USA. It is also called the cash advance app that helps people to avoid bank overdraft fees by giving them cash in advance. On the other hand, Dave does not charge interest, users need to pay a little amount monthly or yearly basis to make use of the app. On the other hand, the maximum cash advance amount is also low. This particular app also assists people with avoiding overdraft facility fees and also provides up to $100 in emergency funds.

4.5 MoneyLion

MoneyLion is also a loan app that helps people to borrow money, save and invest right in the palm of their hand. With the help of mobile apps, everything has been simplified. This is the case because there are different apps available for different industries and so is the case for loan availability. With the help of MoneyLion to get a credit builder loan, you must hold a credit builder membership. In this way, it becomes easier to unlock different features that apps contain. One of the advanced features is that it does not check individuals’ credit eligibility.

4.6 Brigit

Brigit can easily help you to get money of around $80 and $250. All you need is to pay $9.99 a month for Brigit to get its membership. Individuals can easily download it both for iOS and android. Hence individuals have the choice to get started with the Brigitt easily. With the help of its prime membership, you can even unlock different features of it. In this way, you can increase the chances to improve your credit score and in turn get advanced perks.

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  1. Features Available Within Loan Lending Apps

Features Available Within Loan

There are different features with which loan lending apps can be covered. Hence here I will help you to know the basics to those advanced ones.

5.1 User panel features

  • Registration/Login with social or email id
  • Apply for Loans
  • Set payback period
  • EMI, Interest calculation
  • Payment schedule and billing
  • View EMIs paid/unpaid
  • Withdraw money
  • Connect bank accounts
  • Transfer money to a bank account
  • Discount and offers on credit cards usage
  • Reward points
  • Variety loans
  • Online chat and call support
  • Notification

5.2 Admin Panel Features

  • Login via email id
  • 2 Factor authentication
  • Manage rewards
  • Manage Discount and offers
  • Manage Profile approval
  • Manage customer KYC approval
  • Manage customer credit limits and requests
  • Manage Users
  • CMS Integration
  • Manage Bank Partner Management
  • Manage Profile
  • Loan Management

5.3 Advanced Features

Along with admin and user panel features, there are some advanced features available within loan lending apps. Hence, take a look at all of those:

i. Push notifications

To easily get the latest activities on the app and even the remaining amount of EMIs the features work quite best. Further, with the help of push notifications, it becomes quite easier for businesses to put forth the latest offers and other benefits that users should be aware of. Loan apps are the best way for people to withstand the benefits and in turn, they will help people to note different offers now and then.

ii. Online Support

The apps do own the standby team, meaning if you have any query or want to take any information then you can. They will help you to resolve your queries when it comes to lending loans. Further customer support can also tell users about their latest transactions and even about the remaining amount.

iii. Bank Partner Management

This particular feature helps apps partner with different banks. In turn, it becomes easier to collaborate easily. Also, people will be able to see which banks are partnered with the app. In turn, people can choose the banks and check their eligibility for the loan.

iv. Admin Dashboard

The dashboard lets the admin observe the actual-time analytics of the app. You can genuinely see all the sports which are taking place on the app and the transactions which can be taking place among the lenders and the borrowers or the banks and the debtors. It’s also critical statistics just like the general amount of cash lent, total money earned thru interest, general customers on an app, and so forth.

v. Integrated cloud storage

Users’ privacy and data are of maximum importance and it’s far the responsibility of the application proprietors to hold it comfy and personal. This may be achieved by integrating cloud storage into the app.

vi. Chatbot

This is known as an integrated support system where users can call or talk anytime and easily solve all of their queries. It is similar to human support but they are maintained by machines and in turn, they answer every query or direct you to the related blogs.

vii. Loan calculator

Now the users will not have to take out a calculator to calculate the amount of interest they would pay at the mortgage quantity for a selected time frame. In reality, this is likewise managed through the app which shows all of the options of loans available for a user.

viii. Analytics

The real-time reporting will help users to know the overall performance of the app. In turn, this will be helpful for app owners to add or even remove certain features as per the requirements.

ix. Supports Multiple Languages and Currencies

Individuals have ease when they can work with the language they prefer. This means there will be no limitations to proceeding with the respective language. In this manner, it becomes quite easier to lend money with ease.

x. CMS integration

With the help of CMS integration, app owners can easily manage the content on the digital money lending applications with ease. Hence at the time if you are thinking of constructing an app then CMS integration is one of the effective features.

There are different features that loan lending apps come with. Hence all of the above features mentioned can be easily integrated within the loan lending app. Further, if you are looking to build a loan lending app then you can reach me. Being a freelance mobile app developer, I can construct both android and iOS apps as per your business requirements.

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  1. Tech Stack For Developing Loan Lending Mobile App

  • Framework: Java 8 +, Lagom, Play, Akka, Spring, Slick, Spring Boot, JSON
  • Front end: Bootstrap, JavaScript, React, HTML5, CSS, JQuery
  • Mobile Platforms: React Native, Android, iOS
  • Web Services: SOAP, REST
  • Programming Language: JSON, Core JAVA
  • Database: MongoDB, PostgreSQL

  1. Steps To Build Loan Lending Apps

To own a definite money lending app idea is one of the important features that businesses should own. If you do not have a plan or do not work with strategy then it would be difficult to obtain desired results.

7.1 Must create a test case

Having a money lending app idea is the first step to take into account within the loan app development technique. Subsequently, you must have a team who is nicely-versed in finance and knows all the legal guidelines of the location. After know-how, all of the policies and rules, create a take a look at the case of your loan lending app development concept consisting of three factors. Customers, competitors, and enterprises in conjunction with retaining those three factors in thought carry out designated marketplace studies about your money lending app to get solutions to this question: a way to start a loan app? Here are the steps and an explanation to check and successfully perform marketplace research.

  • Competitor Reviews
  • App Features
  • Analyze Business Listing Websites

7.2 Finalize the app development stack

How to create a loan app? The important step to expand a loan lending app is to choose the correct tech stack. Selecting the right tech stack is crucial to building scalable money lending apps. As the generation is scaling speedy, the complete app lending procedure has come to be less complicated and extra dependable than it became earlier. Hence different tech stacks can be considered when it comes to developing loan lending apps. Fintech applications use different technologies to build their app packages. This tech stack is not restricted to best constructing cash lending apps however covers the complete fintech enterprise.

7.3 Reach experts

It is very important to reach experts to develop loan lending apps. The main purpose is to create a definite app so that there is no problem later on. However, there are different companies or freelancers that you can reach, but all you need is to acquire the desired results. Hence, when it comes to expertise being a freelance android mobile app developer, I hold expertise in developing both android and iOS apps for every business. In turn, this has made me gain even more expertise. Hence, if you own an app idea you need to connect with me so that I can understand your business needs easily and in turn deliver you the finest result by increasing your brand reach.

7.4 Develop an MVP

Begin getting ready for the MVP when you have selected a group on your undertaking. Product MVP is an ought to-have for each person who desires to technique the introduction of a brand new software with caution and good judgment. It facilitates you to keep away from loads of errors and offers you an advantage over people who, in maximum situations, construct the entire product right away. Initially, test the viability of your software without investing a whole lot of your effort and money. If your target audience isn’t always inquisitive about your app, then you may have remorse over-making an investment. But, with the aid of constructing MVP first of all, you will have the gain of constructing the complete product properly. You will know whether or not or no longer humans want your product, and in that case, for what and the way they’ll put it to use.

You’ll get short comments to optimize your app thus. By way of growing an MVP version, you’ll understand what’s running and the adjustments you require in your cell app. By receiving poor feedback, the center part of your cell app might also change.

However, this is the higher alternative, and you will recognize what’s in call for right now. If you have developed a definite MVP then it becomes easier to increase your brand presence and in turn acquire a large customer database.

7.5 App testing and publish your app

Once everything is done and your product is on the way to launch the main step is to test your product. Here I take command to test your app on different devices, smartphones, tablets, etc. I test the app on different platforms be it an android or an iOS. In this way, I get to know what errors do have their own or what needs to be corrected. Hence in between developing an app I always take command to check whether the app is working right or not. In turn, it has helped me to deliver an app as per business requirements.

7.6 Promotion

When it comes to building your brand presence, it is very necessary to market your app. This will help you to establish your brand presence and in turn, will help will be able to gain the desired revenue as well. Hence you need not have to go anywhere if you are in a need to market your app. Being a freelance mobile app developer I also help with digital marketing services. I own expertise in delivering different marketing techniques that can help you to establish your brand presence and also the audience will get to know your app (product/services).

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  1. What Is The Cost To Build A Loan Lending App?

There are a number of factors upon which the overall cost of the loan lending app depends. These factors are mentioned below

  • The complexity of the app
  • Number of features integrated into it
  • Design of the application
  • Geographical location
  • Time taken to develop the app
  • North America: USD 50 – USD 250/hour
  • South America: USD 20 – USD 75/hour
  • Western Europe: USD 50 – USD 200/hour
  • Eastern Europe: USD 20 – USD 100/hour
  • Australia: USD 40 – USD 170/hour
  • Asia: USD 10 – USD 50/hour

As a top freelance loan lending app developer, I can help you to know the exact cost only when you determine your factors. In this way there will be no difficulty to sum up everything in the end.

Conclusion

There are different steps and apps that can be taken into consideration when it comes to developing lending loan apps. Businesses are looking to develop their own loan lending app to help individuals all across the globe. Further there are rise in the development of lending loan apps. Hence, if you are looking to develop a loan app as per your requirement or if you have any reference then reach me. Being the best freelance mobile app developer i have developed many loan apps with top features. In this way, different apps are standing in the market and with highest engagement. In turn, it becomes quite easier for businesses to withstand with great results.

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Frequently Asked Questions

 1.How much does it cost to develop a loan app?

The nearby cost to develop a loan app is nearly $48,000 to $84,000. Rest the full cost can be determined as per shared details of your app and in turn get started to begin with the development.

 2. How can I start my loan app?

The development of a loan app needs to begin with expert reach. However, considering here freelance mobile app developers will benefit. I will help here to take command of your project right from starting.

 3.What are the features included within the loan app?

There are many features that are included within loan app and some of those are-

  • Transfer money to a bank account
  • Discount and offers on credit cards usage
  • Reward points
  • Variety loans
  • Online chat and call support
  • Notification

As per your app requirement I can help to develop all of those and get started within the app. 

4.why develop loan lending app

Are you looking to start a loan lending business or expand your existing one? In today’s fast-paced world, more and more people are turning to online lenders for quick and easy access to funds. Developing a loan lending app could be just the solution you need to meet this growing demand. Not only will it give borrowers an effortless way of applying for loans but it can also streamline your operations, reduce costs, and increase profits

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