Today we are living in a dynamic world, the economy is transforming itself with each passing day. By this we understand that the market is not stagnant, and thus in order to cope up with these changes, businesses and individual users should have the potential to overcome these challenges with ease.
But how do we prepare ourselves for these uncertain times? We understand that cash flow is not constant and thus this is the time when apps like dave come into use. Mobile apps like dave offer easy money management anytime and anywhere.
By the term apps like dave, we mean applications that pay you cash in advance. For instance if you have some unexpected expenses that need your immediate attention, you can receive an advance from your salary and that amount will automatically get deducted from the upcoming paycheck.
How are apps like Dave useful?
Within a short period of time, Dave has emerged as a prominent leader in the world of financial technology, this has been achieved due to its ability to provide easy money access and also by providing user friendly interfaces.
Apart from this, another customer – pulling feature of these applications are, they operate on a simple fee structure that is a $1 monthly charge and no mandatory interest to be paid. With loan apps like Dave in the market, now customers can free themselves from the exhaustive procedure of getting loan approvals that also include heavy interest, thus allowing users to manage their monthly expenses without the burden of overdraft and high loan rates.
Features of cash advance and earned wage access apps like Dave
Registration and User Verification
While using apps like Dave, the priority should be to provide a secure and seamless beginning. The first step for the user is to register themselves by creating an account. This step is the primary interaction for any user, thus mobile app development company should ensure that it should be simple and straightforward, this will help to retain user interest.
Another aspect of this stage is to verify the details provided by the user in order to register themselves. This helps to avoid fraudulent activities and also builds trust in the community.
Easy Money Retrieval
The main concept behind this application is to provide easy money access to its users, thus mobile app developers should ensure that the application facilitates rapid transactions, therefore designing an easy to work with application that provides its users with quick, safe and transparent solutions.
On Demand Solution
The term “on-demand” denotes money access anytime and anywhere. Traditional approach of borrowing money involves various steps that can be time consuming for someone who is in need of immediate cash, here comes money apps like dave who can save the day by providing instant cash advances on demand of the user in a few simple steps.
Notifications
Apart from granting cash advances to the users, these loan apps like dave also ensure that their users are well aware of the fluctuating financial market as well as warn them about upcoming expenses via fast alerts. While providing financial assistance, these apps also provide financial guidance by smoothly navigating expenses for the user.
Easy Repayment
A big draw to these applications is that they provide flexible options for repayment, for instance the user is interested to repay the debt sooner, this application has features to accept cash and waive off the loan sooner than the expected time. On the contrary, if a user needs some extra time to repay the cash, they can extend their time limit by raising a request to the application to resolve the problem.
Loan Calculator
Apps like dave acts like a comforter for any user, Simplicity is the key element here. The software is designed in such a way that it gives consumers a rough estimate of the amount they will own after paying the required interest. This feature makes your customer well informed about their decision and saves them from any future discomfort.
Credit Score Improvement
A very prominent feature of apps like dave is they give an opportunity to users to improve their credit card score. They do so by tracking real time payments of the users and report them to credit bureaus. In addition to this they improvise credit ratings and give an advantage of credit building to the users. However, it is very crucial to know that this feature may differ based on the application preference.
Personalised Offers
Financial behaviour varies customer to customer, thus apps like dave are designed in a way that they keep a track of their users and provide them with data driven insights. This also helps the app to curate special deals and offers for the customers.
In addition to dave, we have compiled a list of 10 apps that are similar to dave and are considered as an alternative to this application.
The best cash advance apps and Dave alternatives
Sure, we’ve talked about Dave, but there are other payday loan apps like Dave, some with equally interesting names.
Here are ten instant cash apps like Dave to consider:
#1 Brigit
Just like Dave, Brigit also facilitates cash advances and offers financial management solutions. This application offers you a loan upto $250 but on the contrary it charges a heavy membership fee of $9.99. However brigit has an additional feature that makes it unique, it offers free monitoring services and tools to analyse your earnings.
#2 Big Buck Loans
This application has an extensive range of lenders and experts who can help you with easy money access. One distinguishing feature to this application is that it aids bad credit loans, this means when no other financial institution is lending you money due to low credit score, this platform still manages to offer you a loan however on higher interest rates.
#3 Money Lion
Money Lion has advantage over other applications by providing you loans upto $500 with no interest and no credit check. It is considered to be an all in one app as it allows you to borrow, save and invest all at the same time with no minimum balance requirement.
#4 Empower
Another application that gives you interest free loans up to $250 is empower. You can avail the offer by taking money into the Empower checking account or you can transfer the amount to your personal account for a fee of $3.
#5 Varo
Unlike other applications, Varo offers you multiple banking solutions, however this application charges you with a one time advance fee, the amount of the fee will depend on the sum of money you borrow. This application also facilitates a longer repayment window of up to 30 days.
#6 FloatMe
This application comes into use when you need a small amount of cash to manage your expenses. FloatMe offers you cash up to $50 which will automatically be deducted from your next paycheck. No background or credit checks are done to avail the offer.
#7 Albert
A prominent cash advance application that acts as your financial friend is Albert, apart from providing you instant cash up to $250, it also guides you with investment options and keeps a track of your expenditures. You can borrow the entire amount in one – go or choose to borrow it three times in smaller amounts depending upon your requirement.
#8 Branch
It is considered to be one of the best alternatives for apps like dave, as it provides you to avail cash advance in two ways that $150 per day or $500 as per your paycheck. This application gives you the flexibility to borrow as per your need and simultaneously acts as an all rounder app by allowing its users to receive money, transfer funds and pay bills as well.
#9 Low Credit Finance
This cash advance application allows users to apply for loans ranging from $500 up to $5000. Plan and interest rates differ depending upon the sum of money you are borrowing. This application also has an educational platform that is helpful for individuals seeking financial guidance.
#10 Credit Clock
Giving you offers ranging from $200 to $5000, Credit Clock has a variety of lenders and the repayment conditions depend on the choice of the lender. This application provides you with quick and easy cash advance solutions with no credit checks.
Advantages and Disadvantages of apps like Dave
Advantages –
- Easy Access to Cash – At times, when things do not go the way you planned them to go, you may find yourself in a situation where managing your expenses is your biggest challenge. For such times, apps like dave come into use and grant you loans immediately.
- Time – Saving – Instant cash apps like dave, eliminates the need to visit banks and then apply for loans, which also has long procedures and no guarantee of approval, your application may get rejected due to a low credit score. Here, apps like dave act as a saviour and saves you the hassle of applying in multiple banks. With minimum requirements, these applications offer you quick solutions.
- Personal Finance Assistant – These applications also act as your personal finance manager by tracking your financial behaviour and alerting you with possible solutions. Some applications also have their personal educational platform to provide you insights and financial guidance.
Disadvantages –
- Repayment Burden – No matter how flexible and quick these applications are, they have a strict repayment policy. Failure to repay on the agreed date may further add up charges and can also lower down your credit score.
- Membership Fee – Apps like dave charges a membership fee which is also a primary source of income for these applications. The user is required to pay this fee in order to avail any offer. However the amount of this membership fee is not the same for all the applications, hence it is important that you are aware of this amount and choose your application wisely.
- Overspending – Easy cash access may be an advantage or disadvantage for you, it will totally depend on how wise you choose to be while taking up these loans. Will I be able to repay it later? Is a question that you need to ask yourself. This amount may cater to your immediate needs but put a strain on your long term budget.
What to consider while building apps like Dave?
While developing an app like Moneylion or Dave you have to consider various aspects, knowing the market is the secret ingredient here. Below are some factors that are important to consider while building an application like Dave.
- User – Friendly Interface – When you decide on building an application like Dave, your primary concern should be to design it in a way that it is easy and simple for the customers to use. The interface of your application will make all the difference, no customer will find the application usable if it has a complex structure.
- Consistent Communication – Another aspect of a successful application is to maintain consistent communication with the users. Introduce new features in your app that are aligned with the changing market trends, this will keep your user engaged and updated.
- Quick Assistance – Your application should be built in an effective way and should provide smooth and swift solutions. Ensuring a seamless user experience will retain the customer for a longer period and make your application unique in the market.
- Know your competition – The financial market is huge and dynamic, with each passing day there is a new application in the market which has distinguished features. In order to become the next game changer in the market, it is important that you closely observe the market trends and find the possible market gaps. Mobile app development companies in India such as Helpful Insight works on a similar business model and ensures that they are identifying your needs as well as analysing the market so that your wants are aligned with the market trend.
- Reward Programs – Key to increase user engagement is to have attractive offers for your customers such as providing them with cashbacks and rewards for using the app consistently.
How Much Does It Cost To Develop Cash Advance Apps?
The cost of developing best apps like Dave generally depends on the mobile app development company you opt to work with. However it can range from $50,000 to over $150,000. The mobile app development cost depends on several factors, including: App complexity, Technology stack, UI/UX design and several other factors.
| Component | iOS | Android | hours |
| User Panel | $60,000 | $40,000 | 3600 |
| Admin Panel | $80,000 | $50,000 | 2700 |
| Total | $140,000 | $90,000 | 6300 |
A major factor that can make a difference in the cost of your app is deciding your workforce, this means the cost may differ depending on the location of the company you choose to work with. Hence it is advisable to consult and join hands with a mobile app development company who prioritise your needs and manage to do the best for you in the given time-frame and resources.
Building an application with advanced features and different complexities also influences the cost of an app like dave, below is a table that you will help with an approximate cost.
| Complexity | Estimated Cost |
| Basic | $50,000 – $75000 |
| Moderate | $75000 – $1,00,000 |
| High | $1,00,000 – $1,50,000 |
Therefore, if you need an app development cost estimate, it’s best to get in touch with a finance app development company like Helpful Insight and provide them with your precise app development requirements. They will guide you in getting the estimate and provide excellent app development support.
Final Take
The key to launching a successful application is to understand what technology has to offer you. While entering the world of financial technology, having a pragmatic approach is important and knowing what apps like Dave has to offer paves a path for you which ends up to innovative avenues.
Unique mobile applications have brought a revolution by offering you quick money solutions and easy repayment options, giving you the flexibility of catering your immediate financial needs, isn’t it the biggest relaxation for any common man?
Mobile App Development Company in India mainly focuses on building applications that prioritise users. They achieve this by analysing competitors, identifying user wants, involving smart marketing and addressing the issues of users and providing them instant solutions at all times. Helpful Insight Solution, a global app development company that helps you design cash advance apps that focuses on providing seamless user experience and promotes smart financial choices.
