In 2021, when the world was in turmoil, the world economy took a great hit. That time, multiple investment projects got canceled, but now is the right time to invest those funds.

Wondering how? 🙂

Well, money lending is the answer! With a money lending app like Dave, businesses today can lend money to small startups or businesses in need. The process is known as ‘Peer-to-Peer’ money lending.

P2P lending apps like Dave connect with people who want to borrow money from businesses or people who want to lend money.

There are many more money lending applications that you will discover while reading this blog. So, let’s start with the introduction of money lending applications.

What Is Peer-to-Peer Money Lending App?

What Is Peer-to-Peer Money Lending App?

A money lending app, also known as P2P or Peer-to-Peer money lending app is used to issue or receive money directly by individuals.

While using this money lender app, people get cash directly without using conventional financial institutions such as an intermediary.

Generally, the process of money or loan lending is performed by private individuals, but in some cases, organizations can also participate in the money lending process.

 

An Overview of Dave – Best Money Lending App

An Overview of Dave – Best Money Lending App
Source: pinterest

Dave is a personal finance app available on both Android & iOS devices. People who require money can borrow or even budget their finance from Dave.

Founded in 2016, this lending money app has become one of the well-known Fintech startups in North America. It generates profit via membership fees, referral fees, interchange fees, and user donations.

The ever-rising popularity and simple interface have urged thousands of businesses to develop a money lending app like Dave.

 

How Does Money Lending App Like Dave Work?

The working procedure of money lending apps is very simple and easy.

Want to know how a money lending app like Dave works?

Here you go!

  1. Users download the money borrowing app and register on it.
  2. Next, they sign in to the application to access apps like Dave.
  3. When the application starts, users have to enter their bank details and link debit cards
  4. Once all the details are verified, your account will open, and then you will get a payday advance of 96 €per pay period from the next paycheck.
  5. The application keeps sending notifications for an upcoming bill, low account balance, or negative balance.
  6. The advance balance gets auto-debited from the next paycheck. Users can also set manual payback if they need it.
  7. Lastly, users can decide the tip they want to offer to a money lending app like Dave after their advance pay period.

This is how the money lending app development process works and makes it easier for people to lend and borrow money in need. Now that the entire process is revealed to you, let’s start with developing an app like Dave.

 

Step-by-Step Process to Develop A Money Lending App Like Dave

Are you planning for a money lending app development but don’t know where to start? Don’t panic! The money lending app developers have highlighted some simple steps to craft an amazing loan lending app like Dave. Let’s understand the process one by one.

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1. Understand Business Requirements & Think of Unique App Ideas

Start the money lending app development process with an amazing business app idea. Think of everything required to create an app like Dave.

For instance, decide what kind of installment loans your app will offer. It will help you know the cost and features to develop a money lending mobile app.

It is a crucial step of money loan app development that will help you smoothen the development process later.

So, brainstorm more, think of a unique idea, and understand the business requirements before developing a money lending app.

2. Finalize the App Development Tech Stack 

It is another crucial step to developing a money lending application like Dave, i.e., choosing a suitable tech stack. It plays a crucial role in developing scalable loan lending applications.

With the advancement in tools and technologies, the loan lending or money lending process has become way simpler and more reliable than it was years ago.

 

Tech Stacks
Front End Back End Databases UX/UI
 

HTML/CSS

Vue.js.

JavaScript

React

jQuery UI

Angular

Ember

 

 

Node.js

C#

Ruby

C++

Java

Go

PHP

 

 

Mongo DB

MySQL

PostgreSQL

Maria DB

SSQL

Berkley DB

SQLite

 

 

Adobe After Effects

InVision

Figma

Adobe Illustrator

Marvell

Sketch

Adobe Photoshop

 

3. Include Best Suitable App Features

An application’s features play a huge behind making an app successful, so do not take this mobile app development step for granted.

First, make a list of all the essential features you want to include in your money lenders app. You need to conduct extensive research on your competitors’ apps like Dave to get an idea of the essential features and major loopholes.

Deciding on the cost and features of the money lending app before development would help you.

4. Hire Experienced & Dedicated App Developers

Hiring an experienced team of money lending app developers is crucial if you plan to develop a unique and result-driven business app.

Only experienced developers can understand your requirements well and craft a better app adhering to all your business needs.

So, along with focusing on app development, spend enough time to find the right team of professionals for your project whether you are looking for full stack development company or any other. It will help you remain assured of getting a perfect app in hand within the deadline.

 

hire developers

5. Build An MVP for Your Loan Lending App

Minimum Viable Product or MVP offers you an outline of the product with basic features and functionalities. As per the professionals of custom angular.js development, building an MVP before developing a mobile app wholly might be a safe move for your application. It will also help you get user feedback based on the application experience.

After that, you can take a step toward creating an app. It will also help you know the cost to develop a mobile app and ultimately prepare you for the future.

6. Conduct In-depth App Testing

Finally, test your app when you are done with everything, including money lending app designing, development, etc. Testing your mobile application properly before launch will help you eliminate all the errors and faults that users might encounter and, in turn, results in better app success.

As we all know that none of the business applications is developed 100% error-free, testing is a crucial step. So, whether you are availing assistance from a Laravel development company expert or any other, ask the professionals to go through the process of extensive testing.

Developing an app that loans you money isn’t a complicated process, as you can see from the app development steps mentioned above. Agree or not?

Now that you are well-versed with the money lending app development process consider them for your next project. Also, make sure to incorporate the following features.

Must-Have Features of A Successful Money Lending App Like Dave

Many people develop an app carefully but still fail to gain desired profit & success. The major reason behind this is insufficient app features. An application might fail to grab users’ attention if it does not contain the right features.

So, to ensure that you develop a perfect money lending app like Dave, the mobile app development company experts have highlighted a list of some essential features that you shouldn’t miss.

  • Sign-up or Registration

We all know that it is a very lengthy and difficult process to request and get approvals for a payday loan. Right? So, make sure that your application sign-up or registration process should be completely hassle-free and simple. It should quickly connect the users’ account to the app in just a snap of fingers.

A quick and easy sign-up process will increase your money lending application’s worth and user interaction in no time.

  • Borrow & Lend Money On-demand

One of the unique features of an app like Dave could make your business app different from the rest of money borrowing apps. Sometimes, individuals need money urgently, and at that time, your money lending app can come in handy.

This on-demand app feature will enable users to borrow money with just a tap. The requested money gets directly transferred to the user’s bank account, and the user can further obtain it from the assigned store.

  • Push Notifications

Reminding users about their pending payments, upcoming installment, and more is crucial to keep them engaged with the application and make them satisfied with the services.

It is where the push notification feature comes in handy. It offers quick alerts to the users and ensures smooth in-app processing.

Push notifications are one of the basic features of any mobile application, whether you are offering enterprise mobility solutions or any other. So, make sure to insert this feature while creating a money-lending app.

  • Loan Calculator

When it comes to money lender apps like Dave, this feature cannot be missed at any cost. A loan calculator offers an exact calculation of the sum owned after interest to the customers.

Such features are mandatory to include, allowing users to make better decisions. Also, this money loan app will prevent users from going through lengthy and boring calculations.

  • Money Repayment

Another interesting feature that can make your money lending app stand out is money repayment. When the paycheck gets credited to the user’s account, the loan amount is immediately debited from the user’s account. Due to such a feature, it becomes convenient for consumers to keep track of their refunds.

To make this feature more usable or interesting, you can offer users the possibility of repaying the sum faster than required. It will become easier for the money lending app user to clear the debt hassle-free.

These mandatory loan lending app features could take your small business application to the heights of success. Including each of these features in your app, like Dave, could be the best bet for your money lending app. The more features and functionalities you will include in your application, the higher its cost will be.

How to Develop Loan Lending Mobile App? – A Complete Guide

How Much Does It Cost to Develop Money Lending App Like Dave?

Generally, one cannot determine the exact cost to develop money lending app like Dave. So, we can take an average money lending app development cost estimation, i.e., 24000€ to 33,000€, depending on the type of borrow money app you are creating.

Also, the region from where you are availing money lending app development services also matters, as highlighted in the table below.

 

Region Development Cost/Hour
North America €48 – € 240
South America € 19 – € 72
Western Europe € 48 – € 192
Eastern Europe € 19 – € 96
Australia € 38 – € 163
Asia € 9 – € 48

 

It is just an idea of the cost of money lending app development per hour. Now that you know the cost per region, it is time to make an informed decision based on your project budget and requirements.

Make sure to hire dedicated developers for your project to get the expected business output within the given deadline.

Cost And Features To Develop e-Wallet Mobile App Like Google Pay

Hiring Dedicated Money Lending App Developers!

Finalized your money lending app development requirements? Want to hire mobile app developers at a cost-effective price? We can help!

Here, we have mentioned the average of hiring developers for different regions. Take a look and then choose a suitable mobile app development company.

 

Location Average cost, €
United States 144127.50€
Australia 76868.00€
United Kingdom 115302.00€
Western Europe 96085.00€
Eastern Europe 48042.50€
South Asia 33629.75€

 

The money lending app development business idea is doing really well these days, and as a result, it has opened up a myriad of business opportunities for all-scale businesses.

Those who are planning to create an app like Dave will surely get benefit from this blog and can grab a chance to outshine competitors.

Now that you already know the process well, it is time to search for android app developers for hire or iOS developers, discuss your project requirements and get a well-developed loan lending app in hand.