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Unexpected financial crises might lead to a frenzy to pay debts or overcome gaps between payments. The ensuing tension might be so great that it affects your mental health as well as your daily schedule. Fortunately, for millions of people, cash advance apps like MoneyLion are becoming lifesavers. These creative ideas give a fast and efficient approach to access little sums of cash when most require, therefore acting as a vital safety net.

The success story of MoneyLion is evidence of the rising demand for such kinds of services. MoneyLion is enabling a generation to take charge of their money as over 7 million customers utilize their cash advance capabilities, budgeting tools, and investment choices. Creating a cash advance app may provide a necessary service to individuals in need, therefore promoting financial stability and peace of mind if you’re a company hoping to really influence the FinTech market.

What is Moneylion and its Market Statistics

Along with budgeting tools, MoneyLion is an app that gives users a safety net via little, interest-free financial loans. All of these are meant to enable consumers to take charge of their money, and they also provide financial analytics and even investing tools.

Their influence, nevertheless, is beyond instant alleviation. With users averaging over four logins each week, MoneyLion also claims a high engagement rate and is thus a wonderful tool for financial planning and budgeting. 

Here is the market overview for apps like MoneyLion.

  • The cash advance app market size was estimated at $23.9 billion by the end of 2024.
  • The cash advance apps like MoneyLion market is expected to grow from $23.9 billion in 2024 to $159.4 billion by the end of 2032.
  • Compound annual growth rate for cash apps like these is expected to be around 26.77% during the forecast period (2024-2032).
  • Cash advance app market seems to be expanding significantly, as more and more customers demand immediate funds.
  • Strong market drivers include the rising popularity of mobile banking, the increasing number of financial inclusion initiatives, and a heightened need for alternative financial services.
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Also read: How To Develop A Contactless Payment App

Cost to Develop an App Like MoneyLion

Check out the table below to know more about the amount of money it will cost you to build MoneyLion like apps.

1. Research & Planning ($5,000 to $20,000)

Stage of DevelopmentDescriptionCost (approx.)
Market ResearchExamining competing applications, target audience profiles, demands, and legal environment.$2,000 to $10,000
Feature PlanningClarifying basic features (cash advance, budgeting tools), possible future enhancements, and user experiences.$1,000 to $5,000
Business Model DesignCalculating prices for many services and income sources—subscription fees, interchange fees.$2,000 to $5,000

2. Front-end Development ($20,000 to $80,000)

Stage of DevelopmentDescriptionCost (approx.)
User Interface (UI)Developing prototypes, mock-ups, and wireframes for an easy-to-use interface.$5,000 to $30,000
Mobile App DevelopmentCreating the app for iOS and/or Android platforms, native app development usually runs more than across-platform solutions.$15,000 to $50,000

3. Back-end Development ($20,000 to $100,000)

Stage of DevelopmentDescriptionCost (approx.)
Server-side DevelopmentCreating fundamental capability in user authentication, safe data storage, and financial institution integration.$20,000 to $60,000
Security FeaturesPutting in place strong security policies, including access restrictions and encryption, thereby guaranteeing compliance with pertinent security criteria.$5,000 to $20,000
API IntegrationsMaking connections with banks, credit bureaus, and fraud detection systems; fees vary based on selected APIs and data access requirements.$5,000 to $20,000+

4. App Features (Varies)

Stage of DevelopmentDescriptionCost (approx.)
Cash Advance FunctionalityIncluding risk assessment tools and fraud protection strategies, integrating with a payment processor allows cash advances and returns to be facilitated.$10,000 to $30,000
Budgeting ToolsFrom simple monitoring of basic expenses to advanced budgeting tools, including custom categories, statistics, and goal setting.$5,000 to $20,000
Financial InsightsDeveloping algorithms for customized insights and integrating them with financial data sources helps one to create solutions where prices rise with customizing.$10,000 to $50,000+
Investment FeaturesProviding investment choices calls for portfolio management, interaction with brokerages, and further development and regulatory compliance expenses.$20,000 to $100,000+

5. Testing & Deployment ($5,000 to $15,000)

Stage of DevelopmentDescriptionCost (approx.)
Quality Assurance (QA) TestingBy means of thorough testing to find flaws and guarantee a seamless user experience, ensuring app operation across many devices and operating systems helps to guarantee$3,000 to $10,000
App Store Submission FeesCosts connected with distributing the software on Google Play Store and Apple Software Store.$200 to $500
Total Cost (Approx.)$90,200 to $335,500+

Factors That Impact The Cost Of Instant Cash Apps Like MoneyLion

The following e wallet app development cost breakdown is just an estimate, as the real cost of creating your app may change based on your particular requirements. Let’s examine their nature.

App Platform

Whether iOS or Android, the first development platform you decide upon might affect expenses. Although Android has more users, creating for both platforms usually adds more costs. Due to its greater reach, many companies could start on Android first. Subsequently, depending on user demographics and market fit, they might decide on iOS development.

UX/UI Design

Retaining users also depends much on a user-friendly and simple interface. Digital wallet app development expenses could be influenced by the UX/UI design quality. Apps needing many testing cycles to get a flawless user experience will inevitably cost more. Early on, investments in a well-designed interface may pay off in terms of user involvement and brand loyalty.

Team Expertise and Size

Two main determinants of the cost are the general size and experience of your ewallet app development company’s team. Over time, hiring a committed group of skilled developers is more financially wise than working with freelancers. Experts developers with 5-10 years of experience in fintech app development services can effectively satisfy your project objectives and provide the best return on investment.

Updates and Maintenance

Maintaining the app’s seamless experience, fixing problems, and applying security upgrades depend on regular maintenance as well. Maintaining and updating the app to fit changing market needs and technology developments might be somewhat expensive. The development of sustainable apps depends on considering these continuous expenses.

Location/Region of the Development Company

The site of your selected development company will greatly affect the expenses of development. One way to control your whole budget is to contract development to areas like Asia or Africa. You can also try contacting Octal IT Solution, which is an Indian-based company with multiple branches in US, Singapore, UAE, and many other countries. 

While hiring a development company it is important to know their overall years of experience in that industry, Octal has more than 17+ years of experience to develop an app like Cash App.

Technology Stack

Development expenses to create apps just like MoneyLike might be influenced by the fundamental technology, this includes the programming languages, tools, frameworks, you use to create your app. 

Though they may raise development costs, you should always opt for advanced technologies like AI and ML to add fascinating features in your app. Compare the advantages of these developments with your budget and rank the technologies stack that best maximizes development time and cost to reach your intended functions.

Functionalities and Features

The cost of developing other apps like MoneyLion directly depends on the quality and complexity of the features. Naturally, a simple cash advance app with fewer features will be less expensive than a sophisticated app with financial insights, investment choices, and budgeting tools. 

Although adding more features gives your app value and draws users, carefully arrange your feature set to maximize development expenses and give the most important functionality top priority for your target audience. 

Also read: 50+ Top Fintech App Development Companies

Top 5 Cash Advance Apps Like MoneyLion

Top 5 Cash Advance Apps Like MoneyLion

Maintaining your financial health is difficult because there are so many financial topics that, if not handled seriously, can disturb your comfort. Many advise accepting loans or investing a portion of your major funds to keep your finances strong and flowing. Additionally, a novel way to put an end to financial concerns is to stop them from using mobile applications for loans. We’ve listed the best 5 instant cash apps like MoneyLion below, each of which is briefly explained.

Brigit

It is a great app that can help you bridge the time between paychecks, as its name suggests. Brigit is a cash advance app like MoneyLion that keeps an eye on your baking actions and protects you from overdrafts.

The notice will include a payback date that Brigit figures out based on how much you use your account. You need to hire a P2P payment app development company like Octal IT Solution to create the best BNPL application.

Benefits of Brigit

  • Auto-advance feature
  • No background verification
  • Flexible repayment dates

Empower

You can get a cash advance from Empower and pay it back with your next direct deposit, just like with other instant cash apps like MoneyLion. Empower can also take small amounts out of your account until the full loan is paid off. 

You might be able to get free, instant funds more quickly if you open an Empower account instead. UX/UI-heavy apps like apps like Samsung Pay need a top-notch reach native app development companies to make them.

Benefits of Empower

  • Tons of cashback deals
  • Free 14-days trial
  • One-day processing time

Chime

One of the best cash advance apps like MoneyLion is Chime. It’s a newer type of banking service that puts a bank against a financial technology company. This shows that apps like Chime have many benefits that banks don’t have, and they don’t have the same high costs as regular banks.

If a charge causes you to go overdrawn and you are qualified for Chime’s SpotMe program, the company will give you the rest of the money and take it out of your next payment.

Benefits of Chime

  • No credit check
  • No monthly fees
  • Immediate spotting

Earnin

Earnin is one of the best alternatives to app like MoneyLion, which have low fees. This app was the first to offer Balance Shield Cash Outs and Alerts. 

Earnin gives you a unique way to get your earnings before payday by letting you take out a portion of your pre-paid amount. You don’t have to wait for your next paycheck because you get the money the next business day.

Benefits of Earnin

  • No monthly fees
  • Loan amount up to $750 per day
  • Balance shield feature

Cleo

The idea behind Cleo is to stand in for “sassy.” Cleo will even make fun of the things you buy. The goal is to make it look like you are talking to a friend instead of an application. They also help you build credit and make a budget. It can even tell you what you need to do to raise your credit score.

Benefits of Cleo

  • Tons of cashbacks and deals
  • Advanced privacy protection
  • Discourages overspending through the application

Read more: How to Build Out a Mobile Wallet App

Frequently Asked Questions (FAQs)

Q1. In order to make money, how can applications like MoneyLion attract users?

Cash advance interest, membership fees, referral incentives, investments, banking services, and other income streams are some of the ways that apps like MoneyLion make money.

Q2. What are the most common programming languages and frameworks?

React Native, Node.js, Python, iOS and Android software development kits, and AWS cloud services are essential for backend and server-side development.

Q3. Which security measures are implemented by these applications?

Top mobile app development businesses use robust security measures such as data encryption, biometrics, frequent security audits, incident response teams, etc. 

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Concluding Thoughts

Money advance apps are more than just a quick fix; they’re ways to take control of your money. These apps can give you the tools and information you need to take charge of your funds and build a better future by giving you planning tools, financial insights, and even investment choices.

Making a cash advance app isn’t just about making money; it’s also about making a difference. Businesses could help people who are having a hard time making ends meet and become champions for financial well-being. Businesses can build a loyal customer base and help millions of people have a better financial future by putting user needs first and taking a user-centered approach.

THE AUTHOR
Managing Director
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Arun G Goyal is a tech enthusiast and experienced writer. He's known for his insightful blog posts, where he shares his expertise gained from years in the tech industry. Arun shares his knowledge and insights through engaging blog posts, making him a respected figure in the field.

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