Loan Lending Mobile App Development Cost and Key Features

Suppose it’s month-end, and your whole salary has already been spent on your loved one’s medical facility. You need some bucks to carry out the necessary expenses today. Your paycheck is just a couple of days to credit. You heard there is a mobile app offering cash advance service without interest. 

Would you still ask your friend who is always running low on his cash? or Would you download the app and get an advance paycheck in a snap?

By developing loan lending mobile applications, many FinTech entrepreneurs have taken on such money dilemmas. Money lending apps like Empower, Dave, Brigit, Chime, etc., empower users to take instant loans up to $200-$250. Users can set up their paycheck deposits and get paid up to two days early. The beauty of these apps, users never need to pay any interest or fees.

Money lending apps are a type of loan lending application, except these apps don’t charge anything from users. It won’t be wrong to say that cash advance apps replace credit cards and payday loans. Such loan lending apps are a boon for users who live paycheck to paycheck or get paid bi-weekly. 

Why should a FinTech entrepreneur consider money and loan lending mobile app development like Empower?

According to a Statista report, “in 2019, the investment amount in lending, payments, and wealth startups worldwide reached 39.1 billion USD from 9.3 billion USD in 2014. In contrast, AppsFlyer reports, finance apps see a 90% surge in install market share worldwide. Further, it says, nearly one-third of finance installs in the US are digital banking apps that provide an alternative to traditional banks.

These stats prove investing in money lending app development like Empower is a win-win opportunity for FinTech entrepreneurs. Are you doing to be the one? Yes? Bingo! This blog is for you as it revolves around the loan lending mobile app development cost and key features. But first, let’s show you where exactly you should start your money lending app development.

Where To Start a Money Lending App Like Empower

Here are essential steps an innovative entrepreneur takes for their money and loan lending app development. Not to mention, partnering with an industry expert mobile app development company is key. 

  • Perform market analysis, competitor analysis, and target audience analysis,
  • Create a business model covering your target audience, demographics, problems they face, competitors, etc.
  • Define a solution concept,
  • Compose your product feature set, 
  • Android or iOS or both platforms, decide where you want to launch the app,
  • Estimate the project budget, 
  • Hire & set up the team,
  • Create a project baseline, 
  • Define the MVP scope,

Moving to the feature set, the paramount aspect of your app. Features are for users to use and accomplish their desired action on the app. Providing your users with accessible features and smooth app performance is essential to hook your app users. It’s said, to endure the market competition, you must build unique features using the latest technology.

So what features does your app have? Read on below…

Features to consider for building a Money Lending App Like Empower

Since you start brainstorming on features, let me tell you, you require two apps. One is the primary user app, whereas the other is for administrative. The administrative panel is a must to control the entire application process. You need it to grant applications approval, proceed with a cash advance, manage users’ login & authentication, generate reports, and carry out other analytical tasks. 

Let’s check features for each panel:

App features for User App

User Sign Up/Login

To let users register on the app using their email IDs or phone numbers. The credentials will be used for logging in in the future.

Social Media

Integrate Social media platforms to allow users to sign up or log in via their social media account for hassle-free onboarding.

OTP Verification

Irrespective of registration methods, user authentication is a must for the sake of fraud prevention. OTP is one of the most used verification processes, which can be sent via email or SMS and confirm the user’s credibility.

User Profile

This is where users can see and manage their personal information, salary status, overdraft, loan money, and other updates and data.


The feature is required to facilitate users uploading and verifying their necessary documents for proceeding with money lending in their accounts.

Link to the bank account

Linking to the bank account can be optional for users but not for your money lending app. You must partner with as many banks as possible in your targeted region the same as Brigit, Dave, Empower, and other apps do to streamline transaction processes.

Lending amount estimation

Behold, loan lending apps provide up to $250 cash advance. These apps analyze the docs and details received from users. Then they provide the cash limit users can avail of as a loan or advance. That’s where you need the amount estimation feature.

Track Your Spendings

Let users access their transactions history on your mobile finance application who have linked their accounts.


Offer your users some discount or cashback on proceeding with the payment with your mobile application.

Get paid early

The feature is to let your users apply for an advance paycheck. 

Payment Gateway

Integrate payment gateways your audience prefer the most to process the in-app payments.

Pop-up notification

Notify your users with payment updates, cash advance application status, new features, and more using push notifications.

Investment Tips

Be friends with your users. Provide them savings, investments, and other financial tips to maintain their expenses and balance.

Customer support

Don’t forget to back your users up with amicable and effective customer support 24×7 to solve their queries and address any technological glitch in the app.

Features for Admin Panel 

  • 2 Factor authentication for logging in
  • Manage Discount and offers
  • Manage User Profile approval
  • Manage user KYC approval
  • Manage User credit limits and requests
  • CMS Integration
  • Manage Bank Partner 
  • Provide online support
  • Generate analytical reports

What does it Cost To Develop a Cash Advance and Loan App?

Whether it’s a loan or money lending, or eCommerce mobile application development, the cost varies depending on some factors. These factors are attached to your project altogether. Find below the factors affecting your cash advance app development cost.

  • The number of features and their complexity level
  • The number of app screens to design 
  • UI/UX design complexity level
  • Platforms to launch the app on Android or iOS
  • Technology stack to build apps
  • Maintenance cost
  • Rates charge by the development team or company

Since the development rate differs worldwide, the cost can alter dramatically because of your developers’ location. For example,

  • North America: $50–$250/hour
  • South America: $20–$75/hour
  • Western Europe: $50–$200/hour
  • Eastern Europe: $20–$100/hour
  • Australia: $40–$170/hour
  • Asia: $10–$50/hour

Apparently, hiring a technology partner from the Asia region seems cost-effective. Plus, they possess the expertise and assure you the best quality assurance as well. On that note, I would like to bid farewell by leaving some tips for your money lending application development.

Tips To Make An App Like Empower

  • Give priority to data protection & encryption,
  • Comply with the nation & international regulatory compliance,
  • Pay subtle attention to user experience,
  • Collaborate With Banks to offer broad services,
  • Provide accessible and quick services,

Sanjay Kidecha

Sanjay Kidecha is the CMO of Kody Technolab, a Web & Mobile App Development Company. He loves to explore and write about the latest web & Mobile App Development Trends, Digital Marketing Trends, Startups, and Entrepreneurship.