In today’s scenario, every business wants to create an app like MoneyLion. Money lending apps help several people manage their financial issues.
At the same time, many lenders adore the idea since it allows them to earn rewards such as trips, discounts on purchases, and much more. As we all know, money lending applications have become a new digitized development in our world.
It is crucial to know that several apps like Moneylion work as a profit toolbox that allows them to maintain logs and receive payments through an automated system.
In this blog, we will dig a little deeper into this topic and provide you with information on how you can build apps like MoneyLion. Do make sure to read this blog till the very end.
Let’s dive into the blog now!
MoneyLion is a famous money lending app launched by Chee Mun Foong, Diwakar Choubey, Pratyush Tiwari, and Adam Green in 2013. The application aims to provide users with money lending, financial management, and guidance on investing.
There are some common benefits of MoneyLion apps that make every business motivated to invest in developing an app like moneyLion.
Here are some benefits:
â— MoneyLion app is a multipurpose banking app
â— In moneyLion, there’s no minimum balance essential
â— MoneyLion app allows you to lend $250 off your next salary
â— The charges/subscription of MoneyLion is only $1
Numerous people are searching for how to create an app like MoneyLion but cannot find an accurate guide for that anywhere.
This section includes a step-by-step guide to creating an app like moneyLion.
â— Define Your Idea
It is the initial stage of the development process. You have a chance to turn your idea into reality. In this step, you should start by deciding on development factors that include:
1. What is the purpose of your application involving its goal?
2. What features will you include in your app?
3. What is your marketing strategy to monetize your app?
4. What is the cost estimation for your app development
5. What is the unique selling point of your app like MoneyLion?
All these factors are important to know or define in the primary stage of your development process. After getting the answer to these facts mentioned above, you can move to the next step.
Legal work comes before every factor, as it is critical to select a service and register your business. Suppose you think why registration is essential in the first place. In that case, you should know that money lending apps are financial frameworks requiring the legal procedure to be verified by government guidelines.
It is essential to be verified by all government guidelines to get a kickstart on your money lending business. The guidance includes domain names and all legal procedures. If you do not meet the government’s guidelines, your app registration request will be rejected by the government. It is the reason why registration of business comes before building an app, so it may not cause you a loss after rejection.
It is when you should gather all your information related to mobile app development services and hire the best mobile app development company to develop and clone apps for MoneyLion. It would help if you started searching for the best company that provides you with a similar tech stack of MoneyLion apps.
Several people make this step especially because of the loss in their application development. Only pick the developers that provide you with successful and profitable apps like MoneyLion. It is only possible when you check these factors before hiring the android app development company.
Hire Android programmers after verifying their previous work experience, portfolio, and knowledge of updated codes. Make sure that the company you’re choosing has expertise in UI/UX design development as a mobile application. Designing effective UX/UI for apps like moneyLion is important to attract users to your app.
After the development process, by now, you’ll have a ready app in your hands to launch. Many people make mistakes at this stage by neglecting the testing factor. It is critical to know the importance of testing and rectifying. Before launching an app like MoneyLion, testing its capability and functions is essential.
Many businesses make their app live before testing, which impacts the users with the poor user interface. Make sure to hire android app developers that provide you with testing of your application before its launch. By testing, you’ll be able to identify your app’s lack areas that you can rectify with the help of dedicated developers.
After ratifying all errors and analysis, you can make it live and let the world see your massive creation if your app is running smoothly now.
It is essential to know that after your app’s development, marketing, and promotion, MoneyLion comes next. Now you should promote your app on several social media platforms, including
Creating an app like MoneyLion is essential to add features similar to moneyLion. Below mentioned features are the most common features you must include in your app like moneyLion.
It is a feature that is a must in an application for money lending. A user needs to register from their phone number/email or any authentic social media account to access the application. It shows the user has authorized the right to access the application and get the benefits of cash advance features.
Users can edit their profits with the essential information required to lend money in this feature. Adding this feature is helpful for the admin to verify user identity and avoid the chance of getting fraud.
If you create an app like MoneyLion, it is essential to add this feature. Users need to file loan applications to lend money from your app. It is the most important feature that needs to be added to any P2P loan app.
It is essential to add a transaction record feature in your money lending app to view users’ transactions easily. The record of transaction feature is also helpful for users to review their transactions per month/year.
Hopefully, you liked this blog, and now you know you can create a cash advance app like moneyLion. Today, everyone is running after developing an app like MoneyLion, but it is critical to know that not every app becomes successful, just like moneyLion.
Suppose you want to make your app more successful than MoneyLion. In that case, it is essential to hire android developers with expert skills. Hiring the best developer team will help make your dreams come true with a professional skill set of programmers and excellent code.