Are you broke at the end of the month? Or your salary isn’t credited till now? Don’t worry; Dave app or apps like Dave have got your back. Mobile app development aims to solve the daily life challenges of users, so Dave does. Apps like Dave provide a small advance or loans to support you on your bad days.
Dave is the most popular app in the US, enabling users to get instant loans of up to $500 for only $1 per month. In the US, the demand for cash advance apps is rising. This means it is time to invest in loan mobile app development and earn high revenues from different monetization strategies.
The Dave app has many different competitors. It also transforms cash advance/loan services and other features. Research says the loan service market is projected to increase by $26.7 billion by 2024.
Apps like Dave charge a minimal amount of interest, which is a great deal for users. Additionally, these payday loans encourage borrowers to pay off their debts within a certain time frame and break the cycle of debt to stabilize their financial constraints.
However, in this blog, you will reveal 20 apps like Dave that help users take out a small loan to cover essential expenses. Let’s look at the list of potential cash advance apps like Dave and what features they provide to stand out in the crowd.
A Brief About Dave Cash Advance App & Its Features
Before using other apps like Dave, let’s examine the major features that make it stand out.
It is an instant cash advance and budgeting application that helps users maintain their expenses and provide smaller short-term loans. Additionally, Dave can be used to create bank accounts, explore more than 1,000 side income opportunities, and track financial goals.
Furthermore, it also offers a no-interest cash advance if a member can wait up to 2-3 business days to receive it. Dave delivers an exceptional experience with its futuristic features compared to other cash advance apps.
- FDIC-insured bank accounts: Dave provides you with instant feasibility to open bank accounts from FDIC-insured banks with 100% credibility and a value of $250,000.
- Side Hustle: Dave provides different opportunities to earn money with more than 1000 side hustle lists. You can earn up to $37 per hour with the listed side hustle on Dave.
- ATM network: More than 38,000 operational ATMs can withdraw cash with fee-free services.
- Membership Fee: Dave charges only $1 per month for its membership fee, with no hidden charges or minimum balance requirement.
- Easy Cash Advance Terms: Dave does not charge interest or a late fee if you do not repay the full amount of your credit. Rather, it limits further loan requests until the current loan is paid off.
The above Dave features are highly recommended for the best cash advance mobile app development because they increase credibility and improve user satisfaction. Let’s see if apps like Dave have these features or are doing something different with Dave to attract more users.
4 Major Apps Like Dave For Loan/Cash Advance
EarnIn
It is a free cash advance app that enables users to borrow money without any extra fee or interest rate. Users can take a loan of the maximum amount they earn monthly. For example, if they earn $2500, they are eligible to take a loan of a maximum of $2500. Furthermore, it is totally free from monthly fees, interest rates, and other hidden charges.
Terms & Condition
- The user must be employed somewhere.
- Users have to provide all essential details about employment.
- It takes 1-3 business days to get an advance loan.
- The advance cash is automatically deducted on your payday.
- The loan amount is up to $100 per Day / up to $750 per Day.
- Users must have a consistent pay schedule (like weekly, monthly, fortnight, etc.)
Major features
Balance Alerts: EarnIn provides instant notification about insufficient balance and reminds them to get an instant loan to avoid overdraft fees.
Cashback Rewards: It offers cashback rewards on purchases from participating retailers.
Health Financial Aid: EarnIn also supports limited low-cost health financial aid.
Risk/Flaws
- Whether it is a secure app or is always a risk attached to this cutting-edge ecosystem.
- It requires personal information and bank details to access your financial earnings information.
- EarnIn depends on consistent income and only provides loans to employed users.
MoneyLion
MoneyLion provides financial aid, loan service applications, and a personal finance solution for managing expenses. It offers up to $100,000, cash advances up to $500, and more, and it automatically deducts credit from your bank account on your payday. It also offers no interest and a credit check policy over a cash advance. Additionally, it provides a wide range of services, including personal loans, credit monitoring, investment accounts, and digital banking services.
Terms & Condition
- Users can wait up to 1-3 business days for personal loans and 24 hours for cash advances.
- Users’ bank accounts should be incorporated with Moneylion for repayment purposes on their payday.
- The user should be a resident of the USA with an active account.
- MoneyLion asked users to provide proof of employment and income.
- Credit check details are also required for personal loans.
Major Features
Roar Money Account: MoneyLion provides direct integration to the roar money account. It is a digital banking platform with a virtual debit card and no hidden charges.
Managed Investment portfolio: MoneyLion also provides investment opportunities, starting from $1, customized to your risk level. Moreover, it contains Auto Invest, Round-Ups, and Auto Rebalancing features with no minimum balance required.
Financial Tracking Tools: From expense monitoring to advising about your budget, MoneyLion will be your financial assistance, helping you save and grow your money.
Rewards & Cashback: Users also get rewards for purchasing from a Roar Money credit card.
Digital Banking Services: Existing users can access their bank account to transact money with this feature.
Risk/Flaws
- Some features require a paid membership, such as Credit Builder Plus.
- There is a high interest rate on personal loans.
- Instacash is not available in the MoneyLion app.
- The user’s personal bank account details are required.
Brigit
Brigit is one of the other apps, like Dave, that provides free loans and cash advances to support users’ financial situations and overdraft protection. The most significant advantage of using Brigit is that it offers a payback extension to relieve users if they cannot pay within the decided period. The advance cash limit is up to $250 with a specified processing time. Furthermore, Brigit partnered with almost 6000 banks to deliver a seamless financial experience.
Terms & Conditions
- The receiving of a cash advance without interest fees in 2-3 business days.
- Users must have a checking account with at least 60 days of active status.
- The active account must have a balance of more than $0.
- Up to $250 cash advance with the repayment duration can be extended thrice.
Major Features
Financial Insights: Real-time insights about your spending and advice on your financial spending.
Saving Features: These features empower users’ money-saving strategies, enabling them to save a minimal amount on a daily basis.
Credit Monitoring: A premium feature allows users to track and monitor credit scores.
Personalize Alerts: Brigit has personalized alert features for paying bills, low balances, and spending trends.
Referral Program: Brigit offers referral rewards if you refer this app to friends and family.
Risk/Flaws
- It has paid membership for premium features from $8.99 to $14.99.
- For Brigit cash advance, the user must have an external bank account.
Klover
With a strong business model, Klover is one of the apps like Dave. It provides advanced cash services in exchange for users’ data that it will share with its advertising and marketing business partners. Klover prefers giving advances to users who have frequent bank activities. Moreover, it provides up to $100 cash advance with any credit check.
Terms & Condition
- Klover offers interest-free and no credit check cash advance services.
- Users will get instant cash advances without waiting for 2-3 days.
- Instant processing time after approval and deduct automatically on your next payday.
- Users must have an active bank account with a regular source of income.
- Users must have an active check account with a consistent transaction history.
Major Features
Budgeting tools: This feature helps users plan a monthly budget to track their expenses and further monitor their spending habits.
Spending Insights: Klover delivers actionable insights into spending, identifies investment opportunities, and helps you save money to achieve your goals.
Rewards: You can earn rewards by connecting bank accounts, referring to friends and family, and setting up direct deposits.
Chatbot Integrations: It offers instant assistance with automated conversation via chatbot for app features or financial advice.
Risk/Flaws
- It is required to be a sufficient amount and transaction history of the user account.
- Limited amount of cash advance that can be insufficient for users.
Read This Blog: What Is The Android Mobile App Development Cost In 2024? A Detailed Cost Breakdown
How Much Does It Cost To Build an App Like Dave
The cost of building an app like Dave or Advance Cash can vary significantly depending on several factors:
1. Complexity:
- Basic: Budget tracking as well as low balance alerts ($50,000 – $75,000)
- Moderate: Basic features + paycheck advance, automatic savings ($75,000 – $100,000)
- Highly Complex: All moderate features + real-time analytics, AI advice ($100,000 – $150,000+)
2. Platform:
- iOS Native: Optimal performance and best user experience, but higher cost and longer development time ($75,000 – $150,000)
- Android Native: Access to a wider audience, but potential fragmentation issues ($75,000 – $150,000)
- Cross-Platform: Lower cost and faster development, but slightly lower performance ($50,000 – $125,000)
3. Additional Features:
- AI-powered financial insights: Requires advanced machine learning and data science expertise, increasing costs.
- Real-time analytics: Complex data processing as well as visualization tools are needed.
- Secure payment integration: Robust security measures and compliance with industry standards are essential.
4. Team Size and Expertise:
- In-house development: Higher upfront costs but more control over the development process.
- Outsourcing: Lower initial costs but potential communication and quality control challenges.
5. Ongoing Maintenance and Updates:
- Regular updates and bug fixes are crucial for app stability and user experience.
- Further ongoing maintenance costs can vary depending on the frequency of updates.
Other Considerations:
- Design and User Experience (UX): A well-designed and intuitive user interface can significantly improve user adoption and retention.
- Legal and Compliance: Adhering to financial regulations and data privacy laws is essential.
- Marketing and Promotion: Acquiring and retaining users requires effective marketing strategies.
Cost Breakdown
- Development: 50-70% of the total cost
- Design: 10-20% of the total cost
- Testing and Quality Assurance: 5-10% of the total cost
- Deployment and Maintenance: 5-10% of the total cost
- Marketing and Promotion: 10-20% of the total cost
Building an app like Dave or Advance Cash is a significant undertaking that requires careful planning and budgeting. The total cost can range from $50,000 to $150,000 or more, depending on the complexity, features, and platform chosen. However, it’s important to consult with experienced developers and financial experts like MMC Global to get a more accurate estimate for your specific project.
Are You Ready To Build Cash Advance Apps Like Dave?
We can see the potential in building apps like Dave because the US market is upsurging for cash advances the US ices rather than looking for overdrafts. Mobile app development requires a vision that can turn into reality to overcome and conquer challenges. However, understanding the vision of building an app can give you a roadmap to create a feature-rich app.
Hiring a mobile app development company can help you develop your app with agility. Like MMC, we have a proven track record of delivering high-performing applications to leading industries, including healthcare, education, manufacturing, fintech, travel and hospitality, and so on. If you want to build an app like Dave or something different in your mind, don’t forget to ping us. We are always here to hear from you and assist you with what is best for your business.
