“Want to develop a payday loan app like Dave? Here is a complete guide on how to develop an app like Dave.”

An instant cash app like Dave makes it possible for you to take out a small loan from your next paycheck before you receive it. It has proved particularly useful when you have an urgent need for cash, preventing expensive overdraft fees.

A Motley Fool report says that there are over 11 million users of the Dave app. The growing user base of the Dave app perfectly demonstrates the demand for peer-to-peer money lending apps.

The success of an app like Dave is an inspiration for aspiring entrepreneurs and many of them want to replicate it by developing an app similar to Dave.

If you are also inspired by the success of Dave, then this blog is meant for you. Here in this blog, you will have all the information you need to turn your Dave app development vision into reality.

Let’s start with the basics first.

What is a Dave App?

By far the most common use of the Dave app is to provide users advance cash from their paycheck before they receive it in order to cover unexpected expenses such as car repairs, gas bills, medical expenses, etc.

The most common benefit of the Dave app is that it doesn’t ask for interest against the amount borrowed. Rather than interest, the app makes money from its monthly subscription fee.
The repayment policies of the Dave app also keep users first. The users can set the repayment according to the date of the paycheck. If the salary gets delayed, no worries, Dave will make sure that you have enough funds in your bank account before making any deductions to your bank to prevent you from being charged an overdraft fee.

Also, Dave won’t charge any late fee but put all your next request advance cash on hold until you clear the previous debt.

How does the Payday Loan App Like Dave Work?

Dave makes the process of browning the loan from the application a lot simpler. Users need to install the application on their smartphones. Sign in on the application by providing the bank account details. After the successful verification of the details submitted, the user will be able to borrow the amount decided by the application up to $100 per pay period. While withdrawing the loan amount, the users need to pay the subscription fee which is $1 per month.

After the successful disbursement, the user needs to set the repayment date. The users have the option to choose auto-debit or they can set up for manual payback. The users can also decide how much they would like to tip money to Dave app developers.

Why Should You Consider Developing an Instant Cash App Like Dave?

In the wake of the feature of apps like Dave, it might seem profitable to develop an app similar to Dave. In spite of this, it is worth it to gain practical knowledge about your thoughts since it requires a large amount of investment, time, and resources.

Growing Popularity of the Payday Loan App Like Dave Among Millennials and Gen Z

The youth population is more inclined towards the loan day apps. According to an estimation around ⅓ of the young population has student loans. This is the reason why they see the payday loan app as an easy way to get an instant loan to pay their EMI which falls before their paycheck.

According to a report published by Citizen’s Advice 4 out of 10 young people have ever used payday loan applications.

Progressive Market for Payday loan Applications

According to Allied Market Research, the global market for payday loan apps like Dave was valued at $32.48 billion in 2020. During the financial year 2021-2030, the market is expected to grow at a CAGR of 4.2% resulting in a value of $48.68 billion.

Features to Include in Cash Advance App like Dave

1. Registration and Profile Verification

If someone wants to request and receive a payday loan, that is going to be a very effort-taking and time-consuming process. However, your first move should be to jump to sign-up on the application. It connects the user’s account to the app account in order to process the loan. If anyone needs money through the money lending app, then the user has to verify his account on the application during registration.

2. On-Demand Funding

On-Demand means needing the service immediately. When someone needs money to lend but cannot acquire it due to the long procedures by the time; it is a very bad turn-off time for them. Here comes the cash lending apps; where the applications will fund the users immediately in the shortest duration possible. Within just a few simple taps, the users can request money lending and get that instantly.

3. Options for Repayment

People can follow repayment alternatives. It means that whenever the user’s account is credited with any paycheck; the loan amount will be automatically deducted from the deposited amount in the user’s account. It becomes easier for the user also to repay their loan amount, and track their repayments as well.

Also, the users have an option in cash lending apps; is to repay the loan amount sooner than required. If you want to close the lent amount sooner; the users can do that. On the other hand, if the user wants some extra time to pay the amount; then he can raise the invoice to the cash lending app to resolve the problem.

4. Quick Notification

Is your application capable of predicting loan amounts? Is it necessary to warn your users of an impending debt payment? Do you want to warn someone about upcoming expenses? Do you want to learn more about money lending applications?

Have you added a new service to your business? Consumers can acquire all of the necessary information by using the mobile app’s fast alerts. You can also send your consumers real-time notifications if they spend more money than they should.

5. Cards (frozen or unfrozen)

What if one of your customers lost their debit card? Or did you lose it? Or maybe you changed it? In such instances, your company should be able to let customers freeze their old cards and apply for new ones.

This shows that you care about your customers, which increases client happiness. Similarly, if a customer wants to unfreeze one of their frozen cards, the money-lending mobile app should be able to reuse it; otherwise, you risk losing the customer.

6. Loan Calculator

Another distinguishing element of money lending software that you should not neglect is a loan calculator. When the money lending application gives consumers a rough estimate of the amount owed after interest, this function becomes valid.

This encourages people to make more informed decisions. When your company is fully reliant on a long-term loan, this feature appears to be a blessing. It saves you and your team the time and effort required to calculate the loan amount.

7. Grant Tipping (Optional)

There is a voluntary tipping function in your application, in which the application offers a free money loan or very low charges like a $1 monthly membership fee.

8. Credit Score Improvement

Are customers spending more than they can afford to repay? Such situations can be handled using credit score-increasing software. It allows the program to track users’ real-time rent payments and report them to credit bureaus.

Furthermore, they will increase their credit ratings, providing them an advantage in credit-building. Your organization will know how much money it can give in this method.

Keep in mind that the availability of these services differs amongst cash advance apps. Users should undertake considerable research and comparisons before deciding on the app that best meets their specific financial needs and preferences. Furthermore, it is crucial to understand the terms, fees, and privacy policies before utilizing any cash advance app.

How does an App Like Dave make money?

At the end of the day, the ultimate goal of the development of a money app like Dave is to generate revenue. Dave app makes revenue from multiple sources. The following is a quick overview of the business model of apps like Dave:

1. Membership Fee

The major source of revenue for the Dave app is its membership fee. The app charges a $1 membership fee per month from each of its users.

2. Tips from Users

Tips from users are another major source of revenue for the Dave app. Whenever a user borrows money from the app, the app promotes them to pay a tip. The Dave app never forces its users to pay a tip.

3. Interchange Fee

In addition to being an advanced cash app, Dave also offers its users debit cards issued by Mastercard. Whenever the card is used on any platform, Dave receives an interchange fee.

4. Interest on Cash

The amount left unused in the user’s account landed to the institutions on a certain percentage of interest. This is also a good source of revenue for Dave.

Business Model

By all means, the final outcome has to be making money. There is, however, a distinction between earning money by vacating the opposite pocket and earning money by becoming nice with the same pocket. Dave is a very cost-effective program that assists you financially in times of need without penalizing you with interest or costly fees. Without a question, Dave is profitable, which is why it has been in the market for more than a half-decade. However, Dave’s business model is more focused on helping the users and making them feel valued for the money they spend on the service.

1. Membership Fees

Dave makes money by charging $1 on a monthly basis through membership fees. This is a subscription-like fee, which allows Dave to cover its operational and invested fees for the product. This membership charge will be deducted automatically from your bank account. Compared to other fintech start-ups, charging membership and subscription fees is fair among others.

2. Donations

There is another way by which Dave makes money, which is ‘Donations.’ Users can willingly pay the tip to the company whenever they borrow it. Dave plays behavioral psychology, which entices the users to pay a tip. The application plants a partnership with “Trees for the Future.” This way it encourages the users to pay tips.

3. Interchange Fees

There is one Mastercard Debit offered by Dave, which allows to bring good interchange fees to the platform. This fee is basically the percentage of purchase amount, which is paid by the merchant when they receive payment.

4. Internet on Cash

The software lends money from the user’s account to other institutions like banks and professional organizations. Dave charges these institutions 3.35% interest on money lent, which is a valuable source to generate higher revenue for cash advance apps like Dave.

5. Referral Fees

This feature also called “Side Hustle”, which was introduced by Dave became a significant source to generate revenue for the company. It is a type of online marketplace, where the users attract to work in gigs for jobs. The Dave partners offer gig jobs, because of which they have to pay commission or referral fees to Dave whenever the app gets a new worker to work through the application.

Tech Stacks

How Can You Make Your Dream of Developing a Money App Like Dave a Reality?

The following steps will help you to make your dream of developing a money lending app like Dave a reality:

Set the Primary Goals for the Development of Advance Money Lending App

Start with the basics. Having the mobile app idea is one thing but making it a reality requires a lot of things to be taken care of. The very first thing you have to do is set the primary goal for your money lending. Having a clear picture of your idea will help you decide on the feature that you can build with your app. The best practice is to offer something unique with your mobile app idea instead of creating another copy of Dave money lending app.

Register Your Business

It is mandatory in almost all countries for financial mobile applications to register themselves to the government. There are some guidelines suggested by financial bodies, your app must need to comply with them to ensure its legitimacy.

Choose the Reliable App Development Company

Putting great plans into action requires a great team. The same thing goes with the Dave app development. You need to hire a reliable app development company with previous experience in developing finance-related mobile applications. Also, put the client reviews on the top priority while choosing among all the options of app development companies available to you.

Design and Develop the App

This is the step that requires utmost attention. Make sure all your design and development goals are successfully interpreted by the development company. Keep yourself in the loop with the development process to make sure all your development goals are successfully interpreted into reality.

Testing and Launch

This is the last step in your journey of advanced money lending app development like Dave. Upon the development, test your app on multiple parameters to confirm that it strongly adheres to the needs of users and delivers a flawless experience to them. Once the quality of the mobile app is confirmed, the next step is to launch it.

What will be the Cost of Developing an App like Dave?

Estimating the cost for any kind of mobile app development is not feasible. In the case of the Dave-like app development cost, it depends on the complexity, features, tech stack, team structure, and so on. The essential factor that determines the cost is the location of the app development company you opt to work with.

The effective way to get an estimation of the payday loan app like Dave development is consulting with an app development company. Share your development goals with them and they will provide you with the estimated cost of development that you need to bear.

Final Take

The success of the instant cash app like Dave is not a hidden secret after reading this blog. The demand for payday loan applications is constantly raising and creating a new revenue stream for fintech startups.

If you also want to set your footsteps in the fintech sector, then an app like Dave is the best option for you. All you have to do is walk through the ITfirms list of top application development companies and pick the one that aligns with your development goals.

Frequently Asked Questions

What are the alternatives to the Dave app?

• Brigit
• Earnin
• MoneyLion
• Branch
• Even
• Empower

Where Can I Find a Reliable Mobile App Development Company?

The selection of the mobile app development company is going to put a direct impact on the success of your application. You can consider checking out ITfirm’s list of the top app development companies to choose the best one for your project.

The post How to Develop an App Like Dave? Features, Business Model, Cost, and so on appeared first on Top ITFirms - Result of In-depth Research & Analysis.

The success of e scooter apps like Lime is an inspiration to you and I want to copy the success of it by developing a similar app. If so, then this blog will provide you with all the information you need about developing e scooter apps like Lime

Founded in San Mateo in 2017, Lime expanded its bicycle and e-scooter sharing network to over 200 locations across 30 countries on 5 continents.

Lime, an e-scooter startup, raised $523 million from investors in 2022 in order to scale up the production of the latest e-scooters and bicycles.

The growth of the e scooter app Lime is loud and clear. This growth became the reason for the e scooter app development like Bird, Spin, Skip, Goat, Wind Mobility, Scoot, Ofo and so many others.

Although the online e scooter and bicycle sharing market is filled with fierce competition, there are still plenty of opportunities for newcomers to succeed.

If you are also considering e scooter sharing app development like Lime, this blog is meant for you. Here in this blog, you will get all the information you need to establish an e-scooter-sharing startup.

What is Lime?

As said beforehand, Lime is the largest electric vehicle company that offers convenient, reliable, and affordable electric scooter and bike rentals.

Lime app is available on both Google Play Store and App Store.

The concept of the app is very simple. Users need to install the app on their smartphone and find the nearby available Lime vehicle, scan the QR code of the vehicle on their smartphone and enjoy the hassle-free ride of an electric scooter or bicycle.

How the Demand for E Scooter Sharing Apps is Rising?

E-scooter app development requires a hefty budget, thus it is essential to acknowledge the market trends to ensure you have ample opportunities to grow in the future.

Let us have a look at the market statistics of e-scooter sharing apps:

• • According to Statista, revenue from the e-scooter sharing market will accumulate at US$1,752.00m in 2022.
  • There have been around 84 million e-scooter-sharing rides alone in the USA according to a report published in Nacto Study in 2018.
  • Another report proposed by Bird shared that there will have been 136 million scooter rides in the year 2019, nearly double the previous year.
  • With a compound annual growth rate of 13.31%, the scooter market is projected to reach US$2,888.00m by 2026.

• • The number of people using the e-scooter to commute is also expected to amount to 125.4m by the year 2026.

• • The United States will lead the global market with a revenue of US$628.40m in 2022.

In the wake of the above-mentioned factors, one thing is clear: the e-scooter app market is expected to grow and create amazing revenue opportunities.

Must-Have Features of E Scooter App Development like Lime

Electric scooter-sharing apps like lime usually have two versions: user panel and admin panel. Each of these panels comes with a different set of features.

Let’s discuss the must-have features of electric scooter app development like Lime:

User Panel Feature of Electric Scooter App

1. Registration

The app has this feature as one of its most important features. It should be simple and based on a minimalist approach to ensure a smooth onboarding experience for users. Ask users to feed required information only and keep the interface clutter-free to make sure your impression makes the best impression.

2. In-App Payment

Electric scooter-sharing apps like Lime works without human intervention and are completely online. Therefore it is a must for you to integrate the in-app payment system which enables the users to make payments for their use of e-scooter in a secure and hassle-free manner.

3. Navigation

Having the navigation system with your app will make it easy for the users to locate where the e-scooter is parked. This will make it an easy process for them to enjoy the carbon-free rides.

4. Push Notification

All the updates related to the app should be shared with your users promptly. Push notifications allow mobile developers to do so.

5. Barcode Scan

Every e-scooter listed on the Lime app has a barcode that needs to be scanned by the users to unlock the scooter and start riding. You should also include this feature in your electric scooter sharing app similar to Lime to make the process hassle and completely free from human interventions.

6. Feedback

After completing the ride, the user should be redirected to share their feedback about their experience with the e-scooter and app. This feedback will help you improve your user experience.

Admin Panel Features of Electric Scooter App

1. User Management

The admin panel of the application should offer administrative control over the users of the application. With the help of this feature, the admin of the app will be able to track all the details like ride information, how they are using the app, and problems they are facing right now.

2. Management of Rides

The admin will provide a complete overview of all the rides booked using the app. It will also allow the admin to know where the e-scooter is parked.

3. Payment Management

The admin will be able to keep the track of all the payments made on the applications. If there are some cases when payment is not made, then the admin will be notified immediately to initiate suitable action against the rider.

4. Dispute Management

The success of your application greatly depends on the fact how well you communicate with your customers. With this feature, the admin will be able to listen to all the queries of the users and will be able to provide a quick resolution to them.

5. Offer and Promos Management

Offers and promos are the best way to lure riders to your application. The admin panel will have all the information regarding all offers and promos running on the app. They can also remove or add new offers.

How Much Does it Cost to Develop an E Scooter App?

Before having an idea of how much it costs to develop an e-scooter app could lead you to disastrous results. Now as you have all the basic information regarding the e scooter app development, the next thing you think you need to know is cost.

Electric scooter sharing app development cost is determined on the basis of the following factors:

1. Selection of Backend Development

When it comes to the backend development of an online e-scooter sharing app, the mobile app developers have two options. They can either go for Monolithic or Microservices. Which one to choose is subject to your project requirements.
For instance: the Monolithic makes the right choice for small or midsize projects. Since you’re aiming to cover larger audiences using your Lime-like app idea, it is recommended to go for Microservices. However, Microservices will add up your development cost.

2. Choice of the Platforms

In terms of platform, you have two options, either you can go for Android or iOS. With the invention of the cross-platform app development frameworks, you can even develop with a similar codebase for both Android and iOS. If you choose native Android e scooter app development, then you have to pay higher prices than developing native e scooter apps for iOS. If you want to launch your app on both of these platforms then opting for cross-platform app development will be a cost-effective decision.

3. Location of Mobile App Development Company

The location of app development companies will have a significant influence on the cost of development. For instance, if you go for a firm based in the USA, you have to pay higher prices. Hiring mobile app developers from Asian countries like India will be a cost-effective decision and reduce the cost of development to a certain extent.

4. Choice of Features

The selection of the features will add value to the app, but also increase the cost of development. In order to reduce development costs, it is advisable to choose only those features that are essential and avoid adding unnecessary features just for the sake of adding more.

Since all of the above-mentioned factors vary from one project to another project. To get an estimate of development cost, connect with a mobile app development company and share your requirements with them. By analyzing your requirements they will provide you with the estimated cost.

Wrapping Up

The electric scooter market is increasing and creating inspiring revenue opportunities for entrepreneurs. The market is still in the growing stage and there is plenty of room for innovative solutions. All you have to do is partner with the right e scooter app development company and see your vision turning into a million-billion dollar worthy startup. If you are looking to recommend mobile app development companies in India, you can consider checking out ITfirms.

Frequently Asked Questions

1. What are the best e scooter apps in 2022?

• Lime
• Bird
• Spin
• Goat
• Wind Mobility

2. Is starting an online e scooter app startup a profitable business venture in 2022?

Online e scooter app market revenue is expected to reach US$2,888.00m by the year 2022. In the wake of the continuous growth of such startups, it is safe to assume that starting an e-scooter-sharing startup is a profitable business venture in 2022.

The post An Ultimate Guide on E-Scooter App Development like Lime and Cost Breakdown appeared first on Top ITFirms - Result of In-depth Research & Analysis.

Whether it’s Android or iOS or hybrid, every business owner wants to gain maximum output within a set budget they have in hand. App development cost is indeed unsteady. Often, there are additions and subtractions that keep happening to the cost estimated at the start to build the app. Only a few mobile app development companies, who have relevant and vast experience in developing cutting-edge, modern mobile apps have the acumen to estimate the right cost and deliver the project as promised.

Consulting with our mobile app developers, we’ve here broken down the cost of building a mobile app into various parameters stated below.

Mobile App Development cost breakdown- how is the cost calculated?

The size of the app:

The size of the app directly relates to the features that are included in the app. An extra good design with 3-d animations and API integrations result in feature-rich apps. The more features an app includes, the longer it takes to build. A more complex app is high on budget because it calls for a completely customizable design, style kits, advanced tools, multilingual support, localization and more.

Simple and common shopping apps, ticket booking apps, inquiry apps are low-budget.

The number of hours needed to build the app:

The second most important parameter that defines the cost of the mobile app is the number of hours invested. And this time is calculated right after the project agreement and submission of time estimate going up to the final build performed- everything that comes under project development.

In this case, usually a dedicated project model that requires a flat rate based on the company’s estimate is suitable because the hourly model may result in extra costs if the project timelines go beyond the estimate. However, an extended timeline may also befall in the dedicated project model due to various possible reasons like scope change, new features and functionality added or a complete design change.

Unique topographies and custom features:

That’s obvious- any unique creation needs more time and cost than an ordinary one. For any run-of-the-mill app,the cost may be less, generally as expected or the average range decided by the company for the various types of apps. On the contrary, an exquisitely unique solution tailor-made in each phase will vary the cost. It may also require expensive technology bundle and hardware.

For instance, gaming apps like Pokémon Go, iBeacon apps that require a beacon to be installed, IoT apps and apps like WhatsApp, Uber are costlier because along with including the common elements of any similar app, they require creating proprietary technology.

The effort and time required in testing:

Though each app requires attention-to-detail when it comes to testing but the ones with unique features need extensive testing like open/closed beta testing plus the usual QA testing. No wonder, testing significantly contributes to the time and budget estimate as provided by the developers as it may demand back-to-back operations and real-time bug tracking as per user’s feedback.

Mobile platforms and devices supported:

The choice between native and hybrid app brings a substantial cost difference. A native iOS and native Android app are costlier and take more time to build when compared with the cross-platform app development. Native apps are typically better-performing than cross-platform apps. However, with the introduction of new tools like NativeScript and React Native, you can ensure a native-like experience in your hybrid app.

Additionally, the number of devices is also a major concern when you want your app to run the same across all Android or iOS devices. Each platform is different- you will be surprised to know that there are 18,000 different screen sizes and devices in Android. And to ensure your app works well on all of them, you need to give in extra time, which incurs more cost.

Use of Phone Hardware

A location-based app like Uber requires developers to integrate the app with the smart features of your smartphone. To pull features like phone’s GPS, accelerometer, gyroscope, camera, there may be cost insinuations.

Consequently, all the above factors lead to the type of apps we build. Entertainment apps like YouTube, Instagram, Snapchat and complex apps like Amazon are highly interactive and have tons of various innovative features, API integration, using much of phone’s hardware and thus, they are more expensive.

Over to you

We hope that you, as a business owner, must have gained a better understanding of how the cost of the mobile app is fragmented and on what basis app development companies quote their prices.

One smart move that can help you reduce this cost without compromising the quality is outsourcing the work to Indian app development companies– they are relatively cost-effective than western development companies yet offering the most engaging and profitable app products.

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