Developing A Featureful And Cost-effective Payday Lending AppAuthor Earnin clone
There is a famous quote by Mark Twain, which says, ‘The very people that a bank will loan money to is the very people that don’t need it.’ Even though it is a ridiculous quote, it does make sense to some extent, and banks do have a very stringent procedure to be followed in availing loans. Massive interest rates are imposed if the loan is sanctioned, sometimes equal or higher than loan amount in itself. Payday lending apps like Earnin help avoid this gruelling process of availing loans at the bank. Earnin clone script is widely used by many in the market because payday lending apps have enormous needs. 12 million Americans a year take cash out of cash advances on their paycheck. Followed by that, Payday advance apps are popularly used in developing countries like Nigeria, Kenya, and India.
Who uses a payday loan app like Earnin, and how is it used?
- People of all classes and systems use the payday loan app. All that is needed to loan from the payday loan app is a mobile phone and a salary account.
- The user logins and creates an account like every other app. After which the user needs to link their salary account with their profile.
- Users have a loan limit based on their salary. They can request a loan based on that.
- After which the admin receives a notification of the loan request and sanctions it after verifying the user’s account.
- After the loan is approved, the exact loan amount is auto-debited after the salary is credited in the user’s account.
What are the few fundamental reasons for which a personal loan is availed? (According to Loan Lending- USA Market Statistics)
|Reason||Percentage out of overall loans availed|
The advantages of using a payday loan app like Earnin
The simplest way of getting a loan
This is the simplest and easiest way of availing a loan, and unlike getting a loan from a bank, users need not submit a collateral document or an asset for a loan.
No or less rate of interest
Banks do charge a fortune in the name of interest levied upon the loan sanctioned. This is not the case in the Earnin clone apps. The users are charged no interest or sometimes a minimal interest rate in a few instances.
If the user cannot pay back the loan, they can renew it by paying a minimal amount and paying it back after a few weeks. This is not the case in a bank, and the interest rate is gradually added, causing users to take another loan to pay the existing ones.
Easy to track the loan records
All the data of users who have availed the loan and the amount of loan availed, and much more information is saved in the app. This avoids the hassle of undergoing numerous paperwork and maintaining innumerable documents. All the data is simply stored in the app and ready to access for both the users and the lender.
Secure and confidential
Availing a loan through apps like Earnin is secure, and all the transactions are safe and encrypted. It is also safe for the lenders as they can take a look at the user’s profile and then only proceed to lend them a loan based on their authenticated verification.
It is also confidential, the user avails loan through the app by a simple process and total privacy is maintained.
Features of the Earnin clone app in running the business
- A useful dashboard to maintain all the app users and supports the process of granting the loan and keeping track of it.
- The CMS section where the admin can add, delete, or edit the app content as per the business requirements.
- The profile approval activity can be carried out by the admin easily. They can go through the user’s app and look at their authenticated details before sanctioning the loan. The admin has the autonomy to block and report unauthenticated users.
- This benefits the management where the admin can incentivize the user to be an extended user or pay back the personal loan on time without discrepancy.
- Advanced features like user analytics report, AI-powered chatbot, cloud storage integration, multilingual, and multi-currency setup are also set up in the app to increase the app’s efficiency.
How we go about in developing an Earnin clone app
We are one of the best payday lending app development companies in the market. We undergo an organized and structured process in developing the best Earnin clone app for your business.
We plan the Earnin clone app development project by understanding the requirements of your business. We also conduct a competitor analysis and give insights into what you need to integrate into your app to sustain your market position. You can plan the app development process and the features that need to be set up in the app with the app developers.
The UI design of the app is primary and the most vital part of the app development. The UI needs to be simple and easier to engage users, and the logo and theme of the app need to be attractive, which goes without saying. All these requirements should be expressed to the designer, and they will help you design a top-notch UI for your Earnin clone app.
Back end setup
An upgraded and tactful back end is indispensable to maintain all the data and processes taking place in the app. To keep your app running smoothly for a long time, a back end setup needs to be adequately curated and set up. We help curate it with care and arrange the same in the app.
App testing and deployment
Once the app is set up after undergoing the intense development process, the app should be tested, and the bugs and glitches should be rectified. We carry out the same with care, and the app is deployed with great efficiency.
Our Payday lending app development is 100% customizable, highly scalable, budget-friendly. We offer timely app development services and provide app maintenance support, app rejection support, and data privacy. An Earnin clone app is a great asset for your business and to the people who avail loans. There is a quote that says, ‘A small loan makes a debt, a big one an enemy.’ Let your users avail small and secure loans from you and never fall into a huge debt.
Build your Earnin clone now!
Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.