Availing a loan has always been a strenuous process and needs a lot of hassling to do. The evolution of technology and mobile applications has made our lives much easier to get all our services catered instantly without trouble. The same goes for availing a loan nowadays with the help of a cash advance app.
The cash advance app development process works by which the app has all the necessary features where the user can borrow, and payback after their paycheck is generated. This can also be addressed as payday advance app development. More than a loan, this can be considered as receiving your earned money in advance and paying back after receiving the salary.
Availing loans can also need you to put many of your properties at risk in the form of collateral.
Benefits of using a cash advance app
- The requested loan is sanctioned within a day or less from request.
- There are no extra charges in the form of commission or interest imposed; users can pay back the same amount that they borrowed.
- It is a let out for those with poor credit scores because a good credit score is not a mandatory requirement for loans from one of these apps.
- The users also get additional benefits like overdraft protection. The app offers a segment where financial tips and money management is elucidated.
- The app provides 24×7 financial service solutions.
Parameters to be maintained in running a cash advance app
- The money transaction process should be end-to-end encrypted and safe
- The customers should be ensured about their safety of the salary account.
- The users should be checked for authentication of themselves and their salary account.
- There should be a minimal and maximum loan limit that the user can avail depending on their paycheck
- The loan will be auto-deducted once the salary is credited to the user’s account, and the same should be intimated to the users.
How does it work?
- Users can create a profile by logging in with their credentials. The need to set up their profile by adding on information like their salary amount, payday, bank details, and much more.
- There is a limit for the loan that can be availed depending on the salary of the user. The users can check on the maximum limit of credit that they can borrow.
- The users can request the amount of loan they want after they have updated all their necessary and authenticated information.
- The request is notified to the admin. After receiving the application, the admin cross checks the user’s profile and generates them the loan based on the limit that can be sanctioned to them
- After verification, the loan amount that was requested by the user is transferred to their account.
- The loan/ cash that was availed is auto deducted from the user account and credited to the admin after the paycheck is generated for the month.
Few necessary features to be integrated into the app during cash advance app development
User Signup / Login
The users can log in using their credentials and can create a profile.
Social Media Integration
The users can also register using their social media accounts, which is the hassle-free and easy registration process.
One time password is generated and is sent to users via email or SMS to confirm the credibility of their contact details.
Users can create and update all the information in their profiles with details like name, contact number, salary information, and other necessary information.
Users can upload the necessary documents that are required for confirmation of their identity. After which they will be verified for authentication.
Link Bank Accounts
With details such as bank statements and account details, users can link their bank account with their app.
Lending Amount Calculator
Based on the details provided, users are provided with the cash limit they can use as advance cash.
All the transaction details and loan history are saved in this column of the app and is ready for access anytime they want.
Automated invoices are generated after processing each transaction, which is purely for the user’s preference.
The in-app digital wallet enables users to pay back their loans with ease.
Payment Gateway Integration
There are secure payment gateways integrated with the app, and the users can pay the loan by using it as well.
The users are notified of the upcoming payments, new feature integration, app updates, and much more.
There is a separate column in the app where the users are provided with smart tips to cut down unnecessary expenses. They are also given investment advice for better financial maintenance.
The users are free to use the help center services free of cost and are available , at 24×7 service.
A good cash advance app development company should provide cross-platform compatibility, lending limit calculator, multiple payment gateway integrations, advanced analytics and reports, reliable and scalable functionality, regulation compliance in the admin panel.
The cost of the cash advance software development depends on the business model and objectives. The elements like features and functionalities to integrate, develop team size and the time needed are also few parameters to consider. A cash advance app is a pivotal need for the workforce. Given the times’ uncertainty, there are sudden medical expenses, and much more, these apps are a boon in these times of distress.