Best Alternatives For MoneyLion In Loan Apps

With the fast forwarding lifestyle and increased inflation loans are turning out to be a popular solution among people. Not just inflation, an unexpected expense or in fulfilling a need, loans are being taken.

So if you are thinking of creating your own loan app it will surely be highly effective due to the current demand. MoneyLion has shown us how offering cash advances can be really effective in gaining a huge consumer base.

In this article, we will discuss 10 of the best alternatives to MoneyLion. These alternatives are quite effective in making a mark as loan apps.

Apart from the 10 apps we will also discuss the factors and features a user looks for in a loan app. So if you are planning on creating a loan app this article will be helpful for you.

What Is MoneyLion And What Does It Offer?

MoneyLion is one of the best examples of loan-providing apps. The app offers a charge-free deposit account that grants a completely free transaction of $250. The app is not limited to only this but is also capable of providing loans up to $250 per pay cycle. 

The app MoneyLion will not only provide you with a loan but also set a repayment date after reviewing your bank account.

Forecasts Regarding Money Lending Apps

Loan-providing apps have become very common in 2022. The industry is growing at a rapid speed- 

• As reported by Grand View Research, the global digital lending platform market is all set to reach $7.04 billion in 2022. 
• As per Globe News Wire, the digital loan platform market is expected to be $22.04 billion by 2028.
• Allied Market Research, has predicted that by 2027 digital money lending market is expected to reach a whopping $20.31 billion.

The expected CAGR from 2022 to 2030 for this industry is 25.9%.

Top 10 Alternative Loan Apps For MoneyLion In 2022

Alternatives for MoneyLion are in huge numbers as the market stats. But we have picked only 10 of them so that you can select from the best options only. Let’s see these apps-

1. Brigit

Brigit is one of the most capable alternatives to MoneyLion. Zuben Mathews is the founder and CEO of Brigit. He founded this app in 2017 only but has made it capable enough to be one of the best loan apps. More than 1.5 million people use Brigit.

Interesting Features Of Brigit-

• Users do not require any minimum credit score to get a loan
• The loan amount can be a maximum of $250 and a minimum of $50
• The Brigit app has its credit monitoring tool
• Brigit offers identity theft protection

Brigit, although it offers a free version, has its premium version as well. Users need to pay $9.99 every month as a subscription fee to gain access to advanced tips and budgeting tools.

Rating- 

• iOS- 4.8
• Android- 4.5

2. Chime

Chime is considered one of the best competitors of MoneyLion. Although it is a banking service provider app it also offers huge benefits compared to a traditional bank. Chris Bitt and Ryan King are the founders of Chime. Chime has a user count of almost 12 million.

Interesting Features Of Chime-

• Users can send money to friends and family with no fee in $2000 monthly limit
• SpotMe feature of Chime let users have a loan of $200 on debit card purchases with no amount
• The app is compatible with both Google Pay and Apple Pay
• Chime has access to more than 60,000 ATMs

Chime is slightly different from any other loan app as it offers a $200 protection amount as overdraft but not an on-demand loan.

Rating-

• iOS- 4.8
• Android- 4.7

3. Empower

Empower is also a loan-providing app similar to MoneyLion. Warren Hogarth and Justin Ammerlaan founded Empower back in 2016.

Interesting Features Of Empower-

• Users can access a loan of up to $250
• Empower offers cashback rewards of up to 10%
• Empower tracks user’s spending
• Empower Autosave helps users in saving

Empower does not need a credit score as it verifies your bank’s details like monthly deposits, spending activities, and other factors before offering a loan.

Rating-

• iOS- 4.7
• Android- 4.6

4. Earnin

If we are talking about alternatives to MoneyLion, mentioning Earnin is compulsory. Ram Palaniappan established the company in 2014 and today it has more than 2.5 million active users.

Interesting Features Of Earnin-

• Earnin is free of charges in certain sections
• Balance Shield Alert informs you when your account balance goes below the specific amount
• Users can get a loan of $100 per day or $500 per pay cycle
• If a user is using the Balance Shield Cash Out feature and his account balance goes below $100 Earnin will send the required amount to make it $100. This will be counted in the loan amount

With the inclusion of interesting features and offerings, Earnin has created itself as one of the top alternative options to MoneyLion.

Rating-

• iOS- 4.7
• Android- 4.4

5. Dave

Dave is a loan offering app that gained popularity from the show named “The Shark Tank”. Mark Cuban, one of the judges of the show, has invested a huge amount of $3 million in the app. The app Dave currently has a user count of 100,000.

Interesting Features Of Dave-

• Dave has its automatic payback option to deduct the amount a user ow from the next deposit
• A free one-month trial is offered to the users before implementing the $1 per month model
• A user can borrow up to $500 from Dave
• In case of an overdraft, the app Dave offers options like $25, $50 and $75 at no interest

A free trial of the features and the overall app let users experience the total performance and process. In this way, the startup has created a name for itself.

Rating-

• iOS- 4.8
• Android- 4.4

6. Klover

Klover is a unique type of loan application. It not only offers a loan but also has a fun activity of asking questions to users and if they answer correctly in return they will get an additional amount. 

Brian Mandelbaum, Dominic Bennet, and Cris Kobayashi are the founders of Klover. The app has had more than 1.5 million users within 3 years since it was founded in 2019.

Interesting Features Of Klover-

• Users can borrow up to $100 in a few minutes
• There are no hidden interests in Klover
• Klover offers cash advances one day before payday
• Klover does not verify credit scores before providing a loan

Although Klover is almost the same as MoneyLion, answering questions to get points and redeem extra cash options makes it unique and effective as well.

Rating-

• iOS- 4.7
• Android- 4.2

7. AfterPay

AfterPay the name itself explains the overall function of the app. Similar to MoneyLion the app also lets users buy first and pay later. Nick Molnar and Anthony Elsen are the founders of AfterPay. Founded in 2014 AfterPay has a user base of more than 16 million in 2022.

Interesting Features Of AfterPay-

• AfterPay lets users borrow $600 at first and then increases the amount with time
• The app has a self-service portal
• AfterPay has a payment fraud prevention feature
• Available as a payment method in many stores across the US

Rating-

• iOS- 4.9
• Android- 4.7

8. Affirm

Affirm is a kind of loan app that can also be used as a marketing app. The app was launched back in 2012. Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell are the founders of Affirm. More than 4.5 million users are using the Affirm app.

Interesting Features Of Affirm-

• Affirm only charges interest on the purchase amount
• A user can take a loan of a maximum of $17,500 at once
• Affirm loans can impact the credit score
• Affirm only offers a refund of the principal amount

Affirm ensures no hidden charges are applied in any way in your purchasing experience. With the high limit of loan amount Affirm is one of the best apps available in the current market.

Rating-

• iOS- 4.9
• Android- 4.7

9. Payactiv

Payactiv is another app that can be counted as an alternative to MoneyLion. Safwan Shah founded the app, Payactiv, back in 2012.

Interesting Features Of PockBox-

• Payactiv can lend up to $500
• A user can gain access to half of his paycheck before payday 
• No hidden charges are present in Payactiv
• Payactiv transfers will be reflected in the user accounts within 48 hours

Payactiv is an app mainly focused on employees and employers. From cash advancements, to offering benefits of other kinds Payactiv is effective and preferred by users.

Rating-

• iOS- 4.8
• Android- 4.4

10. Varo

Varo is one of the most popular yet complex financial platforms. Varo is an official bank app. Varo offers almost all the services including loan and cash advancement services to its customers. More than 4 million accounts are registered in Varo.

Interesting Features Of Varo-

• Varo offers no fee overdrafts up to $50
• No monthly charges are available in Varo
• Withdrawable in more than 55,000 ATMs without any charges
• Varo offers personal loans ranging from $3,000 to $25,000

Varo offers loans at a very lower interest rate than the contemporary options. One can have 3 to 5 years of terms in paying the loan back.

Rating-

• iOS- 4.9
• Android- 4.7

What Are The Factors Users Generally Look For In A Loan App?

• Accountability: Users generally prefer options of a well-reputed app in their search for a loan app. As a loan offering business, you must create a classy reputation and brand identity to gain the trust of users. 

In doing this you need to have a highly functional app. So you need to hire an expert with rich experience in developing such apps. Oyelabs is one of the best app developers having experience across industries and can serve you with quality solutions.

• Speed: Speed in completing the loan process is something a user always prefers. So it is best to have an accurate system in place that will not mess up the speed of the service.

Oyelabs can offer you a fruitful consultation session for presenting the complete process and perfectly fitting your business needs.

• Service: Quality service is always effective in impacting user experience. A user will always trust a company that can provide him equal support afterward as well.  So you need to be attentive in offering satisfactory service to customers before and after equally.

Key Features To Add In Your Money Lending Application

• Smart Calculator: A smart calculator is handy for the end user as well as the businesses. As it will calculate interest, expense and other factors related to the loans automatically. It will save the business time and enrich the customer experience.

Oyelabs is highly skilled in implementing smart tools in software solutions. You can expect to receive a high-end service from our end. 

• CMS Integration: Any service offering to customers requires a proper CSM system. At Oyelabs you can avail of CSM integration services of a high standard. Our teams are well qualified and highly skilled with experience in CSM integration.

• Cloud Storage: As a loan application will surely require user data and storage to store them, cloud storage becomes the only accurate option. Oyelabs has profound experience in completing projects related to cloud storage and maintaining them. We can deliver you world-class cloud storage platforms.

• Security: Security is a serious prospect in loan-related apps. As the service is related to money an increased and improved layer or a whole new pattern of security is essential. 

Oyelabs is more than capable of offering security services in your loan apps. Our top-notch tech stack is loaded with advanced technologies to ensure the proper security.

The Bottom Line

With the fast-forwarding lifestyle, we have developed a habit of implementing digitization in every area. Apps are a prime example of it.

Loan apps or money lending apps are providing us services in a few minutes that will take days or weeks in traditional banking ways.

We can get quick cash advancements or even a personal loan through an app. All these apps have offered unique benefits to their users like pre-payday payment, early access to payment, no fee transfer or an overdraft amount. 

Some apps have a subscription model while some offer a free trial, or have fixed charges for particular transfers. All these models are providing an effective customer experience.

So it is clear through the above-mentioned apps that a simple UI to navigate easily with speed in service is the best combination to make your loan-providing app successful.

FAQs