Loan Lending Mobile App Development

How easier would it be if you can apply for a loan from your smartphone similar to ordering food online?

Consumers all around the world are indulged and spoiled by online on-demand services. At the same time, they are bogged down in Coronavirus-related confinement. It’s today’s reality that every capitalist should understand and draft a business model accordingly. As cravings for services at hand have gone through the roof, loan lending mobile app development can do wonders for the finance industry.

We all are aware of the surging popularity and usage of mobile banking and payment applications. However, startups like Empower have stepped ahead to help millennials take control and make smarter financial decisions. San Francisco-based Empower is an instant money lending and budgeting app founded by a former Sequoia Capital partner and entrepreneur, Warren Hogarth.

Develop Loan Mobile App Like Empower

About Empower: Instant Cash Advance & Mobile Banking App

Launched in 2017, the app works as a financial aggregator allowing users to connect all their financial accounts on their smartphones. This way, the app tracks users’ spending habits and recommends ways to save money. One of the app’s intelligent features, AutoSave, monitors cash flows and sets extra money aside in the app. The weekly saving goals can be set by users directly from the app.

Despite checking accounts, the app lets eligible members receive up to $250 cash instantly in their bank account. There are no interest charges and late or overdraft fees. Above all, it doesn’t lend money as a loan. Hence, it doesn’t affect your credit score as well. In other words, Hogarth has offered a different kind of bank for tech-savvy next-gen professionals by developing an instant cash advance mobile app like empower.

Now, if your instinct is pushing you to invest in such Instant Cash Loan App Development, hold on to that thought. First, read out this post and take notes where you must do the groundwork. Alternatively, you can be in touch with an on-demand app development company or money lending app development service providers.

How To Start a Money Lending App Like Empower: Fundamentals

Before loan lending app development or any FinTech app development starts, you need to prepare project requirements. Let’s check out the bare necessities of FinTech apps.

Basic financial transactions:

Besides the main functionality, the app should offer features like balance checking, digital payments, mobile deposits, and money transfers.

Security and Authentication:

When learning how to create a money lending app like Empower, app security and authorization come first and foremost. FinTech apps contain extremely sensitive information. As an app owner, it’s your responsibility to make it resilient enough against data breaches, broken authentication, money laundering, and other cloud-based risks. Face recognition, fingerprint, and multi-tiered authorization are some of the way-outs for the same.

Legal compliance:

Next to technical security aspects, you must take into account regulatory compliances. Not to mention, local laws and compliance may vary between states and countries.

Custom Notifications:

Allowing your app users to set their own notifications for money transfer and withdrawal makes the user experience more engaging.

Smart Alert:

To stand out from the crowd, you need to make your app smarter, as Empower does. They monitor users’ transactions and notify them about bill increases, overlooked bills, bank fees, etcetera, and keep them financially informed.

Develop Loan Mobile App Like Empower

How to Develop a Cash Advance & Money Lending App Like Empower?

Now, let’s discuss the development stages and Cost To Develop a Cash Advance and Loan App side-by-side for your better understanding.


Before carrying out your money or loan lending application concept, you need to understand the market first. At the discovery stage, you analyze popular alike apps and their features, paying attention to where they excel and where they fall flat. When we receive a project, we study the concept meticulously and determine how the app should work, the user journey, and what functionality and third-party services are required.

At the end of the stage, you get well-defined functional and non-functional requirements of the project.

Cost: USD 1200 - 2400


It’s the stage where your FinTech mobile app idea gets shaped based on the user flows and functionalities determined during the discovery phase. Keeping business and user requirements at the forefront, we start with low-fidelity wireframing. It includes sketches of a home screen, dashboards, user accounts, and a landing page layout.

After iterating and getting approval on the wireframe, we proceed with turning it into a hi-fi prototype. It consists of a graphical presentation of the product, user interface, color-scheme, and micro-interactions. At last, the approved prototype is being implemented and adjusted to iOS and Android design standards.

Cost: USD 8400 - 16800 (depends on the design complexity level)

Read also: Everything you need to know about the mobile app design process.


You will need to develop an admin panel to admin and regulate all services you offer in the mobile app. It’s generally a web-based administration dashboard for the back-office.

Cost: Starts from USD 9000 (varies depending on the requirements)


At this phase, developers code your app using the technology stack you choose and focusing platforms, Android or iOS. If you have an in-house team and lacks expertise, you can also hire mobile app developers to extend your team. This way, you can complete your loan app development faster.

Cost: USD 8400 - 16800+ (varies depending on the development methodology & technology)


As they say, deployment of your app is just a beginning. To fulfill the app’s purpose, you have to continually learn to improve your app based on the user reviews. You have to promote your app to make your audience use the app and leave feedback.

Cost: Indefinite


When you intend to pioneer something with your idea, you need a custom approach that calls for rigorous expertise. Having all required talent under one roof is quite unlikely. That’s why there are companies like us with multiple engagement models that suit your project requirement. We build well-thought-out app architectures, lively and user-friendly interfaces, and choose the best-suited tech-stack.

We hope the blog has been useful to you. And as for the cost to create a loan lending mobile app, understand how to manage the app development cost variation. In the meantime, connect us to discuss your opinion, app idea, or cost estimation.

blog author - kodytechnolab

Sanjay Kidecha