15 Apps Like MoneyLion | Development Process & Features

In today’s digital age, managing personal finances has become more accessible and efficient thanks to the rise of innovative financial technology (FinTech) apps. MoneyLion is a standout in this arena, offering a comprehensive suite of services that include budgeting tools, credit monitoring, personal loans, and investment options. However, MoneyLion is not the only player in this space. Numerous other apps like moneylion are making waves by providing similar—and in some cases, unique—features to help users take control of their financial lives.

In this blog, we will explore 15 remarkable apps like MoneyLion that are transforming how we handle our finances. From all-in-one financial platforms to specialized services focused on credit improvement or investment, these apps are designed to cater to diverse financial needs and goals. Whether you’re looking to save more effectively, monitor your credit score, secure a loan, or start investing, this guide will introduce you to a variety of FinTech solutions that can help you achieve financial empowerment. Join us as we navigate through these innovative apps, each offering its own approach to making financial management smarter and more accessible.

What is MoneyLion App

MoneyLion is a mobile app designed to be your one-stop shop for managing your finances. Through their RoarMoney℠ account, you can get your paycheck early, spend with a debit card, and potentially earn rewards. They also offer cash advances for unexpected expenses. If you’re looking to grow your money, MoneyLion allows you to invest in a managed portfolio.  They even have a rewards program that gives you cashback for everyday activities. MoneyLion could be a useful tool for budgeting, borrowing small amounts, and jumpstarting your investments.  Just be sure to understand any fees involved before signing up.

When Apps Like MoneyLion Works

Apps like MoneyLion act like a financial buffer for those times when you need a little extra cash before payday. They work by offering you a small short-term loan, typically up to $250, deposited directly into your linked bank account. This helps you cover unexpected expenses until your next paycheck. Repayment is usually set for your next payday, with the app automatically deducting the advance amount plus any fees from your linked account on that date.

You can usually also make a manual repayment earlier through the app itself.  Qualifying for these advances is often straightforward; you just need an active checking account with regular deposits and a history of maintaining a positive balance. Remember, these are meant for temporary situations and not a long-term fix.  Be sure to understand any fees involved as they can add up quickly.

Is it Worth To Download Apps Like Moneylion

Whether or not downloading MoneyLion (or similar apps like Moneylion) is worth it depends on your financial situation and goals. Here’s a breakdown to help you decide:

a. Benefits:

• Safety Net: Cash advances can be a helpful buffer for unexpected expenses, like car repairs or medical bills, keeping you from high-interest payday loans.
• Improved Budgeting: MoneyLion offers budgeting tools and features like early access to your paycheck, which can help you manage your cash flow better.
• Building Credit: Some MoneyLion features, like their credit-building tool, can be helpful if you’re looking to improve your credit score.

b. Drawbacks:

• Fees: Cash advance apps typically charge fees, which can add up if you use them frequently. Be sure to understand the fee structure before using the app.
• Temptation to Overspend: Easy access to cash advances can lead to overspending and a cycle of debt if not managed responsibly.
• Not a Long-Term Solution: Cash advances are meant for temporary situations, not a substitute for a solid budget or emergency fund.

15 Popular Apps Like Moneylion

In addition to MoneyLion, there are many other apps that offer similar features like mobile banking, cash advances, and budgeting tools. Here are 15 popular apps like Moneylion options to consider:

1. Chime

Chime is an online banking platform that offers a modern, user-friendly banking experience with no hidden fees. It includes features such as early direct deposit, automatic savings, and real-time transaction alerts.

Best Features:

• Early direct deposit: Access your paycheck up to two days early.
• Automatic savings: Automatically save a percentage of each paycheck.
• No fees: No monthly fees, overdraft fees, or minimum balance requirements.

Website: Chime

2. Current

Current is a mobile banking app designed for fast, flexible banking. It offers features such as early direct deposit, instant spending notifications, and budgeting tools to help manage your finances efficiently.

Best Features:

• Early direct deposit: Get paid up to two days early.
• Instant notifications: Real-time updates on all transactions.
• Budgeting tools: Track spending and set savings goals.

Website: Current

3. Varo

Varo provides comprehensive online banking services, including high-yield savings accounts, cash advances, and tools for budgeting and tracking expenses, all with no monthly fees.

Best Features:

• High-yield savings: Competitive interest rates to grow your savings.
• No fees: No monthly fees, overdraft fees, or minimum balance requirements.
• Cash advances: Access up to $100 in cash advances.

Website: Varo

4. Dave

Dave offers small cash advances to help users avoid overdraft fees and covers unexpected expenses. It also provides budgeting tools and opportunities to earn extra income through side gigs.

Best Features:

• Cash advances: Borrow up to $100 with no interest.
• Budgeting tools: Track expenses and manage your budget.
• Side gigs: Find opportunities to earn extra income.

Website: Dave

5. Brigit

Brigit provides financial tools to help manage your money and avoid overdrafts. It offers cash advances, budgeting assistance, and financial health tips to improve your overall financial well-being.

Best Features:

• Cash advances: Access up to $250 instantly with no interest.
• Budgeting assistance: Track expenses and create a budget.
• Financial health tips: Personalized tips to improve financial health.

Website: Brigit

6. Albert

Albert is a financial app that offers personalized financial advice, budgeting tools, and cash advances. Albert’s team of financial experts (called “geniuses”) can help you make smart financial decisions.

Best Features:

• Cash advances: Get up to $250 with Albert Instant.
• Financial advice: Access to financial experts for personalized advice.
• Budgeting tools: Automated budget tracking and insights.

Website: Albert

7. Earnin

Earnin allows users to access their earned wages before payday, helping to avoid overdrafts and high-interest payday loans. It also includes features like Balance Shield to prevent overdrafts.

Best Features:

• Early wage access: Get paid as you earn with no fees.
• Balance Shield: Automatic notifications and cash infusions to prevent overdrafts.
• Tip-based service: No mandatory fees; users tip what they think is fair.

Website: Earnin

8. SoFi

SoFi is a comprehensive financial platform offering various services, including personal loans, student loan refinancing, investment products, and personal finance tools to help manage and grow your wealth.

Best Features:

• Personal loans: Competitive rates and flexible terms.
• Investment products: Access to a range of investment options, including fractional shares.
• Member benefits: Career coaching, financial planning, and exclusive events.

Website: SoFi

9. Digit

Digit helps users save money automatically by analyzing their spending habits and moving small amounts into a savings account. It also offers tools for investing and retirement planning.

Best Features:

• Automatic savings: Saves small amounts based on your spending patterns.
• Investing: Invest in portfolios tailored to your risk level.
• Retirement planning: Set up and contribute to a retirement account.

Website: Digit

10. Tally

Tally helps users manage and pay off credit card debt more effectively by offering a line of credit with a lower interest rate and consolidating credit card payments into one monthly payment.

Best Features:

• Debt management: Consolidate and pay off credit card debt.
• Lower interest rates: Save on interest payments with Tally’s line of credit.
• Automated payments: Ensure on-time payments to avoid fees and penalties.

Website: Tally

11. Self

Self provides credit-building loans designed to help users improve their credit scores while saving money. Monthly payments are reported to credit bureaus, and users receive the loan amount back at the end of the term.

Best Features:

• Credit-building loans: Improve your credit score with regular payments.
• Savings: Receive the loan amount back after the term.
• Credit monitoring: Track your credit score progress.

Website: Self

12. Cleo

Cleo is an AI-powered chatbot that helps users manage their finances through budgeting, saving, and spending insights. It also offers cash advances and personalized financial advice.

Best Features:

• AI-powered insights: Personalized advice and insights on spending.
• Cash advances: Borrow up to $100 interest-free.
• Budgeting tools: Create and manage a budget with Cleo’s assistance.

Website: Cleo

13. Simple

Simple was a banking app that offered no-fee banking services and robust budgeting tools. Though it has been shut down, similar features are available through other apps listed here.

Best Features:

• Fee-free banking: No monthly fees or minimum balances.
• Budgeting tools: Envelopes and goals to manage spending and save.
• Real-time notifications: Instant updates on transactions.

Website: Simple has been shut down, but former users can find similar services at BBVA or other apps listed here.

14. Aspiration

Aspiration offers banking services that prioritize social and environmental impact, including cash management accounts, debit cards, and sustainable investment options.

Best Features:

• Socially-conscious banking: Align your banking with your values.
• Cash management: High-interest accounts with no hidden fees.
• Sustainable investments: Investment options that focus on sustainability.

Website: Aspiration

15. Stash

Stash is an investment app that makes it easy for anyone to start investing with small amounts of money. It offers fractional shares, personalized advice, and banking services.

Best Features:

• Fractional shares: Invest in stocks with as little as $1.
• Personalized advice: Investment recommendations based on your goals.
• Banking services: Access to banking accounts and a debit card.

Website: Stash

Also Read: Develop Delivery Apps Like Dunzo

How To Develop Apps Like MoneyLion

Developing an app like MoneyLion involves several critical steps, each requiring careful planning and execution. Here are the key points to consider:

1. Market Research & Concept Validation

Begin with thorough market research to understand the financial technology landscape. Identify your target audience, their needs, and the existing solutions. Validate your concept by gathering feedback from potential users to ensure there’s a demand for your app.

2. Define Core Features and Services

Outline the core features and services your app will offer. For a MoneyLion-like app, this may include personal finance management, credit building, loans, investment options, and rewards programs. Prioritize features based on user demand and competitive analysis.

3. Regulatory Compliance and Security

Financial apps must comply with relevant regulations and ensure robust security measures. Understand the legal requirements for financial services in your target markets, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. Implement strong encryption, secure data storage, and privacy protections to safeguard user information.

4. Choose the Right Technology Stack

Select a technology stack that supports your app’s requirements and future scalability. Common choices include backend technologies like Node.js, Python, or Java, and frontend frameworks such as React Native or Flutter for cross-platform development. Ensure the stack is capable of handling high transaction volumes securely.

5. Design UX and UI

Design an intuitive and user-friendly interface that enhances user engagement and retention. Focus on a seamless user experience, easy navigation, and accessibility. Use prototypes and wireframes to visualize the app flow and gather feedback before finalizing the design.

6. Develop & Integrate Core Functionalities

Start the development process by building and integrating the core functionalities. This includes setting up user accounts, implementing financial transactions, integrating third-party financial services (like Plaid or Stripe), and ensuring real-time data synchronization. Follow agile methodologies to manage the development process efficiently.

7. Test Rigorously

Conduct extensive testing to identify and fix bugs, ensure security, and validate the app’s performance. Use automated testing tools for regression testing and manual testing for user experience assessment. Testing should cover functional, security, performance, and usability aspects.

8. Launch and Marketing Strategy

Prepare for the app launch by devising a comprehensive marketing strategy. Utilize social media, content marketing, partnerships, and paid advertising to reach your target audience. Create a buzz around your app’s launch with press releases and influencer endorsements.

9. Gather User Feedback and Iterate

After launching, continuously gather user feedback to understand their needs and pain points. Use this feedback to iterate on your app, adding new features, improving existing ones, and fixing any issues. Regular updates and enhancements will help keep your app relevant and competitive.

10. Plan for Scale and Future Growth

Ensure your app is built to scale as your user base grows. Plan for future enhancements, such as integrating new financial products or expanding to new markets. Monitor industry trends and technological advancements to keep your app ahead of the curve.

Must Have Feature in Apps Like MoneyLion

Apps like MoneyLion, which focus on personal finance management, must include several key features to provide a comprehensive and competitive service. Here are the essential features:

1. Personal Finance Management

A robust personal finance management tool helps users track their income, expenses, and savings. This includes budgeting tools, spending insights, and personalized financial advice to help users make informed financial decisions.

2. Credit Monitoring and Building

Offer features that allow users to monitor their credit scores and receive updates on changes. Provide tools and resources for credit building, such as secured credit cards, credit score simulations, and personalized tips for improving credit health.

3. Cash Advances and Loans

Enable users to access small, short-term loans or cash advances quickly. This feature should include transparent terms, low or no interest rates, and easy repayment options to help users manage short-term cash flow issues without falling into debt traps.

4. Investment Options

Integrate investment services that allow users to grow their wealth. This can include robo-advisors, managed investment portfolios, and access to various financial markets. Provide educational resources to help users understand investment options and strategies.

5. Rewards and Cashback Programs

Incorporate rewards and cashback programs to incentivize user engagement and spending. This can include cashback on purchases, rewards for meeting savings goals, and bonuses for referring friends to the app.

6. Savings Tools

Offer automated savings tools that help users set and achieve savings goals. Features like round-up savings (where purchases are rounded up to the nearest dollar and the difference is saved) and high-yield savings accounts can encourage regular saving habits.

7. Bill Payment and Management

Provide a centralized platform for users to manage and pay their bills. This includes reminders for due dates, the ability to set up automatic payments, and tracking of past payments to avoid late fees and improve financial organization.

8. Financial Education and Resources

Include a library of educational content, such as articles, videos, and tutorials on various financial topics. This can help users improve their financial literacy and make more informed decisions about managing their money.

9. Customer Support

Ensure that users have access to reliable customer support through multiple channels, such as chat, email, and phone. Provide quick and effective assistance to resolve issues and answer questions.

10. Security Features

Implement strong security measures to protect user data and financial information. This includes multi-factor authentication, encryption, secure data storage, and regular security audits to maintain user trust and comply with regulatory standards.

11. User-Friendly Interface

Design a user-friendly and intuitive interface that makes it easy for users to navigate the app and access its features. A clean and responsive design enhances user experience and encourages regular use of the app.

12. Transaction Notifications & Alerts

Offer real-time notifications and alerts for transactions, account activity, and important updates. This helps users stay informed about their financial status and quickly identify any unauthorized activity.

How much does it cost to build an apps like Moneylion?

The exact cost of building an app like MoneyLion can vary depending on several factors,

Here’s a ballpark range:

Simple app with basic features: $20,000 – $30,000

More complex app with features like MoneyLion: $30,000+

Choose WDP Technologies To Develop apps like Moneylion?

Choosing WDP Technologies to develop an app like MoneyLion is a strategic decision for leveraging their expertise in fintech solutions. With a strong track record in delivering high-quality, secure, and scalable financial applications, WDP Technologies offers comprehensive app development services that include market research, UX/UI design, backend development, integration of financial services, and rigorous testing. Their team is proficient in the latest technologies and regulatory compliance, ensuring the app is not only feature-rich but also adheres to industry standards for security and user data protection. This makes WDP Technologies an ideal partner for creating a competitive and user-friendly financial app.

Conclusion

Choosing the right app for you depends on your specific needs. Consider factors like how much money you need to advance, any fees involved, and the features that are most important to you. Also developing an app like MoneyLion requires meticulous planning, a deep understanding of the financial technology landscape, and a commitment to delivering a secure, user-friendly experience. By incorporating essential features such as personal finance management, credit monitoring, cash advances, investment options, and robust security measures, you can create a comprehensive financial tool that meets the diverse needs of users.