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How to Create An App Like Dave? Steps | Features | Cost

10 million people use the Dave app for banking, overdraft protection, building credit, and finding side gigs. The importance of the Dave app is increasing since its launch. Thereby, several apps like Dave have come into the market.

If you are also planning to make such an app, an on-demand app development company can help you. But, before you go for any firm, you should study and research everything about the Dave alternatives, app idea, business model, requirements, and business model of Dave app.
Let’s get started!

What Is Dave?

If your phone bill for the month has arrived and you don’t have enough money to pay it, you can use apps to borrow money like Dave. It is the best app that lends a small amount of money to pay bills and other expenses.

Dave was launched in 2017 to avoid costly overdrafts and other fees. It is a popular Fintech app and is backed by big names Mark Cuban and Capital one financial corp. You have to pay no minimum balance fees and overdraft fees using the Dave app.

Moreover, you can build credit and find side gigs. Well, the company was created to fight the fundamentally broken nature of the legacy banking system. It helps Americans every day by providing free overdrafts.

People have to manage and pay bills for various things, and it’s every month or sometimes an everyday process. So, developing apps similar to Dave can be a wise idea to run a business. Many people research meticulously to find the best app idea.

Also Read: 21 Excellent Industry-Based App Ideas For Startups

5 Apps Like Dave in the Market

Many apps provide small cash advances so that you can pay bills and finish other work without waiting for the monthly payment from your office. It means you can take a personal loan from the apps like Dave Reddit.

Besides the Dave app, many other apps give small loans. You can check out the best money lending apps like Dave in the space below.

1. 1. PockBox
   2. Earnin
   3. LoanSolo
   4. Branch
   5. Brigit

Let’s know about each application in the detail below.

• PockBox

  You can move to this app for quick cash delivery. It is one of the best examples of lending apps like Dave. It connects the short-term lenders that can provide up to $2500 to the borrowers. After filling out a form, you can get money based on the credit situation.

• Earnin

  It is one of the advanced apps like Dave. You can receive money from this app depending on the number of hours you already work. Earnin provides $100 cash out per day or up to $500 cash out per day period. Likewise, this app doesn’t charge subscribers a subscription fee. Moreover, you will not find the tipping system in this app. You can get the amount you borrowed within the day into your account.

• LoanSolo

  The LoanSolo app connects the lenders with the users. You can get the cash delivered to your bank account without any hassles. You can get up to $10000 for payday cash. In case of a personal loan, you can get up to $3000.

• Branch

  You can manage the work by switching shifts, chatting with co-workers, and tracking the hours to know how long the workers work. Moreover, the app provides a $5000 per day period of $150 per day based on the hours you work. It renders the same flexibility and speed as the Dave app.

• Brigit

  Users can get a decent cash-out amount starting from $9.99 to $250 a month. However, getting the amount from Brigit is not as simple as Dave’s. It is because Brigit analyzes customers’ accounts and makes predictions about your spending habits. Moreover, it screens its potential subscribers strictly before lending money.

  So, these are the Dave-like Apps. Numerous people use these applications to overcome their financial barriers.

People also like to know: How to hire Dedicated Developers to Develop an App like Careem?

Crucial Features of the Apps Like Dave

You can check out the features of the apps like Dave and know which ones to incorporate into your app. This analysis will help you to inform your app developers which features and functions you want in the app.

I have highlighted some important features of pay advance apps like Dave in the space below.

1. Repayment
2. Set Date
3. Spending Account
4. Side Hustle
5. Credit Building
6. Budgeting
7. Cash Management Account

Have a look at them and know their importance.

• Repayment

  You can pay the advance manually or link your bank account to pay automatically. But you have to set the date for the automatic payment. However, some instant money apps like Dave check your balance to avoid overdraft.

• Set Date

  You can set a date of repayment as per your convenience. Dave doesn’t charge a late fee, but it will let you borrow more money until you pay the previous one. A loan app like Dave makes your life stress-free by providing you with a small amount of money.

• Spending Account

  As the name implies, this account holds the details about your transactions like making payments and transferring money between bank accounts. There is no need to maintain the minimum amount in this account. Even Dave provides you with a debit card if you open an account.

• Side Hustle

  You can find flexible work to earn extra money using the Side Hustle feature of the Dave app. It provides you with work like food delivery, rideshare, and often the Work From Home options.

• Credit Building

  Loan apps like Dave have a credit building feature in which it checks your timely payment. If you fail to make repayment on time, it can hurt your credit score.

• Budgeting

  Dave has a budgeting feature through which it tracks your income and warns you of the risk of overdrawing. It tracks your spending to make you aware of running out of money.

• Cash Management Account

  This feature behaves like an online checking account. If you choose Dave banking, you can receive a visa debit card and get access to up to $32000 fee-free ATMs. Moreover, you will not have to pay any type of overdraft fee.

How to Develop an App Like Dave? 5 Steps

Do you want to create the best app like Dave or even better than this? You must know some important points. To create an app like Dave, you will have to learn to code and use suitable technologies.

If you are not a non-technical person but want an app similar to Dave, professional app developers can help you. Have a look at the points below to have an idea of how to create a Dave app alternative.

1. Understand the Requirements
2. Decide on the Tech Stack
3. Create UI/UX Designs
4. Develop the App
5. Test the App

Let’s explore each point for better understanding.

• Understand the Requirements

  When you start to create an app, you have to focus on many things. Find who is your target audience or which type of people would need to borrow money through your app. If you know the target audience, you can create an engaging app.

  In addition, check other apps like dave to decide on the best features for your fintech app. If you understand the requirements effectively, you can move to the next step.

• Decide on the Tech Stack

  Which programming language, tools, and frameworks will you use for the development of payday loan apps like Dave? Moreover, decide on the type of development platform because many technologies depend on the platform.

  If you develop a cross-platform app, you can reach a wider audience. Moreover, you can choose hybrid apps for your business.

• Create UI/UX Designs

  Before the actual development begins, you need to work on the designs of the app. For this, analyze the app development trends and use emerging technologies. It makes the app an impressive, robust, and cutting-edge product.

  You will have to hire experienced front-end and back-end developers to work on your app designs and functions.

• Develop the App

  Now begins the core development process occurs. It allows communication between the database and the application. Back-end developers work on servers, and app functions, and control what you can’t see.

• Hire an Agency

  If you don’t want to take the tension of development and manage various things, you can simply hire an on-demand app development company. Here you get a professional for each task of your app. So, you will not have to hire them separately. Moreover, you can get quality solutions on time.

  These are only a few important points to developing an app like Dave. However, app development includes many other steps as well.

Also Read: How to Create an App from Scratch in 2022?

Business Model of Dave Application

Dave app is available for Android and iOS users. They can use the app not only to borrow money but also to find side hustles. But how does Dave make money? 

If you are planning to create money borrowing apps like Dave, you need to understand how you can make money through your app. For this, have a look at the business model of the Dave app.

1. Membership Fees
2. Donations
3. Interchange Fees
4. Side Hustle
5. Cash Advance Fees

Read about each revenue-generating model in the space below.

• Membership Fees

  You can use the money app to pay your dues before the month-end with just a minimal amount of $1 as membership fees. You can get protection against cash advances, automatic budgeting tools, access to gig-related jobs, and more. The app uses the fees to connect the banks with the users’ accounts to send alerts about low balances.

• Donations

  Cash apps like Dave earn through donations or tips. It uses behavioral psychology to encourage donations. Dave claims that it plants trees from the money it receives as a tip from customers. Many people use the Dave app and make the most used fintech app in the USA.

• Interchange Fees

  When you purchase with your branded debit card, the merchant pays an interchange fee to the card issuer or the app owner. So, Dave gest the portion of this interchange fee as a card issuer. This is one of the crucial business models of money-borrowing apps like Dave.

• Side Hustle

  Dave helps the users to find a part-time job as per their time. It is also beneficial for the Dave app too because it can hook more users. This app earns money from referral fees. Likewise, companies give an amount to the app because it gets employees through it.

• Cash Advance Fees

  Dave accesses the financial health of the customers and then provides them with cash advances. It helps to decide how much the customer can pay without risking the overdraft fee. If you are eligible, you can get up to $100 within 3 days of applying. Moreover, Dave charges an express fee, if you need money within eight hours.

Cost to Development an App Like Dave

It is difficult to determine the cost of your app by just knowing the idea. Because several factors affect the cost of app development. However, I can tell you the estimated cost of building a loan app like Dave.

Generally, the Fintech app cost is around $30,000-$120,000. The range is wide because different enterprises need different features and functions in their apps according to their businesses.

If you want a basic Dave alternative, the cost of app development can be around $30,000-$55,000. But if you want a customized application, the price can be somewhere between $30,000-$70,000. Moreover, an app containing advanced and customized features can cost you over $120,000 or more. 

But, these are estimated prices. You can know about the exact price from the experts of Technource free of cost. Moreover, if you want sites like Dave instead of an app for your business, then also Technource helps.

Frequently Asked Questions

If you still have some doubts, check out the FAQs in the space below.

How long does it take to build an app like Dave?

App building is a long process because it includes various stages. Generally, an app like Dave can be developed within 4-12 months.

How do apps like Dave make money?

Apps like Dave make money through the below ways.

• Membership
• Cash advanced fees
• Side hustle
• Donations
• Interchange fees and more

How to hire app developers for the project?

To hire the right app developers for your project, analyze your requirements properly, and check the portfolio of the developers and company. Know which technologies they work with, and which projects they have worked on. And don’t forget to compare the prices to find the best deal.

What are the important features of the Dave app?

Dave app offers many services thus, it includes several features. Some of the important ones are highlighted below.

• Repayment
• Credit score building
• Tip yourself
• Budgeting
• Side hustles

Do you provide support to the app after completing it?

Yes, we do. Our professional developers provide maintenance and support services to your app in which they fix all the problems in the app. They analyze the issues and fix them with their programming skills in a short time.