The Use Case of An Earnin Clone

In a world where digital services and operations are gaining more priority, Earnin Clone is a payday advance application revolutionalizing money lending services through digital platforms. The transition to digitalization was welcomed by financial services quite brazenly. As a result, most service platforms quickly switched to a digital version. 

Payday advance services follow a slightly different model from typical money lending platforms. Both services help the needy get access to a certain amount legally and have the accountability to pay it back within a stipulated period. However, in the case of payday advance applications, the user borrows the money from their upcoming paycheck and pays the sum amount when the salary gets credited. 

For using an Earnin Clone, the user needs to link their paycheck details and salary account details from which the whole transaction will be processed. These services may also provide overdraft protection, budget calculation, bill payment, etc. 

How Does An Earnin Clone Work?

While most businesses had a hard time pulling through the year 2020, during the peak of the COVID-19 pandemic, however, it also urged a mass conversion to the digital medium immediately. As a result, some brands made a swift transition or already had digital services in place, which they needed to revamp a little bit. Others, however, either suffered a great loss and only resumed after the pandemic or perished entirely. 

For an Earnin Clone, things were somewhat hopeful. However, the massive surge in the usage of such platforms and application more than doubled during this period. As a result, the development of such applications also picked up pace. A payday advance application building depends on several factors, and the workflow is the initial point, to begin with. The proper ideation of the workflow decides how the entire layout of the app will seemingly be. 

Step1: Registration

The user initially has to register with the app to use the platform for their requirements. Then, a quick registration process and verification are followed by user profile creation. 

Step2: Profile Verification

The user must enter some personal and professional credentials, which the platform will verify. Personal info includes name, phone number, and similar details. There are also salary account details and other financial detail that needs to be entered. 

Step3: Loan Limit Calculation

An Earnin Clone must be heavily engrossed in automation. The loan limit calculator is an automatic algorithm that helps users know their limit upto which they can apply for lending. The individual’s salary determines this loan limit, and the loan limit stays within the payable amount. 

Step4: Loan Request

Based on the loan limit calculator info, the user can decide whether to request a loan. Although, as mentioned some time ago, the loan amount is based on the upcoming paycheck of the user, the request for a loan is only granted based on the evaluation presented on the calculator. 

Step5: Request Procession

The loan or money lending request is immediately sent to the admin panel of the Earnin Clone. The admin is responsible for making the call. They can decide whether approve the request or decline it altogether. After the approval, the user will receive the amount transferred to their account when the request is processed. 

Step6: Automatic Repayment

The user has to pay the borrowed amount back after a certain time. As a payday advance application, the user borrows the amount from their usual paycheck. The same amount will get deducted automatically when the salary arrives. 

Features On An Earnin Clone

As said before, an Earnin Clone development depends on many factors. While the workflow is certainly the first step in building such a platform yet, other things must be considered. Once you have figured out the workflow, the next thing you can do is set up the features that will be integrated onto the platform. 

Registration/Log In

For any financial service application, registration is a requirement. By registering, the user becomes a part of the app community. For the initial process, they will have present their email i.d or phone number and get it verified by the platform. However, for logging in from the next time onwards, the user just needs to enter the registered number or i.d and a password set up by themselves. 

Profile Creation

Once they are registered, they will be allotted a personal profile. The users are required to fill the profile with relevant info. Apart from basic and personal info, the user must link their salary account with the Earnin Clone. 

Quick Browsing 

After all this hassle of registering and setting up a profile, the user will finally be able to browse through the app. The app has different financial services, out of which the user can choose the option they like. The app will also provide recommendations about investments, budget, and other relevant factors useful to the user.

Lending Limit

Like any financial money lending application, Earnin Clone also has its limits set for users. As a payday advance application, it allows users to take the loan amount from their salary. This is why such an application has a different lending capacity for every user based on their paycheck. 

Automated Repayment

Going with the automatic trend, you can at least have some automated features induced in the modern-day app development procedures. Similarly, a payday advance application has its fair share of automated features, and repayment is one. It is even more crucial because the borrowed amount is deducted from the paycheck in such cases. The user doesn’t have to worry about missing the due date with automated repayment. Instead, if the user deems it fit, they can schedule the payment to be automatically deducted as soon as their paycheck gets credited into their account. 

Pop-Ups

Push notifications, pop-ups, and alerts are important features in an Earnin Clone. These features are used to grab instant attention or call for immediate action. Important information regarding the user account, the app platform, or other relevant info is directly sent to the user using pop-ups, push notifications, and even alerts. The user may have the option to select what notifications they wish to receive. 

Statement Details

Every time the user avails the platform’s services for a transaction, the transaction details are immediately recorded under the app server. Each user is provided with the opportunity to have their transaction details. The statement records are included purely to keep track of all the transactions made by the individual using the application. 

Help Center

As a financial service platform, it is expected for users to have questions, queries, or complaints that they need to be able to convey. For which an Earnin Clone can include a help center. Users can contact the help center whenever they are faced with an issue. They can ask for solutions for some issues, and the help center staff may help them guide them through the solution. 

Credit Board

The credit board contains the credit score of all users. Loan or money lending platforms need to know if the user can deliver the amount back in time. For which they set up credit scores. A regular user will have a credit score based on their punctuality in paying back the borrowed amount. 

Scoring System

As mentioned just now, a user’s credit score is determined by their record. When users pay on time and do not miss deadlines very often, they gain a good credit score. Similarly, when the user is prone to paying late or missing out on due dates, their credit will automatically be set low. The admin of the Earnin Clone can approve the request by checking their credit score, making sure there is not much risk taken. 

Fraud prevention

The app must contain a fraud prevention feature. This feature automatically prevents any fraudulent application or activity on the platform. This is a safety feature for the app to prevent fake records. 

Benefits Of An Earnin Clone For The End-User

The end-user of an Earnin Clone can be benefited from any of its services. Apart from the natural advantages assured by the app services, the application has other benefits stemming from digitalization, globalization, and other similar aspects. Let us look into how a payday advance app can become beneficial to its users. 

Data Confidentiality

From the information provided by the user on the app’s request to the transactional records and every other data is well-guarded. These data are kept secure. Confidentiality has become utterly essentially when it has become rare, and data theft has become quite common. 

Automated Entry

Automation processes have grown far deep-seated roots in mobile app development. An Earnin Clone is no exception. There are many automated features that such an application can add. This will only increase the accuracy and efficiency of the app’s functionality and services. 

No Intermediaries 

As the whole payday advance system is switched to an online option, there remains no need for an intermediary. In the traditional method, there had to be a certain charge required to be paid to the intermediaries. This is also not required in modern-day app platforms. 

Conclusion

Payday advance services are crucial for certain people, and they also provide overall financial support. Earnin Clone app development process is layered, and different factors must be considered. The very intention was to provide knowledge about payday advance app development. Hope the article was useful to your special cause.