3 best React Native alternatives for building mobile loan apps 

Mobile loan apps are part of the foundation for consumer credit, providing easy access to funds for many individuals. Despite challenges surrounding their mode of operation, especially with debt recovery, loan apps are important for the informal economy. They provide quick and easy loans, helping people access credit without relying on traditional banks.

In the world of mobile app development, there are several tools and frameworks available, and React Native stands out for its versatility. This framework allows developers to create high-quality apps that work smoothly on both Android and iOS platforms, making it a practical choice for reaching a wide audience.

A brief overview of mobile app development 

Let’s dive into some background history. Initially, mobile app developers built using native code—Objective-C for Apple and Kotlin for Android. Kotlin, a multi-platform language, allows for code that runs on various platforms, including Android, iOS, web, and server. Objective-C, however, is known for producing excellent results and is primarily for Apple’s iOS and macOS.

As time went on, developers soon realized that maintaining two separate codebases for different operating systems was inefficient. This birthed the rise of hybrid platforms like Ionic, React Native, and Xamarin (a Microsoft product). 

Among these, React Native, created and open-sourced by Facebook, emerged as the leading hybrid platform for mobile app development.

These days, using a hybrid platform like React Native is a no-brainer unless you’re developing a game. It has become the standard for efficient and effective mobile app development. 

At Lendsqr, one of the many ways we meet our customers’ mobile loan app needs worldwide is through React Native.

3 React Native alternatives for mobile loan apps

Now that we’ve covered the history, let’s explore three other highly recommended alternatives to React Native.

Kotlin

Kotlin is an open-source programming language designed for the Java Virtual Machine (JVM). It was developed by JetBrains, starting in 2010, and became open-source in 2012. The first stable version, 1.0, was released in 2016. A few years later, Google announced that Kotlin is the preferred language for Android development.

As a digital lender aiming to build a highly optimized mobile loan app for a single operating system, consider your target market. 

Suppose your lending model focuses on mass markets in developing countries like Nigeria or India, where Android is predominant. You may want to build your app using a native platform like Kotlin, specifically for Android devices. Conversely, if you’re targeting more developed countries like the USA or the UK, where iOS devices are more common, you could opt for a native platform like Objective-C for iOS development.

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Advantages of Kotlin to mobile loan app development 

Multi-platform capabilities: Although primarily used for Android development, Kotlin can be used to share code across multiple platforms, including iOS, web, and server. This flexibility allows digital lenders to expand their services across different platforms with minimal additional (or financial) effort.

Concise and expressive syntax: Kotlin’s concise syntax reduces boilerplate code, making the codebase more readable and maintainable. This leads to faster development cycles and easier code reviews, which is important for quickly rolling out updates and new features in a market as competitive as lending.

Safety features: Kotlin’s strong type system and null safety features help prevent common programming errors, reduce runtime crashes, and improve the stability and reliability of a lender’s loan apps.

Disadvantages of Kotlin to mobile loan app development

Less Kotlin professionals to recruit: Despite Kotlin’s high relevance, only a few programmers are currently skilled in this field. It’s clear that any digital lender wanting to build their loan app with Kotlin must first scale the hurdle of finding experts who can use it.

Tooling and IDE support: Although major IDEs support Kotlin, the tooling is not as mature or extensive as it is for Java, potentially leading to productivity issues and debugging challenges.

Backward compatibility: Kotlin might introduce features or changes that are not backwards compatible with older versions of Android. This can be problematic for a mobile loan app that needs to support a wide range of devices, including those running older operating systems.

Flutter

Flutter is an open-source user interface (UI) software development kit (SDK) created to give developers an effective tool for building cross-platform applications. It supports multiple operating systems, such as Android, iOS, web browsers, Linux, macOS, and Windows. 

Introduced in 2015, it gained significant attention when Google launched its first commercial Flutter app in 2017.

As a digital lender hoping to build an accessible mobile loan app, Flutter is a strong competitor for React Native. It enables the development of a consistent and high-performance user experience across various devices, ensuring that your loan apps are accessible and efficient.

Incorporating Flutter into your app development strategy can also help with cost savings. Using a single codebase for multiple platforms can reduce the need for separate development and maintenance efforts.

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Advantages of Flutter to mobile loan app development

Single codebase for multiple platforms: Flutter allows developers to write one codebase that works on Android and iOS, reducing development time and costs. This is especially useful for digital lenders looking to launch their apps quickly across multiple platforms.

Fast development: Flutter’s hot reload feature lets developers see code changes almost instantly on the app screen. This greatly accelerates the development process, enabling quick experimentation, iteration, and bug fixing, leading to shorter development cycles.

Faster time-to-market: Flutter’s significant benefit is its capability to speed up the development and launch of mobile apps. With Flutter, lenders can create applications for multiple platforms from a unified codebase, eliminating the necessity of developing separate codebases for Android and iOS.

Disadvantages of Flutter to mobile loan app development

Large file sizes: One big loophole that can’t be ignored is the large file size of apps developed in Flutter. Now, in some cases, these file sizes could be a significant issue and cause a lender to choose an alternative tool for the development.

Learning curve: Developers unfamiliar with Dart, the programming language utilized by Flutter, may face a learning curve. Transitioning from Java/Kotlin for Android or Swift/Objective-C for iOS to Dart can be challenging and time-consuming for those already proficient in these languages.

Platform updates: Regular updates are rolled out for Android and iOS platforms, and Flutter must adjust accordingly. Occasionally, there might be a lag in its adoption of new platform features, which could pose challenges for app maintenance.

Progressive Web App (PWA)

Progressive web apps (PWAs) blend the best features of native apps and mobile web apps. Introduced by Google, eagerly approved by Microsoft, and reluctantly adopted by Apple, PWAs have gained popularity among global tech companies. 

According to Google, PWAs offer the responsiveness of a website and the offline capabilities of a platform app. Developed with HTML, CSS, and JavaScript, they are easier and cheaper to create and maintain than native apps. 

PWAs aren’t installed on the user’s device but are accessed via a web browser or a desktop shortcut, essentially serving as a shortcut to an HTML web-based application. They provide a seamless user experience with faster loading times, improved performance, and offline functionality for some. Best of all, conventional mobile apps need installing and updating. PWAs don’t, and that’s because they run within the user’s web browser.

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Advantages of PWAs to mobile loan app development

Offline access: Progressive Web Apps (PWAs) offer offline access capabilities, allowing your customers to continue using the app even without an active internet connection. This offline capability enhances user experience by ensuring uninterrupted access to key features.

Cheaper alternative: One advantage of developing progressive web apps (PWAs) is cost-effectiveness. PWAs are more affordable to develop than native apps, which demand specific technologies, resources, and longer development times, making them inherently more expensive.

Ease of maintenance: Progressive web applications update automatically from the cloud, so users don’t need to update them manually. They can be accessed via a URL link instead of being downloaded from app stores or constantly upgraded. PWAs also adapt to different devices without requiring specific OS development.

Disadvantages of PWAs to mobile loan app development

Incomplete support: Progressive web applications (PWAs) are typically functional on most modern browsers, but older versions may encounter limitations. Additionally, the availability of features varies across different browsers; for instance, Chrome, supported by Google, often offers broader functionalities than others.

Limited app store presence: PWAs cannot be listed on traditional app stores like the App Store or Google Play Store. This limitation reduces their discoverability and visibility to users searching for apps through these platforms. As a result, PWAs may struggle with app discoverability and reaching a broader audience accustomed to using app stores for app downloads.

Limited native functionalities: Progressive Web Apps (PWAs) often lack access to native device capabilities, which can restrict their functionality compared to native mobile apps. Features like Bluetooth, NFC, and advanced camera functionalities may not be fully supported or integrated.

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Ready to build your mobile loan app?

It’s safe to say that no framework is perfect; each has its strengths and limitations. The key is having a variety of options to choose from, and this article provides exactly that.

At Lendsqr, we offer mobile loan apps in three variations to suit your needs:

1. PWA: A cost-effective option ideal for Microfinance Banks (MFBs).

2. White label app: Fully customizable with your colors, text, and branding.

3. Customizable mobile app: Tailored to your specifications.

All of these options can be delivered within one week. Ready to start lending, send us a message at [email protected] and let’s get you started!