Best MFI mobile apps in 2024

Ratings of the best MFI mobile apps in 2024

Following the example of banks that have developed full-service mobile apps, microcredit organizations also allow clients to access company services via a downloadable client rather than a browser. The best offers are gathered in ratings from popular platforms based on service ratings and the number of reviews, from which a total score was calculated.

Google Play: Top 15 MFI mobile apps

There are about 35 microfinance organizations on Google Play, among which 33 have received more than 15 comments and 15 regarding loan issuance:

"Expressdengi" became the best among mobile MFIs in 2024 on Google Play, but ranks second here due to the number of reviews—209, whereas the leader "Pay P.S." has over 10,000+. The final score for many of the 15 companies is similar.

App Store: Top 15 mobile apps

33 companies were reviewed, with 29 having gathered more than 15+ reviews in the App Store; among them, the 15 best became participants in the top list:

Five other popular companies scored a minimum of 4.0 points:

• "Kviku" and "CashToYou" — 4.2;
• "Do Zarplaty" and "Bystrodengi" — 4.1;
• "Zaim-Express" — 4.0.

When the total score is the same, the MFI's position is determined by the number of reviews, which is why Zaimer is 1st place and eKapusta is 2nd.

RuStore: Top 10 MFI mobile apps

Among 27 microfinance companies reviewed on RuStore, 26 received 15 comments, and 10 were recognized as the best in 2024. The only rating list where participants have less than 4.0:

AppGallery: Top 5 MFI apps

There are 32 credit companies in AppGallery, but only 8 have gathered 15 comments, so the rating here will be smaller:

"MigCredit" also scored 4.8 like "Viva Dengi", but failed to surpass it in the number of reviews.

Rating analysis

Looking through all rating tables, the names of the leaders do not match everywhere. However, Webbankir is present everywhere and in good positions, which speaks to the company's popularity and the level of audience loyalty. Other MFIs that also stood out:

• Zaimer;
• DobroZaim;
• CarMoney;
• NadoDeneg.

A total of 25 participants made the list of the best MFI apps of 2024, adhering to one of three market business models:

• 13 companies provide payday loans of 1,000 – 30,000 RUB per month. They operate strictly remotely via their website, with no physical offices.
• 8 online MFI companies issue payday loans and larger sums with long repayment terms from 1,000 – 100,000 RUB, with a maximum term of 1 year.
• 4 universal credit companies can issue short-term loans, have offices, and also operate remotely. They also issue auto-secured loans.

It turns out that the quality of MFI mobile apps is not tied to the product line, but to the internal development policy of the remote customer service format. The presence of an office does not affect performance, since among the 25 rating participants, six (24.0%) are universals, meaning they operate both through branches and via the internet. Gradually, microfinance companies are moving away from the initial framework of providing only short-term loans, which helps expand their audience:

• zero-rate loans for new clients;
• many MFIs provide the option to extend the repayment term;
• fast money transfers to the client's card at any time;
• the maximum amount grows gradually along with the company's trust in the borrower;
• vehicle-secured loans;
• various promotions and service packages, such as discounts for regular clients or a referral program with privileges;
• quick client identity verification and simple conditions for getting money;
• credit history is still not taken into account during application.

Of course, identity verification methods are becoming more complex, and MFIs prohibit having more than one profile on the website or in the app. And although credit history is not initially taken into account, microloans taken out will be reflected there, especially with overdues. Interest rates on them are higher than bank rates, and penalties can be charged for days of non-payment. This can either improve or worsen your financial rating. But platforms like RuStore help people choose the best among 25 and more microfinance companies; it is enough to rely on reviews and ratings from other users.

Advantages of applying for loans via mobile app

The popularity of downloadable MFI clients is explained by a number of advantages noted by users:

• the ability to view profitable offers on your phone without being tied to a computer or laptop at a desk;
• the app interface is better optimized for gadget screens than the website;
• they function without lagging even on mobile networks, providing access anywhere there is internet;
• low technical requirements for the device;
• programs are available on platforms like the App Store, which guarantees quality;
• apps work like banking apps, with an intuitive menu and a personal account;
• the range of MFI services is similar to the website, but available with a single click without constant searching;
• the program takes up minimal space and is undemanding in technical terms;
• you can register on the platform by creating your own profile, just like on the website;
• app updates are identical, so the client won't miss anything;
• The MFI will be available on your phone 24/7 without browser searches;
• applying for a loan online takes less than 15 minutes, and verification is easier using the phone's camera;
• you can read reviews from other users on the App Store / RuStore in advance;
• simple registration, and after creating a personal account, all client transactions and individual bonuses available only to them will be saved there;
• quick authorization with user data saving or fingerprint recognition;
• the ability to install a verified program, as platforms like RuStore and others have strict requirements and do not let phishing apps through.

It is enough for the borrower to download the organization's app once where they applied for a loan, and the service catalog will be at hand. Just tap the icon and, after logging into your personal account, view news, make payments, and, if necessary, enable notifications to avoid missing payment deadlines.