Dave is a well-known cash advance app that lets you borrow up to $500 with its Extra Cash feature. The app also has a wealth of other useful financial features. Before getting started, it’s important to know who this app is best for and what it offers before downloading.
Dave App: Overview
With over 6 million members, the Dave app is an incredibly popular way to take out an interest-free cash advance. The app has provided cash advances since its launch in 2017. It was originally started to help consumers avoid bank overdraft fees. Since the company’s founding, Dave has partnered with Evolve Bank and Trust to develop more features and services.
Pros
- Does not charge interest or overdraft fees
- Helps with budgeting and finding side hustles
- No credit check or minimum balance requirement
Cons
- Monthly subscription required for cash advances
- High same-day transfer fee
- Short repayment periods
Highlights
Cash Advance Limits: up to $500
Fees: $1 monthly subscription, $3-$25 express transfer fee, optional tip up to 25% of advance amount
Credit Score Requirements: None
Is Dave Legit?
Dave is a legitimate digital banking service, headquartered in Los Angeles, California. The company is BBB-accredited with a B+ rating.
Dave is one of the most popular cash advance apps on the market. The Dave app has a 4.8 out of 5-star rating out of over 600K reviews on the iOS app store and a 4.4 out of 4-star rating out of more than 500K reviews on the Android App Store.
What Does Dave Offer?
Dave offers several digital banking features, including ExtraCash cash advances, checking and savings accounts, and a unique side hustle feature.
| Feature | Description |
|---|---|
| ExtraCash | Borrow up to $500 without credit check |
| Dave Spending Account | Checking account with 4.00% APY |
| Dave Goal Account | High-yield savings account |
| Side Hustles & Surveys | Earn extra income through paid surveys and side job finder |
Dave ExtraCash
The Dave app is best known for its Extra Cash feature, which allows users to borrow up to $500 – no credit check required. According to the website, the average Dave Extracash advance amount is $160, approved in 5 minutes.
Withdrawals can be deposited to a Dave Spending Account or a personal external checking account. On the user’s settlement date, Dave automatically deducts the repayment amount.
Standard transfers for a Dave cash advance take 1-3 business days, but users can get funds instantly by paying extra for an express transfer. Same-day deposits will be made to Dave Spending accounts in mere seconds and in under an hour to external bank accounts.
No Interest Charges Or Cash Advance Fees
| Transfer Type | Fee Range | Transfer Time |
|---|---|---|
| Standard Transfer | $0 | 1-3 business days |
| Express Transfer (Dave Account) | $0.99-$6.99 | Seconds |
| Same-day Transfer (External Account) | $2.99-$11.99 | Less than an hour |
There are no fees for a Dave cash advance. Dave also does not charge interest. Instead, the app uses a ‘Pay What’s Fair’ pricing where users can leave optional tips.
However, while the Dave app is free to download, users must pay a $1 monthly membership fee to access cash advances. Also, if you want your money instantly, you have to pay extra fees, which vary depending on the amount of the advance.
An express transfer to a Dave Spending account costs between $0.99-$6.99 and takes just seconds; while a same-day transfer to an external bank account costs $2.99-$11.99 and takes less than an hour.
👉 Get a cash advance from Dave!
Dave Spending
Dave Spending is a standard checking account that earns interest, with a 4.00% annual percentage yield. There are no minimum balance requirements, ATM fees, overdraft fees, minimum deposit fees, or account closing fees. It also includes a cash-back debit card and budgeting assistance.
Opening a Dave Spending account might be a good idea if you want to get an instant cash advance because it’s cheaper and comes through faster than an external bank account. Just like Dave ExtraCash, Dave Spending requires a $1 per month membership fee to use.
Dave Goal Account
The Dave Goal Account is a high-yield savings account designed to help fund a goal (for example, a down payment, family vacation, or future emergency.) Users can set up one-time or recurring transfers from their Dave Spending account or an external bank account to save up for their goal.
The account does not have any minimum deposit requirements or hidden fees. You are free to take out your money at any time.
Dave Side Hustles & Surveys
The Dave app helps users earn extra income through paid surveys and their side hustle finder. Members can take instant-pay surveys on the app. The more questionnaires they answer, the more they can earn.
With Dave’s Side Hustles feature, users can search for side jobs and earn up to $37 per hour. There is a wide variety of jobs on the Side Hustles board, and users can apply right from the app.
Dave Cash Advance: Eligibility Requirements
Dave does its best to make cash advances accessible to anyone who needs one. Unlike EarnIn, Dave does not require direct deposit paychecks to be eligible.
However, the company does review members’ checking account activity to assess income and spending habits. This helps determine whether to approve an advance and the amount of the advance.
To qualify for an ExtraCash advance from Dave, you need:
- A minimum of three recurring deposits
- An external bank account with a positive balance and at least 60 days of history
- Monthly deposits totaling at least $1,000
- To live in the United States
- Have a Social Security number
- Be at least 18 years old
How Does The Dave App Work?
So, how does Dave work?
Getting a Dave cash advance is a pretty straightforward process. Here are the steps to follow:
- Download the Dave app and create an account. You can download the Dave app for free on the Apple App or Google Play store. It only takes a few minutes to sign up.
- Connect your bank account, then open a Dave ExtraCash and Spending account. You will need these to request and receive a cash advance.
- Find out how much you can withdraw as a cash advance. The amount you’re approved for will depend on numerous factors, including your monthly income, and can vary frequently – as often as daily.
- Request a cash advance. Select “Get Cash” from the Dave ExtraCash screen in the app. You can choose to transfer the advance to your Dave Spending account or an external checking account. Optionally, you can add a tip or express funding, for an extra fee. Then, accept the terms and schedule a repayment date.
- Pay back the Dave loan. When you take out a Dave cash advance, your ExtraCash account balance will become negative, reflecting the amount of the advance you took out. On your agreed-upon settlement date, Dave will withdraw funds from your linked checking account and bring the balance back to zero.
Who Is Dave Best For?
Dave is best for individuals with a steady paycheck who occasionally need a financial boost to pay for emergencies or some unplanned bills. The app offers a safer and more cost-effective option for short-term financial needs than exploitative payday loans or high-interest credit cards.
However, Dave is not a solution for ongoing money problems. It is not designed for people without a reliable income or anyone who needs a long-term financial strategy.
While Dave is a great way to get quick cash now and then, its limited advance amounts and rapid repayment timeline can be restrictive. So, it’s not advisable to rely on the service for continuous financial support. If you need to borrow money long-term, a low-interest credit card or personal loan may be your best bet.
How Does Dave Compare?
Compared to other cash advance apps, such as EarnIn, Dave adds value by combining cash advances with financial management tools to keep users on track. However, Dave charges a small monthly fee, while EarnIn does not have mandatory fees.
| Feature | Dave | EarnIn |
|---|---|---|
| Cash Advance Limit | Up to $500 | Up to $750 |
| Membership Fee | $1/month | None |
| Same-day Transfer Fee | $3-$25 | Lower than Dave |
| Repayment Schedule | Flexible | Requires provable income |
Other Dave App Reviews From Customers
Dave has a 1.15-star rating on Better Business Bureau based on 410 customer reviews. Positive reviews praise the app for being easy to use and letting them access funds quickly without being charged excessive fees.
| Platform | Rating (Stars) | Number of Reviews |
|---|---|---|
| iOS App Store | 4.8 | 600K+ |
| Android App Store | 4.4 | 500K+ |
| BBB | 1.15 | 410 |
However, many users dislike how frequently their Dave ExtraCash borrowing limits change, seemingly without rhyme or reason. Others complain about difficulty reaching customer service and getting help. Despite the low BBB rating, app users rate it highly on the Apple App Store and Google Play.
Dave Customer Service
Dave offers customer service via live chat on the app. There is also a Contact form on the website to contact Dave customer service via email.
If you need to file a dispute with the company, you can chat with customer service through the app, send an email to: [email protected], or call the number printed on the back of your Dave card.
Additionally, Dave has a Help Center on the website with answers to frequently asked questions and solutions to common issues with the app.
Is Dave Worth It?
If you need a little extra cash to bridge the gap to your next payday, Dave offers a wonderful alternative to predatory payday loans or high-interest debt. Users can borrow up to $500 as a short-term, interest-free cash advance.
Dave cash advances are generous and cost-effective, only requiring a $1 monthly subscription, plus an optional tip. However, same-day funding fees are relatively high, especially if you want to transfer to a bank account outside of the app. So, if you need cash now, you might want to look into a less expensive, faster option.
Unlike many of its rivals, Dave allows individuals with part-time or temporary employment to receive cash advances, even if they do not get paychecks on a regular schedule. Their biggest competitor, EarnIn, requires you to have provable, steady income but offers larger cash advances – up to $750 – with no mandatory charges and cheaper express transfer fees.
Before borrowing, be sure to weigh your options and compare Dave against other popular cash advance apps.
How long do you have to pay Dave back?
When you take out a Dave cash advance, you agree to a settlement date that works for you. Typically, this is your next payday or the closest Friday after you requested the advance. If your account lacks sufficient balance on the repayment date, Dave will make partial withdrawals until the entire debt is paid off.
If you need more time, you can file a request for an extension of up to 30 days. You have to make an extension request at least 2 days before your scheduled repayment date, and Dave approves extensions based on individual cases. Keep in mind that you will not be able to take out another Dave cash advance until your outstanding ExtraCash balance is settled.
Is the Dave app safe?
Yes, Dave is a safe and secure app. While it’s smart to be wary of giving your bank account information and personal details away, Dave requires these to deposit withdrawals and make informed decisions on how big of a cash advance to give you.
The app takes several top-tier security measures to ensure your account and money are kept safe. These include 24/7 fraud monitoring, transaction alerts, and different numbers for your physical and online Dave card. All Dave Spending accounts are also FDIC-insured up to $250K, in case of bank failure.
Does the Dave app impact my credit score?
No, the Dave app does not affect your credit score. Dave does not run your credit when you sign up and does not report your activity to any major credit bureaus. So, your credit score will not be impacted in any way, even if you fail to pay back a Dave loan on time.
