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If you’ve ever found yourself scrambling for extra cash before payday, then the Dave app is for you. It is one of the first money management apps to provide instant extracash advances – interest-free – to help customers avoid pesky overdraft fees or costly payday loans.
Dave offers a number of features to make it easier for members to manage and access their money. Besides instant cash advances up to $500, this includes automatic roundups into a savings goal of your choice, up to 15% cash back on select purchases, and even side hustle opportunities to help you increase your cash flow.
Let’s take a closer look and see if the Dave app is the right cash advance and money management app for you.
What is the Dave App?
The Dave app was founded by Jason Wilk in 2017 as a way to help people avoid costly overdraft fees. Thus far, it has succeded in helping members save over $2.5 billion in overdraft fees thanks to its instant cash advances of up to $500.
To access a cash advance and all the other features Dave has to offer, you do have to pay a $1/month membership fee. Compared to other cash advance apps, this fee is low. With a Dave membership, you can access ExtraCash advances up to $500, a fee-free spending account, cash back up to 15% with Dave Rewards, a high-yield savings account, access to instant-pay surveys, and easy-to-apply for side hustles, plus automated budgeting tools to make your life easier. It’s a lot. We’ll go into the details below.
Our Favorite Feature: Dave’s $500 ExtraCash Advances
If there’s one standout feature that makes Dave a lifesaver for many, it’s the $500 ExtraCash advances. These advances act as a safety net when you’re running low on funds. Dave allows you to borrow up to $500 interest-free when you need it most.
You can even take out multiple cash advances in one month but you can only have one outstanding advance at a time. There is no credit check, no interest, and no late fees on Dave’s ExtraCash advances.
You can get your ExtraCash advance instantly – in under a minute – with an Express Fee or wait 2-3 business days for free.
Dave has helped me out when I was in a pinch for money. I love that it selects your next pay date to settle the account and you have the option to forward to your account or their card. A drawback for some may be the option to tip BUT it is optional. I love this app, and you pay $1 monthly fee. I would recommend this app. Terri Simpson, Google Play Review
The Dave ExtraCash advance will automatically be repaid when you receive your next paycheck or on the nearest Friday. Need more time? You can easily reschedule your settlement date up to two days before the due date. If you forget to reschedule and are short on funds, don’t worry. Dave won’t charge any late fees or overdraw your bank account.
How to Qualify for Dave’s ExtraCash Advance
Dave aims to make cash advances available for everyone. This means that they don’t conduct a credit check or require regular paychecks to qualify. So if you’re a gig worker or living paycheck to paycheck you can still meet the criteria.
What Dave does is review your checking accounts, spending habits, income history, and if you’re a recurring customer, repayment history to determine if you’re eligible and for how much. To qualify for Dave’s ExtraCash advance, you must meet:
- Have at least three recurring deposits
- Your linked bank account must be open for at least 60 days and have a positive balance
- Have a monthly deposit of $1,000 or more for a larger cash advance
- You pass an identity verification and fraud detection
- Have a Social Security number
- Be at least 18
- Live in the United States
The Dave app determines if you’re eligible daily and the limit can change too. You can turn on notifications to find out when you’re approved and for how much. If you want a larger advance, apply when you’ve just made a deposit into your account or close to payday.
During the past few months dave has helped me more than i initially thot. at first i was able to borrow 150 now i can borrow up to 400 a week!***thanks dave! & thanks to the developers for actually making this app helpful in more ways than just getting extra cash. Anyone with a job & bank account can get $ from Dave. Always useful, simple & no hassle. THANKS DAVE! erininthe2g, Apple Review
How Dave’s ExtraCash Advances Work
Here’s how to get an ExtraCash advance in a few simple steps:
- Sign up in the Dave app and link your external checking account.
- Request an advance of up to $500 and see what you’re approved for in minutes.
- Pay a fast funding fee if you need the cash immediately or wait 2 to 3 business days.
- Add a tip. The tip is optional and will not impact your access to ExtraCash advances in the future.
- Pay it back with your next paycheck or extend the deadline as needed.
The good news is that you can qualify for a $500 ExtraCash advance immediately. While other apps cap your initial advance at $20, Dave will let you take out as much as they determine you can pay back as soon as you sign up.
How Long Does it Take to Get an ExtraCash Advance?
The amount of time it takes to get your ExtraCash advance depends on how much you want to spend. Dave offers three ways to access your money with varying speeds and fees.
- Dave Spending Account: Get your money instantly! The Express Fees range from $1.99 to $9.99 depending on the size of your advance.
- External Debit Card: Receive your ExtraCash in as little as 1 hour! Express Fees range from $2.99 to $13.99 and again they depend on the size of the advance.
- External Bank Account: Funds will hit your account in 2 to 3 business days. There is no fee for this option.
How Much Does a Dave ExtraCash Advance Cost?
Dave is one of the original and most affordable cash advance apps. You do have to pay a $1/month subscription fee, but with this fee, you get account monitoring, notification services, a debit card with cash back rewards, a high-yield savings account, and budgeting. So for many, it is well worth the cost.
Dave’s ExtraCash advances themselves have no direct fees or interest. Still, you have to be careful because the costs can add up. Say you take out a $150 cash advance, pay a $5.99 fast funding fee, and make a $15 optional tip. With your $1 subscription that adds up to $22.
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Of course, $22 is a lot less than overdraft fees, which can range from $35 to over $100 per day, but it is not nothing.
How to Get Paid Early with Dave
Dave doesn’t stop at cash advances; it also offers Dave Spending a checking account with multiple benefits. There’s no minimum balance and no monthly maintenance fee for a Dave Spending account. You can easily access funds from your Dave Debit Mastercard at over 40,000 fee-free ATMs, cash checks via the Dave app, and deposit cash at CVS, Walgreens, and 90,000 other stores.
The best part is, if you send your direct deposits to your Dave Spending account you can get paid up to two days early! This feature can be a game-changer for those living paycheck to paycheck or facing tight financial situations.
Dave has been nothing but extremely helpful. Simple and easy to understand, has the cheapest monthly payment by far compared to other apps & Dave offers a decent cash advance amount. All in all it’s a great app and has been a blessing! Definitely try it out. Jessica Banks, Google Play Review
Start Saving with a Dave Goal’s Account!
If you want to save money to go on vacation, buy a car, put a downpayment on a house, or anything else, Dave can help. The app offers a “Goals” account, where you can set aside money for specific savings goals. The account has no minimum deposits, you can take money out at any time, and you get a 4% APY which is well above the national interest rate of 0.23% for savings accounts. You can also round up purchases from your Dave Debit Mastercard to the nearest dollar to help you reach your goals faster.
It’s simple to create a goal. Just tell Dave what you’re saving for, how much you want, and the date you’d like to reach it by. Then send money to the account at your own pace. You can track your progress and Dave will help you celebrate milestones along the way.
Whether it’s an emergency fund, a vacation, or a new gadget, Dave can help you save and reach your financial goals.
Get Help Making Extra Cash
Need more income? Dave has your back. The app provides surveys that pay out instantly, job listings, and gig opportunities that can help you supplement your income and improve your financial stability. Whether it’s picking up a part-time gig or finding a side hustle, Dave can guide you towards additional earning opportunities.
Is Subscribing to Dave Worth It?
Dave’s goal is to make banking more accessible and help members avoid overdraft fees. Just in 2021, Americans paid banks over $11 billion in overdraft fees! That’s an awful lot of money going to traditional banks. If you’re one of those Americans, then Dave may just be for you. It is a low-cost app that can give you the cash advance you need to keep your bank balance positive. Yes, there are a few fees – the $1 per month subscription charge, fast funding fee if you choose, and the optional tipping – but Dave’s ExtraCash advances are still a bargain. Dave is a safe choice to help you out if you ever find yourself in need of a quick cash infusion.
it really helps out when you need it. especially if you’re like me and have a bad spending habit this app helps you see your spending habits and when you see what you spent over the week it helps with finding a solution to budget your money. plus the advance option is helpful as well. Israel Millan, Google Play Review
Final Thoughts
The Dave app is more than just a cash advance app. From ExtraCash advances to early paychecks, high-yield savings accounts, and job listings, Dave covers all bases to ensure your financial well-being. So, if you’re looking for a reliable, user-friendly, affordable, and versatile financial companion, look no further than Dave. Download it today and take control of your financial future!
Want to explore another cash advance app? Check out Albert! The all-in-one money management and cash advance app.
