Beem App Review

Beem's Everdraft™ feature offers interest-free cash advances ranging from $10 to $1,000, providing quick access to funds when you need them. To be eligible, you need to be at least 18 years old, reside in the U.S., have a U.S.-based checking account with a few months of history showing regular income deposits, and maintain a positive account balance.

The amount you can access depends on the subscription plan you choose, which ranges from $0.99 to $12.97 per month. The higher the plan, the more you can borrow—up to $1,000 with the Pro Plan. Funds can be transferred instantly to your debit card for a small fee between $0 and $4, or you can opt for a free standard transfer to your bank account that takes 3-5 business days.

Repayment is flexible and automatically deducted from your linked bank account when there's cash inflow, without any set due dates or late fees. Be aware of the monthly subscription fees associated with the plan you select, as well as any instant transfer fees if you choose to receive your funds immediately.

Beem might work well for you if:

• Need cash now: You need up to $1,000 instantly for emergencies without interest or credit checks
• Flexible repayment: You prefer automatic repayments from your bank account when funds are available
• Financial insights: You want personalized budgeting tools and financial advice to manage your spending
• Credit monitoring: You'd like free credit score checks and tips to improve your credit
• Enjoy rewards: You like earning cash rewards, cashback on gift cards, and accessing exclusive deals

When Beem might not be a good fit:

• Avoiding fees: If you don't want to pay monthly subscription fees or transfer fees for instant access to funds
• Eligibility hurdles: If you don't meet the requirements like having a positive U.S. checking account with regular deposits
• No need for extras: If you're not interested in the additional financial tools and services offered by the app

To qualify, you must meet the following criteria:

1. Age and Residency: You must be at least 18 years old and reside in the United States or its territories.
2. Bank Account: Have a U.S.-based checking account with sufficient history (typically a few months) and maintain a positive balance with no negative balances.
3. Income: Have recurring income evidenced by regular direct deposits into your checking account.
4. Verification: Pass Beem's cash flow and income verification checks.

Beem will review your information to determine your eligibility and the maximum cash advance you can receive, which can be up to $1,000.

With the free standard transfer, you'll receive your cash advance in 3 to 5 business days.

If you need funds faster, you can opt for an instant transfer to your debit card, which delivers the money in as little as 1 to 20 minutes. The instant transfer fees depend on your subscription plan:

• Lite Plan: $0.99 or $1.56 per transfer
• Basic and Plus Plans: $4.00 per transfer
• Pro Plan: $2.00 per transfer

Alternatively, when available, you can choose instant transfers to gift cards or prepaid VISA or Mastercard at no additional cost.

Beem will automatically deduct your repayment from your linked bank account when you receive funds. Here's what you need to know:

1. No set due dates: You repay whenever money comes into your linked account, so there's no specific due date to worry about.
2. Flexible repayment: The repayment schedule is tailored to your financial situation, offering you flexibility.
3. No interest charges: Beem doesn't charge interest or APRs; they apply a transparent, flat fee instead.

Besides the cash advances, Beem provides several other features that might help you manage your finances more effectively.

Send Money Instantly

Beem allows you to send money to anyone in the U.S., even if they don't have the app or a bank account. You can transfer cash, checks, gift cards, and more via SMS, email, or social media platforms. With the "Send Money, Pay Later" feature, you can send money now and settle the payment later, giving you flexibility when you need it.

Personalized Financial Insights

With Beem's Better Financial Feed™ (BFF), you get personalized financial insights based on your transactions. The app helps you track your spending, set savings goals, and manage your budget. You'll receive reminders about upcoming bills, low balances, and recommendations on how to save and spend wisely.

Credit Monitoring

Beem offers free credit score monitoring, so you can keep an eye on your credit health. You'll get notifications when your score changes and personalized tips on how to improve it over time.

Rewards and Additional Services

In the app's arcade feature, you can play games and earn cash rewards. Beem also provides access to exclusive deals and discounts on a variety of products and services. Plus, when you purchase gift cards from over 5,000 retailers through the app, you can get cashback.

Additionally, Beem offers access to personal loan offers, a high-yield savings account, affordable health solutions like telemedicine consultations, and car insurance options through its partners.