Beem App Review

Beem’s Everdraft™ feature offers interest-free cash advances from $5 up to $1,000, depending on your subscription plan. There are no credit checks, income restrictions, due dates, or tips. Beem lets you access a portion of your verified bank deposits early, giving you quick access to funds without the hassles of traditional payday loans.

Eligibility is straightforward—you need to be at least 18 years old, reside in the U.S., and have a bank account. Beem uses its own algorithm to assess your financial factors, but there are no credit checks involved. Repayment is flexible and automatically deducted from your linked bank account when money comes in, usually by your next payday.

Standard transfers to your bank account take 3 to 5 business days and are free. For instant transfers within 1 to 20 minutes, fees range from $0.99 up to $4 per transfer, depending on your subscription plan. Beem offers several monthly plans starting from $0.99/month for a $10 advance limit up to $12.97/month for a $1,000 limit, so you can choose what works best for you.

You'll need to pay a monthly subscription fee to access Beem's cash advances, but it might be worthwhile if you'll use Beem's budgeting tools, credit monitoring, and other features like deals and discounts or affordable health and insurance solutions.

Beem might work well for you if:

• Need quick cash: You need immediate access to emergency funds up to $1,000 without interest charges or credit checks
• Flexible repayment: You want the freedom to repay advances when your deposits arrive, without strict due dates
• No credit impact: You're concerned about your credit score and prefer to avoid hard credit checks
• Send money to anyone: You need to transfer money instantly to friends or family, even if they don't have the Beem app
• Financial tools: You're interested in budgeting, credit monitoring, and financial insights all in one place
• Irregular income: You have an irregular income, and appreciate that there are no income restrictions to qualify

When Beem might not be a good fit:

• Subscription fees: You'd rather not pay monthly subscription fees ranging from $0.99 to $12.97
• Instant transfer fees: You want to avoid instant transfer fees, which can be up to $4 per transfer
• No bank account: You don't have a U.S. bank account or prefer not to link your bank account
• Need more cash: You require access to amounts larger than $1,000 for your financial needs

Some of the Beem cash advance requirements include:

1. Age: Be at least 18 years old
2. Residency: Reside in the United States or its territories
3. Bank Account: Have a bank account
4. Assessment: Undergo an assessment by Beem's proprietary algorithm based on financial factors
5. Income Requirements: No income restrictions apply
6. Credit Checks: No credit checks are required Beem will then decide if you’re eligible and determine the maximum cash advance they can offer you, ranging from $5 to $1,000.

You will typically get your cash advance in 3 to 5 business days with the free standard transfer.

If you need the money sooner, you can choose the instant transfer option, which gets you the funds in as little as 1 to 20 minutes. The fee for instant transfer depends on your subscription plan:

• LITE Plan: $0.99 or $1.56 per transfer
• BASIC Plan: $4.00 per transfer
• PLUS Plan: $4.00 per transfer
• PRO Plan: $2.00 per transfer

Beem will automatically deduct the repayment from your linked bank account when there's cash inflow, usually by your next payday. Keep in mind that:

1. Flexible repayment: there are no strict due dates; you repay when funds come into your account.
2. No penalties: you won't be charged any fees for early or late repayment.
3. Automatic deduction: repayment is taken automatically, so ensure there's enough in your account to avoid overdrafts.
4. Credit score: repayment doesn't impact your credit score.

Besides cash advances, Beem offers several other features that can help you manage your finances and save on everyday expenses.

Instant Money Transfers

With Beem, you can send money instantly to anyone in the U.S., even if they don't have the app. You can transfer cash, checks, gift cards, and more, and recipients can access the funds via bank transfer, debit card, gift card, or prepaid card. It's free to add and send money, and you can use SMS, email, or social media platforms to make transfers.

Budgeting and Credit Monitoring

Beem provides tools to help you track your spending and manage your finances. Through their Better Financial Feed™, you get daily insights and personalized recommendations based on your transactions. You can create budgets, set savings goals, and get alerts to avoid overdrafts or remind you of upcoming bills. The app also allows you to monitor your credit score for free, notifying you of any changes and offering tools to help you improve your credit health.

Deals and Discounts

Beem offers cashback on purchases and when you buy gift cards from over 2,500 retailers. You can also access exclusive deals and discounts from over 5,000 retailers, including top brands, helping you save money on everyday purchases.

Health and Insurance Benefits

Beyond financial tools, Beem provides health benefits like 24/7 telemedicine consultations for you and your family. You can access discounted services on vision, dental, mental health counseling, and more. With Beem Drive, you can compare car insurance quotes from providers like Progressive and GEICO, potentially saving up to 40% with exclusive offers.