Dave App Review

Dave's ExtraCash™ feature lets you borrow up to $500 without credit checks, interest, or late fees. If you're at least 18 and have a bank account with at least 60 days of history, regular deposits totaling at least $1,000 per month, and decent spending habits, you can qualify. The app looks at your income and spending patterns to decide how much you can borrow.

A monthly membership fee of up to $5 gives you access to ExtraCash™, income opportunities, and financial tools. Need the cash fast? For a fee starting at $3 up to $25, you can get the money in as little as 1–5 minutes (up to 1 hour) with express delivery. If you're not in a rush, standard delivery is free and takes 1–3 business days. Tips are optional and won't affect your eligibility or the amount you can get.

Repayment is automatically deducted on your next payday, but you can request an extension if needed. Keep in mind that if your account goes negative, an overdraft fee of the greater of $5 or 5% of the amount may apply, and if the negative balance persists for 60 days or more, your account could be closed.

Dave might work well for you if:

• Need quick cash: You need up to $500 in cash advance with no credit check, interest, or late fees.
• Immediate access: You want instant funds via the Dave Debit Mastercard® or express transfer options.
• Flexible repayment: You appreciate automatic repayment with the option to extend if needed.
• Early paycheck: You'd like to receive your paycheck up to two days early with a Dave Checking account.
• Extra income: You're interested in side hustles and earning extra income through in-app opportunities.
• Financial tools: You want budgeting, expense forecasting, and credit insights all in one place.

When Dave might not be a good fit:

• Membership fee: If you prefer not to pay a monthly fee of up to $5 to access features.
• Eligibility criteria: If you don't meet requirements like consistent income or positive bank balances.
• Avoiding fees: If you're concerned about overdraft fees or fees for express transfers.

To qualify for a cash advance with Dave, you need to meet the following criteria:

1. Age: Be at least 18 years old and a US resident.
2. Bank account: Have a bank account open for at least 60 days with a positive balance and no recent overdrafts.
3. Regular deposits: Receive at least three recurring deposits into your account.
4. Income: Demonstrate a consistent income history, with monthly deposits of at least $1,000 to qualify for higher amounts.
5. Spending habits: Maintain responsible spending patterns.
6. Account standing: Keep your Dave ExtraCash™ Account in good standing.

Dave evaluates your eligibility daily based on your income, spending habits, and account history to determine your cash advance amount.

You can expect to receive your cash advance from Dave within 1–3 business days with the standard transfer option. If you need the money sooner, you can opt for the express transfer, which typically delivers funds in as little as 1–5 minutes, but it can take up to an hour. The express delivery fee varies based on the amount advanced and the delivery method; for advances up to $25, the fee is $3. Additionally, there's a 1.5% fee if you transfer funds to an external debit card.

Dave will typically request the money back when your next paycheck comes in. Keep in mind that:

1. Automatic repayment: If you have regular direct deposits, Dave will automatically deduct the repayment on your next payday.
2. Alternative repayment date: If you don't receive direct deposits, repayment will be attempted on the first Friday after your account balance becomes negative.
3. No interest or late fees: There are no interest charges or late fees, but if your balance stays negative for 60 days, your account may be closed.

In addition to cash advances, Dave offers several other features that might help you manage your finances.

Dave Checking Account

Dave provides a fee-free checking account with no monthly fees or minimum balance requirements. With the Dave Debit Mastercard®, you can access your funds easily and use it for everyday spending. If you set up direct deposit into your Dave Checking account, you can receive your paycheck up to two days early, giving you quicker access to your earnings.

Goals Account for Savings

If you're looking to save, the Goals account offers a variable interest rate up to 4.00% Annual Percentage Yield (APY). There are no minimum deposit or balance requirements, so you can start saving any amount that fits your budget. You can set up recurring deposits to build your savings over time or make one-time deposits whenever you choose.

Side Hustle Opportunities

Dave helps you find ways to earn extra income through the Side Hustle feature in the app. You can explore over 1,000 opportunities, including part-time roles, gig jobs, and remote work that match your skills and interests. Additionally, you can take surveys directly in the app and receive immediate payouts to your Dave Checking account, providing quick and easy ways to earn a little extra cash.

Financial Management Tools

The Dave app offers budgeting tools that let you connect your bank accounts to track your income and expenses. You'll get estimates of upcoming bills and expenses, helping you plan ahead and avoid surprises. The app also provides credit insights, offering tips and information to help you monitor and improve your credit health. With personalized alerts, you'll be notified about potential insufficient funds and reminded to request an advance when needed.