Dave App Review

Dave's ExtraCash™ feature offers interest-free (but not fee-free) cash advances ranging from $25 to $500 to users who meet their eligibility requirements. To qualify, you'll need a sufficient income history, consistent spending patterns, and at least three recurring deposits in your bank account. Repayment is scheduled for your next payday, and Dave will attempt to withdraw the funds from your linked account on that date.

You can get your cash advance instantly by transferring it to your Dave Checking account for free, or to an external debit card within an hour for a 1.5% fee. Standard transfers to external accounts take 1–3 business days. There's a monthly membership fee of up to $5 required to access ExtraCash and other services offered by Dave.

When it's time to repay, Dave will automatically withdraw the amount you owe on the agreed date. There are no interest charges or late fees, but if you're unable to repay on time, they'll try to collect the payment when you have sufficient funds. Optional tips are appreciated but not mandatory.

Dave might work well for you if:

• Need quick cash: You need up to $500 instantly to cover an urgent expense
• No credit check: You want a cash advance without a credit check, interest, or late fees
• Flexibility: You like choosing how much to borrow and have flexibility in repayment
• Fee-free checking: You're looking for a checking account with no hidden fees and free ATM access
• High-yield savings: You want to earn 4.00% APY on your savings without minimum balance requirements
• Early paychecks: You'd benefit from getting your paycheck up to two days early
• Extra income: You're interested in finding side hustles and earning extra cash through surveys
• Financial tools: You could use budgeting and financial management tools to keep track of your spending

When Dave might not be a good fit:

• Monthly fee: If you're not keen on paying the up to $5 monthly membership fee
• Overdraft fees: If you're worried about the overdraft fee associated with ExtraCash advances
• Transfer fees: If you need instant transfers to an external card and want to avoid transfer fees
• Eligibility constraints: If you don't have consistent income or at least three recurring deposits

Some of the Dave cash advance requirements include:

1. Residency: Be a legal resident of the United States.
2. Legal age: Be of legal age to form a binding contract.
3. Legal eligibility: Not be prohibited by law from using Dave's services.
4. Income history: Demonstrate a sufficient income history.
5. Spending habits: Maintain consistent spending patterns.
6. Recurring deposits: Have at least three recurring deposits in your bank account. Dave will then determine your eligibility and the maximum cash advance you can receive, up to $500. Your eligibility refreshes daily based on your income history, spending habits, and recurring deposits. There are no credit checks required.

You’ll usually get your ExtraCash within 1–3 business days with the free standard transfer.

Need it quicker? Choose express delivery:

• Instantly to your Dave Checking account: free
• Within an hour to an external debit card: 1.50% of the amount

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

1. Automatic withdrawal: Dave will automatically withdraw the advance amount and any fees from your linked bank account on the settlement date.
2. No interest or late fees: There are no interest charges or late fees, but your negative balance is payable immediately upon demand.
3. Failed attempts: If the initial withdrawal fails, Dave will try again when sufficient funds are available in your account.

Beyond the cash advances that Dave provides, and for a monthly membership fee of up to $5, there are several other features that might be useful to you.

Fee-Free Dave Checking Account

Dave offers a checking account with no hidden fees, no minimum balance requirements, and no overdraft charges. With the Dave Checking Account, you can withdraw money for free at over 40,000 MoneyPass ATMs nationwide. Plus, you'll have the option to receive your paycheck up to two days early when you set up direct deposit. The account seamlessly integrates with the app, allowing you to manage your finances all in one place.

High-Yield Goals Account for Savings

If you're aiming to save more, Dave's Goals account might help. It provides a competitive annual percentage yield (APY) of 4.00% on your savings balance (rates as of 10/01/2024; rates are variable and may change). You can create multiple savings goals, set targets, and track your progress toward each one. The app also lets you automate your savings by setting up recurring deposits or by rounding up your purchases to stash away the spare change.

Income Opportunities through Side Hustles and Surveys

Dave can also help you boost your income by connecting you with various earning opportunities directly within the app. You can explore over 1,000 side hustles, including part-time gigs, remote work, and freelance jobs that fit your schedule. Additionally, you have the option to participate in paid surveys and receive instant payouts to your Dave Checking Account.

Financial Management Tools

To keep you on top of your finances, Dave offers budgeting tools that allow you to track your income and expenses by connecting your external bank accounts. You'll receive notifications about upcoming bills and expenses, helping you avoid overdrafts and unexpected fees. The app also provides access to your credit score and offers insights to help you monitor and improve your credit health.