Dave App Review: Advances up to $500 with Low Fees [2024]

Editor’s Note: Overdraft Apps provides detailed product reviews and recommendations based upon extensive research and our own hands-on testing. We may earn a referral fee when you sign up for or purchase products mentioned in this article.

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Mitchel Harad

Mitchel Harad is an expert in consumer lending, including cash advance apps and personal loans. He has over 20 years of experience in financial services at both banks (JP Morgan Chase) and upstart lenders (Lending Club, SocietyOne). He is passionate about educating consumers on how financial systems work to empower them to make informed and cost-effective decisions. During some challenging financial times, he paid thousands of dollars in overdraft fees at a time when he could least afford them – an experience he hopes to help others avoid.

Mitchel holds a Bachelors of Business Administration in Finance from The Goizeta School of Business at Emory University and a Masters of Business Administration from The Haas School of Business at The University of California.

Dave’s Top Features

For its $1 premium subscription, Dave offers many features that make it easier to manage and access your money. While Dave isn’t a bank, it offers full-featured mobile banking services that make it easy to spend, save, budget, and borrow right from your phone! Some of the unique financial products and features offered by Dave include:

ExtraCash Advances – Dave’s main feature is its ExtraCash advances, which allows users to easily access cash in less than five minutes with no interest, and at some of the lowest fees in the market.

You can access your ExtraCash advance through your Dave Spending Account™, – Dave’s own banking-style product with no and low-cost ways to digitally move and spend money.
Or, you can get your funds sent directly to your existing debit card or bank account and use them however you like, including getting cash from an ATM.

Dave Spending Account – Much like a regular deposit account, it allows you to hold deposits and make payments and transfers between accounts. This account includes a Dave Debit MasterCard^® which you can use to make purchases. You’ll receive a virtual debit card as soon as you sign up, for online purchases or to access cash via transfer services like Apple Pay or Google Pay. You’ll also receive a physical debit card in the mail about a week or so after you create your account.

There are no minimum balance or monthly fees for a Dave Spending Account.
If you do set up direct deposit with your Dave Spending Account, you’ll gain access to several additional features. Most notably, you can access your paycheck two days early. ³
A Dave Debit MasterCard with access to a fee-free network of over 30,000 ATMs (from May 2024, Dave will no longer feature cashback rewards for using the Dave Debi MasterCard).
Automated budgeting tools, and the ability to automatically round up purchases to the nearest dollar to set aside the difference toward your savings.

Dave Goals Account™ – With no minimum balance fees and an Annual Percentage Yield of 4.00%, this is a great option to deposit and keep your savings⁴.

Side Hustles – Dave doesn’t just allow you to save and manage your money, but also to make a few extra bucks by doing a variety of tasks, such as completing surveys, among others. According to a BankingDive report, each completed survey can pay up to $5 and can be completed in about half an hour. While this doesn’t sound like a whole lot, it could be worth giving it a shot to earn a few bucks in your free time.

Although a $1 subscription is required to use the app and all of its features, you can earn free months as rewards for using the app and making purchases at specific businesses. At any rate, the $1 subscription is a bargain to access many features that could help you save much more than that in the long run.

Want up to $500 without the high fees? >>> Check out Dave for yourself 👈

🤓 Overdraft Apps Tip: Need a longer repayment period? Check out these alternative $500 instant loan apps instead.

What’s the Catch with the Dave Money App?

Being able to access quick and safe ExtraCash advances for up to $500 with just a $1 subscription, no interest or late fees sounds like a crazy good deal, especially with all those cool perks and features. But that’s not the end of the story. So, what’s the catch with Dave?

We genuinely believe Dave is, by far, one of the least costly cash advance apps in the market. There is no catch, per se, but before you get too excited about it, you’ll need to fully understand how the price, amounts, and waiting times of your ExtraCash advances work, and we’ll explain it to you here:

How Do You Qualify for an ExtraCash Advance?

Through a safe and secure connection to your bank account via Plaid (you just need to sign in to your account), Dave will analyze a number of factors to determine if you’re qualified for an advance and your cash advance limit, such as your account history, activity, and average balance. Like many cash advance apps, Dave likes to see a track record of regular, recurring direct deposits, such as from a paycheck.

Unlike other money-borrowing apps that cap your first advance at as little as $20, Dave makes it possible to qualify for the full $500 cash advance limit right away (although, realistically, it’s not very likely). You can also use multiple cash advances in a month but can only have one outstanding at a time.

To qualify for an ExtraCash advance, you need:

At least three recurring deposits to your bank account, such as direct deposit of your paycheck.
A healthy income history and spending patterns.
A positive balance in your bank account.
Your bank account must’ve been active for at least 60 days.
Your account needs to show at least $1,000 in monthly deposits to qualify for larger advances.
To be at least 18 years old.

With this in mind, you should know that most users won’t be eligible for $500 or even $250 advances from the get-go. The advances can be requested as soon as you enter the app, but the chances are that you’ll need to settle for a lower amount while the app assesses your spending and paying habits with time.

Dave does give new customers larger average advances than most other borrowing apps. As of January 2024, the average approval amount for disbursed advances is $160 in the trailing six months! Furthermore, the advance limit is recalculated daily, so reapplying after you have made a deposit into your bank account or are closer to payday may increase your approved cash advance amount.

Advance limits are based on the direct deposit and transaction history of your Dave accounts, as well as other undisclosed risk factors. So, if you want to get bigger ExtraCash advances, you need to use your Dave accounts wisely and plentifully. Keep in mind that the limit for your advances can also decrease at any time.

How Much Does a Dave ExtraCash Advance Cost?

Out of the dozens of apps we’ve researched and tested, Dave is one of the lowest-cost ways to borrow $100 or more!

On top of the $1 subscription, you might need to pay a few fees depending on how and where you intend to get your ExtraCash advance. The ExtraCash advances have no interest, late fees, or other hidden fees, but will charge an express fee if you wish to get them on the same day (likely under 5 minutes).

The ExtraCash express fees can range from:

$3-$15 (3%, with a $3 minimum ) if the transfer is done to your Dave Spending Account.
$5-$25 (5%, with a $5 minimum) for external transfers.

Plus, the app takes voluntary tips which are activated by default.

If you forget to opt out of tipping, a Dave ExtraCash could potentially cost you more than you would spend by simply taking a loan in the traditional baking system.

Dave claims that its tips help provide a better service to other users, but it’s not entirely clear how. The company does make a contribution to Feeding America for each tip it receives, having funded over 53 million meals.

Yet, if you simply opt out of tipping (which doesn’t affect your ability to borrow), you’re left with just the $1 subscription and the (very reasonably priced) express fees. You can borrow $100 within minutes for just $3 in fees, making Dave the lowest-cost app we’ve found for small advances, by far! This is $16 cheaper than the $19.08 average we calculated to borrow $100 from other popular borrowing apps.

Get up to $500 with no interest and low fees >>> Check out Dave for yourself 👈

How Long Does It Take Dave to Deposit Money?

Dave offers three ways to access your money, with varying speeds and fees, depending on the size of your advance.

Dave Spending Account (with express service) – You can spend your money in less than five minutes, according to our testing, via your Dave MasterCard, which you can use with Apple Pay or Google Pay. The fee is just 3% of the amount you’ve borrowed, with a $3 minimum.

External bank account (with express service) – In our hands-on testing, it took less than five minutes for ExtraCash to appear in our bank account. Here, you’ll pay a 5% fee, with a $5 minimum.

External bank or Dave Spending Account (with no express service) – You will receive the funds in up to 3 business days, with no fee.

How are Dave ExtraCash advances repaid?

Your Dave ExtraCash advance will automatically be repaid when you receive your next paycheck, so you’ll need to pay it back all at once, usually in less than 14 days.

Keep in mind that Dave will handle the repayment of your advance, as well as the express fees and tips. Although this means one less thing to worry about for you, it also means that the payment will be automatic and in full. So, make sure to have the necessary funds in your account by the repayment due date.

Dave doesn’t charge any late fees, but if you have no funds on your Dave account when your payment is due, the app may charge your bank account directly, and get a partial settlement if necessary, or even get it overdrawn. In such a case, you might have to pay the corresponding overdraft fees to your bank.

So, while ExtraCash advances are undoubtedly a better alternative than regular bank overdrafts and payday loans, you should use the feature wisely. Dave will get back its money one way or the other, and failing to pay them in time could potentially mean having to deal with the regular banking system again.

Can you overdraft your Dave card?

In short: No. Dave does not allow you to willingly overdraft your account.

If your balance is low, you may be unable to use your Dave debit card to make ATM withdrawals or purchases. There are some fringe cases in which your Dave account can become overdrawn, but they are very rare exceptions that involve small amounts and are not controlled by the user, so they’re hardly worth explaining in depth.

Since you may need to wait up to three days for an ExtraCash advance from Dave (or up to 8 hours, in the worst cases, even if you pay the Express Fee), you could find yourself in a lurch if you are unexpectedly out of cash and need to pay for something.

Several other apps, such as Current Overdrive and Chime SpotMe, offer instant overdrafts via debit card purchases of up to $200 without any fees or tips.

🤓 Overdraft Apps Tip: Dave’s NEW cash reload options allow you to easily deposit cash directly into your Dave Spending Account for free at CVS and Walgreens or find 90k other stores in the U.S. right from the app.

Say goodbye to costly payday loans >>> Check out Dave👈

Get an ExtraCash advance for up to $500 >>> Check out Dave 👈

Is Dave Safe?

Launched in 2017, the Dave money app was one of the first low-cost apps to provide a cheaper alternative to payday loans or costly bank overdraft fees typically offered by traditional banks. Dave has become one of the biggest competitors in the market for new financial technologies (FinTech). Although this new industry has the reputation of finding itself in a sort of regulatory limbo, Dave’s efforts to remain compliant and transparent have gained it the trust of over 11 million users.

Dave is a publicly traded company currently valued at over $300 million. This means that they publish their quarterly financial statements and their securities are regulated by the SEC.

But, if its size and history aren’t enough to convince you that the Dave app is legit, its regulatory compliance should. Each account on the Dave app is backed by traditional banking, with an FDIC insurance of $250k, supported by Evolve Bank & Trust. In other words, if you’re wondering whether Dave is legit, the answer is that it couldn’t get any more legit. It is as safe as any financial service company can get.

Get an ExtraCash advance for up to $500 instantly >>> Check out Dave 👈

Phone showing a $500 cash advance from Dave

Is subscribing to Dave Worth it?

Dave pioneered free/low-cost cash apps to help consumers avoid paying costly overdraft fees, which typically cost about $35 and can quickly surpass $100 a day if you don’t pay close attention to your bank balance.

Compared to those punitive fees, a $1/month subscription and perhaps a bit more for express fees and tips is certainly a bargain. And ExtraCash is not a costly “Dave payday loan” – there’s no interest or rigid repayment terms that can quickly trap you in a cycle of debt.

Hence, Dave is not just a safe choice, but also one of the least costly ones in the market. Perhaps the cheapest of them all if you use it wisely and opt out of tipping.

Thanks to its plethora of useful features and the user-friendly way in which it handles its ExtraCash advances, we have no qualms about giving Dave our blessing with a positive review.

However, the competition hasn’t been standing still, and a number of apps like Dave now offer similar features and can get you the cash you need faster and with no fees.

Check Out Our Dave App Review on Video

Borrow $100 in under 5 minutes for just $4 in fees >>> Check out Dave 👈

WAIT! Why borrow quick cash when you can earn it?!

Cash advance apps can be a great tool for getting a little extra cash when you need it, but you’ll need to repay it – plus fees – wihtin a week or two. Did you know there’s an easy way to earn extra cash that’s yours to keep?

KashKick is a wildly popular service that lets you earn money for playing games, completing surveys, signing up for trial offers and more. (You’ll even earn cash for just completing your profile!) You can earn cash today and withdraw your earnings through PayPal once you’ve reached $10. You can earn over $100/month with KashKick – and you don’t need to spend a dime or take out your credit card to do it.

There are dozens of high-paying offers available on KashKick, and if you’re into playing new games on your phone, you can earn some serious cash for doing what you love. Though offers change regularly, there are currently¹ more than three dozen offers available where you can earn cash – sometimes over $100 – just by downloading and playing popular games like Coin Master, Monoply Go, Bingo Blitz, and more. These games are all free to download, and no in-app purchases are required to earn with KashKick.

Get paid to play on your phone >>> Check out KashKick

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