Dave App Review – $500 Cash Advances But Some Fees to Watch Out For

Overdraft Apps » App Reviews » Dave App Review – $500 Cash Advances But Some Fees to Watch Out For

Dave makes it easy and affordable to get an instant cash advance for up to $500 (seriously, like in under a minute!) , and offers a number of additional features that can help you build your credit and find opportunities for extra income. Dave may be able to help you save hundreds of dollars per year, but while its fees are much lower than most banks charge, little charges here and there certainly add up and you may be able to find similar features for much less through other banking apps. See if it’s the best solution for your needs in our Dave app review.

Dave app review

Dave was one of the first low cost cash advance apps to provide a cheaper alternative to costly overdraft fees or payday loans. Launched in 2017, Dave now has more than 10 million members who use it to manage their money, improve their credit, find extra income opportunities, and, of course, get no-interest cash advances.

Dave offers a bunch of features that make it easier to manage and access your money, and that could save you hundreds of dollars a year. However, the competition has noticed Dave’s success and a number of apps now offer similar features, and some at a much better price – FREE.

Is Dave still the best cash advance app for your needs? Let’s take a look.

Top Feature: Dave’s $500 Cash Advances

Dave cash advances

Dave is most famous for offering fast cash advances for up to $500 with no interest, no credit checks.1

To get your funds instantly (we’re talking under a minute in most cases) you can have your Dave cash advance sent to a Dave Debit MasterCard®, which you can use with the millions of merchants who accept MasterCard, as well as access cash through an ATM. With Dave Debit Mastercard, you can access cash-back offers for up to 10% at dozens of popular retailers and restaurants, as well as some valuable special offers from time to time, such as 50% back on your next order at Shake Shack or 10% back on your next purchase from Sam’s Club.

Alternatively, you can have your cash advance sent to your existing debit card or bank account and use it however you like. It will take longer to get your money, though you won’t to move your direct deposit to a new account, like some other cash advance apps require.

Your Dave cash advance will automatically be repaid when you receive your next paycheck, so you’ll need to pay it back all at once and usually in less than 14 days. Don’t worry if you’re a little slow in replying your advance – Dave doesn’t charge any late fees! (If you need a longer repayment period, check out these alternative $500 instant loan apps.)

You can get a Dave cash advance as soon as you sign up, and receive your cash advance almost instantly. Unlike other money borrowing apps that cap your first advance at as little as $20, you can qualify for the full $500 limit right away. You can use multiple cash advances in a month, but can only have one outstanding at a time.

To qualify for an advance, your linked bank account must be at least 60 days old, have a positive balance, and show at least two recurring deposits. When you request a cash advance, Dave will consider a number of factors, including how long until your next payday, your history and spending patterns, and how much is deposited into your bank account each month. Your 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 (though you also may no longer need the money under those circumstances.)

Get a cash advance for up to $500 instantly >>> Check out Dave

How much do Dave cash advances cost?

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

Dave Spending account – Get your funds in seconds! Express fees range from $1.99 to $9.99, depending upon the size of your advance..

External debit card – Funds are sent express to your debit card and are ready within 1 hour. Fees range from $2.99 to $13.99.

External bank account – Funds are sent as a bank transfer and you will receive the funds in up to 3 business days. There is no fee.

Dave will also invite you to contribute an optional tip for your cash advance, which it says will, “help provide an equal financial playing field to Dave’s millions of members.” As Dave is a for-profit company, it’s unclear how this directly helps other users, though Dave does make a contribution to Feeding America for each tip it receives; Dave has funded over 53 million meals. Whether or not you make a tip and the amount of the tip have no impact on your ability to access future cash advances.

In addition, you’ll need to subscribe to Dave for $1/month to access cash advance. This subscription also includes access to account monitoring, notification services, budgeting, and a connection to your external bank account.

So, while a Dave cash advance does indeed have no direct fees or interest, the cost of an advance can add up. If you take out a $100 cash advance for one week, sign up for Dave’s subscription plan for $1 per month, pay the $5.99 Express Fee, and make a $10 tip, you’d incur $17 in costs, which works out to a whopping 885% annual percentage rate, which is well above what many payday lenders charge! (Of course, $17 may be a significantly lower cost than incurring overdraft fees and late payment fees.)

Dave does not charge interest or late fees.

Get a cash advance for up to $500 instantly >>> Check out Dave

Get paid early with Dave

Dave extra cash

While you can access Dave cash advances without moving your direct deposit or setting up a new bank account, Dave does offer bank accounts (though a partnership with FDIC insured Evolve Bank and Trust; Dave is not a Bank.) and offers a number of additional benefits to encourage you to set one up.

There is no minimum balance and no monthly fee for a Dave account, and you can access your funds through a Dave debit card and a network of over 30,000 fee-free ATMs; you can also cash checks via the Dave app.

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.

You can also boost your credit score by enrolling in LevelCredit for one year at no charge. (Dave claims this is a $100 value on its website, though LevelCredit lists its pricing at $6.95 per month – $84 per year, and coupon codes are widely available online). LevelCredit, which is now a part of Self Financial, will report your rent and some other regular bill payments to major credit bureaus, which can improve your credit score.

Additional features of a Dave spending account are Dave’s automated budgeting tools and some cash back offers available when you use your Dave debit card at selected stores and restaurants through the Dave Rewards program.

Get a cash advance for up to $500 instantly >>> Check out Dave

Can you overdraft your Dave card?

Dave does not allow you to overdraft your account, so if your balance is low you may be unable to use your Dave debit card to make an ATM withdrawal or purchase. Since you may need to wait up to three days for a cash advance from Dave (or up to 8 hours 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.

Is subscribing to Dave worth it?

Dave’s ExtraCash feature now offers cash advances for up to $500!

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 still a bargain. Plus, being able to truly get a Dave cash advance instantly or move funds to your existing bank account gives you the flexibility to use them however you’d like, and without the hassle of credit checks or changing your direct deposit. (Of course, Dave isn’t alone in charging monthly fees – you’ll need to subscribe to the Cleo app to access cash advances, while Albert offers its Genius access for an additional cost.)

Dave is a safe choice and we gave the Dave app a mostly positive review. However, the competition hasn’t been standing still, and a number of apps like Dave now offer similar features and they often can get you the cash you need faster and with no fees.

Apps like Earnin also enable you to access cash advances against your next paycheck, with higher limits than Dave – up to $100 per day and up to $500 per pay period. The money generally posts to your bank account in under 30 minutes. Earnin also links to your existing bank account, so you don’t need to change your direct deposit. There are no fees with Earnin, though it also asks for an optional tip whenever you make a cash advance.

Get a cash advance for up to $500 instantly >>> Check out Dave

Watch: You can now get Dave cash advances for up to $500!

WAIT! High overdraft fees aren’t the only way your bank is costing you money.

With inflation overheating, you’ve probably heard that interest rates are climbing sharply. That means that for the first time in years, it’s a great time to shop around for a high interest savings account.

The national average interest rate for savings accounts is currently 0.18% APY – that means that if you have $2,500 in a savings account, you’d earn just $4.50 after one year! Move those hard-earned savings to an FDIC-insured bank paying 3.00% APY and you’d earn $71.63 more!

Don’t let your hard-earned savings sit there doing nothing. Check out the rates that you can earn at other banks:

  1. ExtraCash™ is a DDA account with overdraft utility that is subject to eligibility requirements. Taking an ExtraCash™ advance will make your account balance negative. Express delivery fees apply to instant transfers. See the Extra Cash Account Agreement for more details.

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