GoChange app - 4 things you should know

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.

In June 2018, GoChange announced that they are now only working with large corporations and not directly with customers. The GoChange app was an Artificial Financial Assistant, a personal CFO, created to optimize the $200B Personal Banking Market. If you were looking for a cash advance, you should now check out apps like GoChange.

Although GoChange isn’t directly available for customers anymore, and for the convenience of our visitors, we haven’t made any changes to the rest of this article.

One of GoChange’s main product is their feature “Predictive Overdraft Protection” which was made to help you avoid overdrafts.

Like other overdraft apps in the space that we review on this site (like the Dave app for example), GoChange connects to your bank account and analyzes your transaction history.

After approval, you will be able to receive interest-free cash advances of up to $100. They do not charge any fees but request tips if you appreciate their service.

Cash Advance Apps
Advance of up to $250
Available to anyone with the app installed

Editor’s Score:Not Bad! (3/5)

How It Works

After navigating through their website, all you have to do is sign up and connect your bank account. They will then ask you to activate the services that most interest you: personal CFO, auto-saving and overdraft protection! Once activated the overdraft protection feature will enable you to borrow up to $100 in form of a cash advance to your checking account. They basically try to compete with your bank’s overdraft protection. Paying GoChange back is easy. Once you get your paycheck, they will automatically withdraw the amount you borrowed directly from your account.

Loan Amounts

Up to $100 without referrals

Score: 3/5

When you first sign up to GoChange you are eligible to receive up to $100/month, you can increase that number to $250 by referring new users. For each of the first three people you refer you receive a $50 limit increase. The more money you receive the longer you have to pay the money back.

Pricing

Tips and some transaction fees

Score: 4/5

Similar to Dave, their loans are interest-free. They encourage their users to leave a tip – and, about 70% of their users do!

They will also charge a fee if you wish to receive money on same day on which you request it.

Approval Process

Relatively fast

Score: 4/5

According to their website, there are a few loan approval criteria. You have to have some financial data to analyze, they want you to prove that you actively use your bank account and you have to have a minimum income of $1,000 per month. They do not lend to individuals who have received 10 or more overdraft charges 4 months prior to signing up (sorry, heavy overdrafters!).

Apps like GoChange

Since GoChange isn’t interested by you anymore, you should check similar apps. In our opinion, GoChange’s interface was in need some serious improvement, and the amount they advance might not be high enough for you (and you are currently in a state of “I need a loan now“!), you should also check out apps like GoChange.

Summary

The GoChange app, among other features, offers a simple overdraft protection solution. If you overdraft often and don’t want to switch banks with no overdraft fees, this could help you a lot. Simply create an account, connect your bank account and begin borrowing $100-$250 interest free loans (depending on how many referrals you make). Other than voluntary tips, and urgent loan fees, the app is free.

We like this app; however, it is a new company and we feel like they have some room for improvement. Their website is difficult to navigate, their primary benefit is slightly unclear, and the loan quantity structure and sign up requirements are a little confusing. In the future, we think this app will be an amazing overdraft solution!

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 0.23% APY – that means that if you have $2,500 in a savings account, you’d earn just $5.76 after one year! Move those hard-earned savings to an FDIC-insured bank paying 3.50% APY and you’d earn $81.73 more!

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

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Mitchel Harad

Mitchel Harad has over 20 years or 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.