Who the Dave App Is Best For
The Dave app works best for those who need a short-term loan and want to pay less than what traditional payday lenders charge. Because tipping is optional, users can choose to pay as little—or as much—as they want. This can provide more flexibility for borrowers.
Who the Dave App Isn’t Right For
Dave typically requires that borrowers repay the loan on their next payday. That timeline may be too fast for many consumers. If you need a long-term payment plan, you’re likely better off with a traditional personal loan or credit card.
Dave App Details
Eligibility
Dave requires no credit check, but the amount you will receive depends on several factors, including your monthly income. The amount you can withdraw may change as often as every day, so look again in a day or so if you don’t qualify for the amount you need.
Withdrawals
Not everyone will be able to utilize the ExtraCash™ feature. First, you will have to link your bank account. Then, you can open the Dave app and see if you qualify for an ExtraCash™ advance. You may have to answer some other questions to complete the withdrawal.
Interest and Fees
Dave does not charge interest. However, it may charge a fee depending on the type of transfer.
Those who opt for express fees to a Dave account will pay between 99 cents and $6.99, while those who use an external account will pay between $2.99 and $11.99. The transfer fee will depend on the amount requested, and there is no fee for standard transfers.
What’s more, Dave users may also leave a tip, but it’s not required. The ExtraCash™ feature is meant to be a cheaper substitute for traditional payday loans.
How the Dave App Works
With the ExtraCash™ option, users can borrow up to $500 with no credit check required or interest. Dave will automatically deduct the payment from your bank account on your next payday or on the nearest Friday to when you took the advance. If your account doesn’t have enough money it will take partial amounts until the debt is settled.
When you withdraw funds via ExtraCash™, you can transfer the money to your Dave Spending bank account or to an external account. Dave offers both express and regular transfers. Express transfers will be sent within seconds to a Dave account and in less than an hour to external accounts.
Customer Reviews
Dave has 4.4 out of 5 stars on the Google Play Store with more than 430,000 reviews. It has 4.8 of 5 stars on the Apple app store with more than 500,000 reviews. It also has 1.19 of 5 stars on the Better Business Bureau’s (BBB) website with almost 300 reviews.
One of the positive reviews from the Apple app store said that Dave did not charge for repaying their ExtraCash™ loan later. Another reviewer said they were able to get funds quickly and easily without paying excess fees.
A customer who left a negative review said that the amount they could borrow via ExtraCash™ varied a lot and seemed to be random. Another customer said they tried to cancel the membership but kept getting charged anyway.
How the Dave App Stacks Up
Dave vs. EarnIn
EarnIn lets you cash out money after a day’s work. You can receive up to $100 a day or up to $500 of your paycheck during every pay period. If you’ve already reached that limit, you may be able to increase the amount with a Max Boost.
EarnIn does not charge any fees, but users can tip, just like Dave. EarnIn will also send notifications when your bank account dips below a certain amount. This can help you avoid overdraft fees.
Related: EarnIn App Review
EarnIn
Offer
Get up to $100 every day*
Fees
No membership, interest or late fees
Minimum Credit Score
No credit check
Get up to $100 every day*
No membership, interest or late fees
No credit check
- Get paid the same day you work
- Join the 4.4M who have accessed over $20 Billion in earnings
Dave vs. Brigit
Brigit lets qualified users borrow up to $250 if they sign up for the app’s Plus Plan, which costs $9.99 per month. There are no other fees or tips required to get funds instantly.
To qualify for Brigit’s cash advance feature, you must have a Brigit score between 40 and 100. A Brigit score is its version of a credit score. It will examine your bank account to determine your Brigit score, which will include factors like your spending and bank balance. The amount you can access may depend on your current bank balance, your average balance and more.
Dave vs. Chime®
Chime® is a bank that also lets customers access up to $200 in cash. Like Dave, Chime® customers are welcome to leave a tip to support the program for others.
Consumers who set up direct deposit with Chime® can get access to their paycheck up to two days early*, which may prevent them from needing to borrow money from Chime® or other apps.
Chime® does not charge other monthly fees and has no minimum balance requirements. If you’re going abroad, you can even use your Chime® card with no foreign transaction fees. Users also get access to more than 60,000 fee-free ATMs.
Methodology
We reviewed Dave based on eight data points in the categories of loan details, loan costs, perks, customer experience and funding speed. We rated Dave based on the weighting assigned to each category:
- Loan cost: 40%
- Loan details: 25%
- Funding speed: 20%
- Customer experience: 10%
- Perks: 5%
Within each major category, we also considered several characteristics, including maximum loan amounts, repayment terms, and applicable fees. We also evaluated Dave’s customer support, borrower perks and reviews.
*Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
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