Is Dave Legit? – My Comprehensive Dave App Review

Cash advance apps provide a convenient way to access funds quickly, and with over 5 million users, Dave stands out as a legitimate and popular choice.

The ExtraCash feature allows you to borrow up to $500 per pay period. Additionally, Dave offers various financial tools to help you budget more effectively and increase your income.

However, Dave may not be suitable for everyone. This review covers everything you need to know, including key features, fees, eligibility requirements, and whether it’s worth using.

Key Takeaways

• Dave is a popular cash advance app that allows members to borrow up to $500 per pay period.
• Users typically qualify for $160 in advances on average.
• Dave charges a $1 monthly membership fee and offers optional tips.
• You can pay variable express fees for instant advances or wait several days for free advances.
• Dave also provides a checking account, savings account, and a side hustle tool at no additional charge.
• There are no credit checks or interest charges.

Table of Contents

• Key Takeaways
• Is Dave Legit?
• What Is The Dave App & What Does It Offer?
  • 1. Dave ExtraCash
  • 2. Dave Spending
  • 3. Dave Goals Account
  • 4. Dave Side Hustles
• Dave Fees & Pricing
• Dave Cash Advance Requirements
• How Do You Pay Dave Back?
• How Does The Dave App Work?
• Pros & Cons
• The Best Apps Like Dave
• Other Dave App Reviews From Customers
• Is The Dave App Safe?
• Is There Customer Service?
• Is Dave Worth It?
• FAQs

Is Dave Legit?

Dave is a legitimate app and one of the leading cash advance options available. It boasts a 4.8-star rating on iOS and a 4.4-star rating on Android. The company is BBB-accredited with an A- rating and is known for its high advance limit and low fees.

In my personal opinion, Dave one of the best cash advance apps, alongside options like EarnIn and Cleo. The app makes it easy to get quick cash for rent, bills, and other expenses.

However, not everyone qualifies for a cash advance or the full $500 limit. I don’t recommend using apps like Dave continuously, as this can lead to a cycle of constant borrowing.

What Is The Dave App & What Does It Offer?

The Dave app is a mobile banking app designed to help users manage their finances more effectively. It provides easier access to paychecks and helps users save and earn more money.

Launched in 2017, Dave has grown to over 5 million members. Although Dave isn’t a bank, it partners with Evolve Bank & Trust to offer reliable and secure banking features.

Dave is best known for its ExtraCash cash advances, but it also offers checking and savings accounts, as well as a side hustle finder.

1. Dave ExtraCash

The primary feature of Dave is its ExtraCash cash advance, which allows you to borrow up to $500 against an upcoming paycheck without a credit check.

New Dave ExtraCash users can typically get around $160 approved in just 5 minutes. Simply link your bank account to Dave, and the app will review your paycheck history to determine your borrowing eligibility.

The $500 limit is higher than what competitors like Cleo and Super.com offer, though it’s slightly lower than EarnIn’s potential $750 limit per pay period.

You can have the money deposited into a Dave Spending Account or your own checking account. Standard transfers take one to three business days, and you can use the cash as needed. When it’s time to repay, Dave automatically withdraws the money from your account.

Unlike payday loans, Dave doesn’t charge fees or interest for cash advances. However, while the app is free to download, you need to pay a $1 monthly membership fee to access the cash advance feature. Express fees apply if you want your money instantly, based on the amount borrowed.

An express transfer to a Dave Spending Account costs $3 to $15 and happens almost instantly. For a same-day transfer to an external account, it costs between $5 and $25, with the money arriving in less than an hour.

2. Dave Spending

Dave Spending is a basic checking account with no hidden fees. It doesn’t charge ATM fees, overdraft fees, account closing fees, or minimum deposit fees. Members can even receive their paychecks up to 2 days early with this account.

There’s no minimum balance requirement, and Dave Checking now offers 4% APY, allowing you to earn passive income with your idle cash.

Additionally, the account comes with a cashback Dave card (debit card) and budgeting tools to help you manage your money. It also features a round-up tool that rounds up purchases to the nearest dollar, setting aside the extra money in savings.

Opening a Dave Spending account could be beneficial since it makes Dave’s cash advances cheaper and faster.

However, if you’re just looking for a bank account, consider Current. This no-fee banking solution offers a $50 bonus and also pays 4% APY. Alternatively, use tools like Raisin to find and compare the top savings products on the market.

3. Dave Goals Account

Dave Goals is designed to help you save for specific objectives, such as purchasing a new car, making a down payment on a house, or planning a family vacation. This high-yield savings account offers a 4% annual percentage yield (APY) on your savings.

There are no minimum deposit requirements or hidden fees, and you can withdraw your money at any time, even if you haven’t reached your goal.

Keep in mind that the Dave Goals Account has a maximum deposit limit of $25,000. Interest accrues daily and is paid out on the first of each month.

4. Dave Side Hustles

Another feature I appreciate is Dave’s side hustle tool. This tool allows members to take instant-pay surveys directly within the app – the more surveys you complete, the more you can earn.

Dave also assists members in finding various gigs, including:

• Online jobs
• Temporary work
• Part-time jobs
• Work-from-home opportunities
• Gig work

You can search and apply for side jobs and remote work opportunities right from the app, with plenty of options to choose from.

If this interests you, I also recommend exploring my side hustle database and our list of 30 ways to earn money online quickly for even more opportunities than Dave provides.

Dave Fees & Pricing

Dave charges a mandatory $1 monthly membership fee to access cash advances and other features. You can leave optional tips when you take out an advance, but this isn’t required. Dave doesn’t charge any interest, late fees, or hidden costs.

The only other fees are for instant transfers, which range from $3 to $25 depending on the advance amount and transfer method. For transfers to a Dave Spending account, express transfer fees are 3% of the total advance (minimum $3). For transfers to an external bank account, the fee is 5% of the advance (minimum $5).

Instant transfer fees are optional. If you don’t need funds immediately, you can opt to wait the standard one to three business days to receive your cash advance. Overall, Dave is more affordable than most cash advance app competitors.

Dave Cash Advance Requirements

Dave aims to make it easy for anyone to get a cash advance. It doesn’t run a credit check; instead, it analyzes your checking account activity to understand your income and spending habits. Based on this analysis, Dave determines if you qualify for an advance and how much you can borrow.

To qualify for a Dave cash advance, you need to meet the following requirements:

• Monthly deposits totaling at least $1,000
• At least three recurring deposits per month
• An external bank account with a positive balance that has been active for at least 60 days
• Residency in the United States with a Social Security number
• Be 18 years old or older

If you’re a gig worker, freelancer, or have a lower monthly income, consider checking out Cleo instead. Cleo advances up to $250 and has more lenient requirements.

How Do You Pay Dave Back?

Dave simplifies repayments by automatically deducting them on your scheduled date. There’s no need to take action or manually repay your Dave loan. You don’t have to worry about missing a payment or keeping track of due dates – Dave handles everything for you.

Here’s how it works: when you take out a Dave cash advance, your ExtraCash account balance shows as negative, indicating the amount you borrowed. On the repayment date you select, Dave automatically withdraws the owed amount from your linked checking account, bringing your balance back to zero.

Additionally, if you can’t repay the full balance, Dave offers partial settlements. This leniency helps users avoid overdraft situations.

How Does The Dave App Work?

Wondering how Dave operates? It’s quite straightforward to apply for and request a cash advance with Dave. Follow these steps to get started:

1. Download and Sign Up: Get the Dave app for free from the iOS or Android app store. Creating an account takes just a few minutes.
2. Link Your Bank Account: Connect your bank account and open a new Dave ExtraCash account. You can also open a Dave Spending account for cheaper, faster instant cash advances.
3. Check Your Borrowing Limit: Once your bank account is linked, Dave will assess your activity to determine your eligibility and borrowing limit. The amount you’re approved for depends on various factors, such as your monthly income, and it can change frequently.
4. Request a Cash Advance: Tap “Get Cash” on the Dave ExtraCash screen in the app. You can transfer the advance to your Dave Spending account or an external checking account. You have the option to add a tip or choose express funding for an extra fee. Then, agree to the terms and select a repayment date.
5. Repay the Advance: On the chosen repayment date, Dave will automatically withdraw the funds from your account to settle your balance.

Pros & Cons

Pros:

• High cash advance limit of $500
• No hidden fees and a simple $1 monthly membership plan
• Competitive interest rate on checking and savings accounts
• Numerous budgeting and saving tools
• User-friendly app
• Helps members find new side hustles

Cons:

• Available only in the United States
• First-time users typically qualify for $160 in cash advances
• High express advance fees
• Some negative reviews regarding cash advance service and customer support

The Best Apps Like Dave

Dave is a popular choice, but it’s not the only option available. Here are some other top apps similar to Dave:

• EarnIn (best overall)
• Cleo (best for gig workers)
• Super.com (best for side hustlers)
• Yendo (best for vehicle owners)
• Current (best bank with cash advances)
• Brigit (best for building credit)
• Klover (best for low-income individuals)

EarnIn is our top pick due to its lack of fees and high $750 potential limit per pay period. Cleo is ideal for gig workers. Try out several of these apps to see which one offers the best advance limit for you.

Other Dave App Reviews From Customers

Dave has excellent reviews on both the iOS and Android app stores. However, opinions are more mixed elsewhere online. Despite its popularity and BBB accreditation, Dave holds a low 1.15-star rating based on 421 customer reviews on the BBB website.

Positive feedback often highlights the simplicity and convenience of requesting a cash advance through the app. However, many users have reported difficulties reaching customer service and frequent, unpredictable changes to cash advance limits.

A concerning complaint among reviewers is that Dave sometimes withdraws the repayment amount earlier than expected. While the automatic repayment feature is convenient, it has led to unexpected overdrafts and financial strain for some users.

While Dave is praised for its ease of use and many users have no issues, there are potential problems to be aware of before signing up. Remember, you have to repay your cash advance, so this isn’t free money. Be responsible with your spending and saving to avoid falling into debt.

Is The Dave App Safe?

Dave is a secure app. While it’s always wise to be cautious about sharing your bank account information and personal details, Dave requires this information to deposit your advance and determine your eligibility.

They use top-notch security measures to protect your account and money, including transaction alerts and 24/7 fraud monitoring. Additionally, all Dave Spending accounts are FDIC-insured up to $250,000 in case of bank failure.

Is There Customer Service?

Yes, Dave offers customer service. You can get assistance directly from the app via live chat or use the Contact form on the Dave website. For disputes, you can email support@dave.com or call the number on the back of your Dave card.

Dave also has a dedicated Help Center on their website for quick answers to FAQs or help with basic issues.

Is Dave Worth It?

Dave is worth considering if you need an affordable cash advance app with a high advance limit. It’s also beneficial if you’re looking for a new checking and savings account with significant interest earnings.

Whether it’s an emergency bill or an unexpected expense before payday, Dave offers a safer and more affordable alternative to payday loans or high-interest credit cards. However, it’s not a solution for ongoing financial issues – think of it as a safety net for those one-off moments when you need a little help.

Compared to other cash advance apps like Cleo or Brigit, Dave offers a higher cash advance limit and a very affordable monthly membership fee. For just $1 per month, you can borrow up to $500 without worrying about interest charges or hidden fees.

However, Dave’s express transfer fees are relatively high compared to similar apps. If you’re in a rush, it might be worth exploring other options like EarnIn, which offers a higher cash advance limit up to $750 without a monthly subscription fee.

FAQs