Dave Mobile Banking App Review
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Dave mobile banking app can be a great choice if you want different ways to build your credit.
9/10
Cost
9/10
Ease of Use
9/10
Features
9/10
Services
9/10
If you are looking for an account that is easy to open and comes with a user-friendly app, the Dave mobile banking app is an ideal choice. It is not a bank but a mobile fintech platform. However, your Dave Spending accounts are FDIC-insured up to $250,000.
With Dave, you can access over 38,000 ATMS through their MoneyPass ATM network. Dave does not require any opening deposit or a credit check and also comes with a 2-day early direct deposit, which can be very useful if you need quick access to your paycheck before your payday.
You must pay $1 as a subscription fee to use the app. In this Dave mobile banking app review, we see the features, pros, and cons and how it fares against the other cash advance apps.
Jump To
What is Dave mobile app?
Dave is not a bank; instead, it is a financial and banking app service available on Android and Apple devices. Launched in 2017, the app offers users a convenient way to avoid paying the high overdraft fees associated with a bank. It also works with a banking partner to build a service that is close to signing over 10 million users.
It will give users an advance on the paycheck whenever there are small emergencies. It also has a checking account with zero overdraft or low balance charges. There is a monthly subscription fee and optional “tips.” Whenever you need extra cash, you do not have to worry about the high interest rates with Dave.
To get Dave's membership, you have to pay $1 per month. You can then link your current bank account or open a new one with your debit card. Dave will monitor your expenditure and immediately alert you if you are at risk of overdrawing. If this happens, consider taking a cash advance to manage the next few days until you receive your next paycheck. Besides the signup fee, there are no fees or interest.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
How Dave works
If you want an advance, you need to start by opening an ExtraCash account, where the Dave advance will come from. This ExtraCash balance will start with $0; if you transfer the money to the checking account, it will turn negative. When you get an advance of $200 and transfer it into the checking account, your ExtraCash will turn a negative balance of $200 till you’ve repaid it. On the repayment date, the balance will turn $0 since the money will move from the checking account as the paycheck will be deposited there. You can get up to $500 in cash advance.
How to sign up for the app
To use the app, you need to download the mobile app on your smartphone using Google Play or Apple App Store.
Register for the Dave app online by creating an account with your username, password, and phone number, and you can use their services.
To meet the eligibility requirements, you need a bank account that receives a direct deposit regularly and works like a paycheck. You will also need at least two direct deposits into the account to get an advance. Your eligible amount will be based on the record of your earnings and spending. There is no credit check, so you must not worry about meeting the minimum credit requirement.
Qualify with Dave
The app will not check the credit to decide if you qualify for an advance, but it will review the bank account to get more details, like your account balance, income, and spending habits. To qualify, your bank account should be 60 days old at a minimum, you should have three recurring deposits at a minimum, and they should amount to a total of $1,000 monthly minimum.
Fees
Dave's mobile banking app has a monthly subscription fee of $1 and an optional excess fee ranging from 3% to 5% of the loan amount for transferring funds in hours instead of the regular transfer period of a few days. There is one optional tip capped at 25% of your advance amount.
Dave mobile banking app features
Dave has various features, including tools that help you build credit and achieve financial discipline.
Free cash advances
After you become a Dave member, there will not be any charges at the time of accepting your cash advance. You can request a cash advance of up to $500 with no interest or credit check. There will be no fees or interest, but you must pay the money back once you receive the next paycheck. You will also come across a tip, which is voluntary. A cash advance will reflect in your account in three to five days, but if you want immediate access to money, you can pay an additional minor fee and have the money in eight hours.
Financial goals
Dave lets you set up and track your personal finance goals through private or public goals.
Cashback
You can earn cash back if you regularly use a Dave debit card.
No requirements for a credit check
Most lenders need you to pass a credit check to get a cash advance, but Dave has no credit check criteria for you to qualify.
Budgeting
With Dave, you get more than the cash advances. It has a very useful automatic budgeting feature connecting you to flexible side jobs to help you earn money. Some members also enjoy an annual subscription to a credit-building tool known as LevelCredit. It reports the utility and rent payments to the credit bureaus. It will ultimately help build your credit.
Spending account
Once you have an ExtraCash account for your advances, you must also open a checking account with Dave. You do not need to fund it; no minimum balance or deposit is needed to keep the account operational.
Side hustle
An advanced feature of the Dave app, Side Hustle, helps customers find flexible work to make extra money. It will show job listings for rideshare and food delivery jobs.
Budgeting
With Dave, you get a budgeting feature that tracks income and expenses to enable you to plan for upcoming payments and warns you in case you are overdrawing.
Automatically recoups advances
You need to keep in mind that Dave’s advances are due in a single payment, that is, whenever you receive the next paycheck. However, if you do not repay them within the due date, Dave will automatically charge your checking account. You will also have to pay the overdraft fees. You cannot apply for another advance until you fully repay the first one. This is how most payday loans work.
Cash advance tips
Users can tip whatever they like, and a part of this amount will go towards Feeding America. The company believes that letting users tip instead of charging them interest will avoid making users overpay to borrow. These tips are optional.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Who should use the Dave mobile banking app?
When you are in a position where getting your hands on the part of the paycheck a little sooner can help stop you from overdrawing a checking account, the Dave app could be a good choice. It is also cost-efficient to find a way out of financial trouble. You must have stable employment and a steady paycheck. In the absence of a direct deposit, it might not be possible for you to borrow a lot in a cash advance.
Who shouldn’t use the Dave mobile banking app?
If you are someone who spends more than you earn, this app isn’t a good option for you. If you want same-day cash at low fees, you might want to look at the other alternatives.
Dave Mobile pros and cons
Pros
- Budgeting rewards and features. Dave has several budgeting features that help build financial discipline and take you closer to your personal goals.
- Cash advances at no interest or fees. You do not have to worry about fees or interest rates when you take a cash advance.
- Customer service throughout the week. You can contact the team at any time.
- No credit check is required. Dave has no credit check requirement before your account is approved.
- No minimum opening deposit is required for a checking account. You can open a checking account with a zero balance.
- Financial tools for building credit in case you have a poor credit history. Dave helps build credit by reporting your rent and utilities transactions to the credit bureaus.
Cons
- No savings account option. There is no option to open a savings account with Dave; you can only open a checking account.
- Monthly membership fee of $1. This is a recurring cost you need to consider.
- Online-only account. There is no physical office or branch you can visit.
- Small advance maximum at $500. The cash advance amount is limited to $500.
Dave vs. competitors
Platform | Monthly fee | Maximum withdrawal | Minimum balance |
Dave | $1 | $500 | $0 |
Chime | $0 | $515 | $0 |
Earnin' | $0 | $750 | $0 |
Chime
Chime is also a fintech company that gives a paycheck advance and gives you money in hand two days before the deposit. It doesn't require a credit check and is free with no monthly or transaction fees, but it lacks other budgeting tools, making Dave a better option.
Earnin'
With Earnin', users can withdraw $100 of their paycheck daily, up to a maximum of $750 per pay period. There are no mandatory late fees or interest, but there is an express fee if you want your money faster. However, it lacks additional budgeting and credit builder features like Dave.
FAQs
Is Dave a legit mobile app?
Yes, Dave is a legit fintech platform whose spending account is FDIC insured up to $250,000 through Trust and Evolve Bank.
Does Dave transfer money instantly?
With Dave, you can get your funds within three business days, but if you want them instantly, you need to pay a minor fee, and you will have them in 8 hours. You can then transfer the funds to an external account at no cost.
What if I do not pay Dave back?
If you fail to repay Dave, you will end up paying overdraft charges with your bank and cannot apply for another cash advance. That said, your access to the app will also be suspended.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
The bottom line
Dave's mobile banking app can be a great choice if you want different ways to build your credit. If you aren’t ready to apply for a loan, consider Dave since it has partnered with LevelCredit. You can use the monthly payments on utility and rent to build your credit score. Whether you use it for monthly rent payments or for an early paycheck, you will be able to improve your credit score. No matter the type of financial products you choose understand the terms and conditions.
If you use it occasionally, Dave can be useful when you have a small emergency expense. You can use the funds before your next payday to cover the money owed to the app.
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Writer
Vandita Jadeja is a financial writer and editorial assistant at Joywallet. She loves to read and write about money and brings 7 years of experience from the financial industry. She loves coffee, mountains and sunsets.
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