Dave Review 2022

dave review

Have you ever made use of an online application for taking a loan? If your experience was successful you are a lucky person! Despite high competition in the field and a wide choice of products, it is difficult to find a company with a top-quality financial app. 

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However, today we will make a Dave app review so that you make sure that online loans are much easier than you think. 

It is interesting to know that this independent product was created by 3 friends who were not satisfied with the quality of available financial solutions. After all, why should someone pay $38 for overdraft fees? 

Dave has conquered the market immediately due to its loyal and transparent conditions for users. In this app review, we will get a closer look into Dave’s benefits and features to understand why it is so popular.

Pros and Cons of Dave

Dave application offers a range of benefits to its clients. Let’s consider the greatest advantages of this app:

  • It helps customers save on overdraft fees;
  • Dave is a public company, so you can entrust your money without fear of losing them;
  • It provides a wide variety of useful features;
  • You can get up to $500 instantly in case you need them;
  • Dave alerts its customers about low balance with push notifications. It is a great benefit for those who fear overdrafts.

Among possible cons you can face:

  • To get an advance loan you will need to get a direct deposit in your app;
  • Sometimes you won’t be able to cover your expenses with the approved loan;

How Does Dave Work?

To make use of the direct deposits offered by Dave you need to download an app on the App Store or Play Market. The registration process is quick and transparent. You will be required to specify your phone number and debit card data. 

The last one is needed to determine a linked bank account to the service provider. After you get a confirmation code on your mobile phone, you can open your bank account and get down to business!

Before making use of available services, learn the interest charges, minimum deposit, and other valuable terms and conditions for taking a loan. 

With Dave, you can forget about costly overdraft fees since it is lowered by 29% within a year after opening a Dave checking account while spending members decrease this payment almost by 70%. 

This app serves as a helping hand for many people. Its main objective is to prevent clients from spending extra money. Dave allows you to get a direct deposit and a paycheck advance without demanding additional costs. You should understand that as a borrower you will be required to repay the cash advance back. 

Dave helps you analyze your financial habits and predict your capabilities before the payday. If you stand a risk of overdraft, it will inform you about it. The notification will be sent to your existing bank account.

Dave Features

Among the main reasons for Dave’s popularity is the number of financial solutions it provides. As a client of this service provider you can make use of:

  • Paycheck Advance;
  • Balance Warnings;
  • LevelCredit Partnership;
  • Tipping options instead of fees;
  • Cashback.

Before applying for budgeting from Dave, make sure you have got acquainted with its terms and conditions. If you do it, you will find the sentence “designed by Dave not a bank” in bold letters. 

It means that the loan terms may differ when compared with traditional lenders. To benefit from the advance feature and receive funds, you need to get a Dave membership. We will take a closer look at this point in the next section.

So, as to the features, they are entirely beneficial for the customers. Among the most popular financial solutions offered by Dave is a paycheck advance up to $200 free. This amount is given to cover an income gap before receiving a paycheck. 

This paycheck advance will be approved if you get a direct deposit to your Dave account. If you link an external bank account, then you will get $100. 

Dave also helps you track your expenditures. It sends balance warnings in case your account balance is low. It is made to prevent clients from overdrafts before payday. In some cases, this feature is of pivotal importance.

Sometimes it may be difficult to build credit if a borrower is limited to a debit card. To solve this issue Dave cooperates with LevelCredit to report credit bureaus about your rent and utility spending. It has a positive impact on your credit score.

Dave offers interesting solutions for its customers. For making use of Dave products and services you won’t be charged fees. Instead of it, you can pay as much as you want. This payment is a kind of tips paid for high-quality financial products. Tipping options are built into the application. Due to the standard setups, there is a 10% default tip. However, you can adjust it.

Dave Fees & Rates

On the one hand, Dave clients are not required to pay interest rates or costly overdraft fees for small cash advances. On the other hand, they need to pay $1 each month to get a membership. Only after paying a monthly fee, you will get access to your account, the ability to track your budget, receive push notifications, and enjoy all Dave products and services. 

Among available options, there is also the ExtraCah account. It offers an overdraft utility and makes your account balance negative. For instant transfers, a client may be charged a delivery fee.  

You should also know that a $1 membership fee is a temporary benefit. When 3 months pass, the Dave monthly expenses will take you $4.99. The fee can change. What’s more, you may be asked for additional fees from $1.99 to $5.99 for receiving instant cash. It will allow you to get budgeting within 8 hours instead of 1-3 days. 

Another good news for you! Late fees won’t result in extra costs for you. Dave doesn’t charge its customers with penalties for it. What’s more, the Dave credit card annual percentage rate varies around 16%. But if we calculate the APR by applying the Dave tip function, it will show us up to 250% APR. It is lower than the rates offered by the majority of payday lenders but rather high when compared with the traditional forms of credit (like personal loans).

If you don’t fulfill your financial obligations on time, the owed sum will be automatically charged by Dave from your bank account. You also won’t be able to take another cash advance if you repay the previous debt.

Important! If you wish, you can cancel your subscription at any time. (provided you don’t have outstanding debts)

Dave Safety and Security

Dave is an accredited app that takes care of the clients’ safety. This application has a special security program that involves a range of measures (physical, administrative, technical) to protect your private information. 

To make you feel secure Dave applies industry-standard encryption while transmitting data. What’s more, to make sure the system is difficult to hack Dave’s team conducts its regular check-ups. If any flaws are detected, they are quickly eliminated. 

Thanks to two-factor authentication your account will be protected from unauthorized access. The same objective has personal identification numbers (PIN) and sophisticated passwords. The client is the only person who knows this information. In such a way, you can rely on Dave and don’t be afraid of losing your money. It guarantees that personal information about the customers is seriously protected.

Trustworthiness & BBB Rating of Dave

A credit rating is an assessment of the ability of a company, state or municipality to fulfill its financial obligations. A credit rating is assigned by a special organization – a rating agency.

Each agency has its own scale and rating calculation methodology. However, all they have the same designations: letters from A to D with additional symbols. In this system A is the best value and D is the worst. 

The scale is formed by analogy with the European system of school assessments, where A means “excellent”, B – “good”, C – “satisfactory”, D – “bad”. However, a BBB rating can’t serve as a 100% guarantee of perfect relations with a lender. 

Dave has a B rating which means that it is very safe to use. This application is used by millions of clients and is backed by a popular public company FDIC. Dave hasn’t been involved in any recent public controversies.

Dave Mobile Support and Accessibility

Deve services are much more convenient when compared with traditional lenders. It offers high-quality features that can be accessed with a smartphone. Make use of cash advances just without looking for the nearest banking office and standing in queues. 

Dave runs equally well on Android and iOS (iPhone operating system). Dave’s services are also available for desktop or table services. All you need is a good Internet connection and a few minutes. 

The registration process is quick and transparent. In such a way, Dave can save you invaluable time and energy. 

What’s more, you can get financial assistance from Dave 24/7. It means that you don’t have to wait till Monday to solve personal issues. 

Customer Service at Dave

Dave highly appreciates its clients and offers competitive customer service. If you need a consultation, you can opt for several solutions. For those who prefer life communication, Dave has a team of consultants. As you see, it is much more comfortable than the customer  service provided by many other financial apps. It is one of the greatest reasons for Dave’s popularity among borrowers. 

Is Dave a Good Choice for You?

As we know, tastes differ. However, Dave can be a pleasant surprise for those who tend to buy things on a whim, forget to monitor their income or bills, and can’t afford paying rent and utility at the end of month. 

Such actions usually result in overdrafts and have a negative impact on your credit score. If it is about you, then Dave is a must-download application for you!

What’s more, it offers instant cash advance that help customers keep afloat between paychecks. At the same time, Dave is for people with regular income since you will be expected to refinance your loan at a relatively short term. 

All in all, Dave allows its customers to get rid of financial anxiety and get their budget tracked by the application. There is only one disadvantage. It may prevent you from learning to take control of your finances by yourself. 

Apps Like Dave

You should know that there are a lot of applications that offer the same features as Dave. Below you can find a table with the three most popular alternatives to Dave and compare them.

  Dave Lightstream Money Lion Brigit
Amount of a loan Up to $250 From $5,000 to $100,000 From $25 to $250 From $50 to $250
Rates APR varies around 16% APR ranges from 5.73 to 19.99 percent APR: 5.99%-29.99% No interest
How quickly can you receive money? 1-3 days or 8 hours for additional pay You could get your money the same day If you apply for a loan before 10 a.m. you will get money the next business day No more than 3 days
Membership $1 per month Free Free $9.99 per month

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Brigit is among the most popular alternatives to Dave. This app charges $9.99 each month for an app membership. Unlike Dave, it provides instant transfers without additional fees. In case you can’t repay your debt you can easily extend the due date. 

However, it will cost you $120 per year while Dave will take just $12. The price difference is considerable.

Possible Finance is another example of a well-known financial app. If you have a Visa debit card, this app will give you money the same day you have applied for a loan. 

But if we compare it with Dave, Possible Finance is more expensive. For each borrowed $100 you will have to pay between  $15 and $20.

Vola also offers valuable financial services. To get its membership you have to pay more than it is in case with Dave. At the same time, Vola allows to get a $300 cash advance. It is $50 more than Dave.   

How We Review

To make an objective app report we have conducted serious market research. Firstly, we have gathered information from open sources. It includes Google, Play Market, and a range of forums. We have read all the information about Dave that can be found on the Internet. It also included the customers‘ feedback about this product. 

Then we downloaded the application to get more information about the Dave application. We viewed this product from the users’ perspective. We have gone through registration and verification steps.

It was a quick and transparent process that made our team evaluate the Dave services positively. We have learned the terms and conditions of work with this application and its security policy.

Then we paid 1$ to get a Dave membership. This step has allowed us to take a cash advance instantly. We analyzed the interest rate and fees offered by this application. The notification system was among the greatest Dave benefits that impressed us the most. 

To make a review process more objective we have done the same steps with the Dave-like apps. We specified their advantages and disadvantages and compared them. This information helped us make the Dave review objectively.

Drawing the Line

Dave is a popular financial application that takes care of its clients. This platform helps people save on overdraft fees and sends push notifications when you are likely to cross the line. Dave has a large audience of fans that is constantly increasing. Thanks to this article now you have a better understanding of how Dave works and whether it is a good option for you. 

FAQ

Does Dave work with Chime?

You should know that Chime doesn’t support all financial applications. If you are interested in Dave, we have good news for you! This application is supported by Chime. If you’re a Dave member, look for the inventory of banks, select Chime, and apply your login details.

Who Founded Dave?

As we have already mentioned, Dave was founded by 3 friends. It was set up by Jason Wilk (Co-Founder and CEO), Paras Chitrakar (Co-Founder and CTO), John Wolanin (Co-Founder). Together they managed to create a powerful team and develop a high-quality application for rendering financial services.  One day three friends (mentioned above) got fed up with the quality of financial services offered by other applications. To solve this issue they decided to create their own product. They were irritated by high overdraft fees. To make a competitive application they set loyal terms that include no-interest cash advances.

What banks does Dave work with?

Banking deposits offered by Dave are supported by the partner bank of this company. It is Evolve Bank & Trust that offers Federal Deposit Insurance Corp insurance (better known as FDIC). There is one advantage: your interest-free loan sum increases from $75 to $100.

When you pay Dave back can you borrow again?

There are some principal rules presented by Dave that can’t be violated by the borrowers. After you have paid $1 to get an app membership, you can take a loan. The repayment process can take as much time as you need. However, you won’t be able to make use of other financial services until you cover the existing debt.

How fast does Dave deposit money?

Everything depends on the type of loan you want to get. If it is a direct deposit, you will receive money within 2 days. However, if your application is submitted on a working day before 3 pm you can get the loan on the same day.

How long does it take Dave to verify?

The verification process won’t take a great deal of time. Dave usually sends two small deposits on your bank account. In such a way it confirms the connection. This operation is known as a micro-deposit verification process. This procedure can take up to 4 business days.

Does the Dave app give you money instantly?

Dave allows borrowers to receive $500 instantly via ExtraCash™ offered by the application. What’s more, it doesn’t charge interest, late fees, and credit check. If you wish, you can pay tips. But it is voluntary! This fact makes Dave much more appealing than banking services. 

How Much Will Dave let you borrow?

 With Dave you can get up to a $75 cash advance. In case you need it immediately you will be required to pay a $4.99 express fee. All in all, you can borrow up to $250 on your next paycheck. The number of loans is unlimited. You can get a cash advance after you repay the previous one. 

What happens if you don't pay Dave?

 In case you don’t fulfill your financial obligations Dave will automatically withdraw the owed sum of money from your bank account. In other words, you will be hooked for overdraft fees made on behalf of your name. If you are going to make use of Dave services, make sure you have repaid previous debt. 

Does Dave report to the credit bureau?

 Among the greatest benefits of Dave is the fact that it doesn’t report to credit bureaus. It happens so with both your short-term loans repayments and your spending habits. What’s more. Dave won’t let other establishments know about the current balance of your account.

How many loans can you get with Dave?

 The number of loans is not limited. You can make use of financial services offered by Dave as long as you have a membership subscription. However, you can’t take another loan unless you repay the previous one. But as soon as you manage to do it, you can apply for another cash advance.

Does Dave run your credit?

 Dave is a great option for people who are not considered as perfect borrowers from the bank’s perspective. If you are not officially employed or have some unpleasant moments in your credit history, then this app will be entirely beneficial for you! Dave doesn’t review your credit score and credit history. 

Does Dave affect your credit?

 Due to the information on its official website of Dave, this app doesn’t have an impact on your credit score. It just applies machine learning for reviewing a credit history when you join the application. Since Dave doesn’t report your financial activity to bank bureaus, it doesn’t affect your credit. 

When are Dave working hours?

 You can make use of Dave services 24/7. But if you want to get live communication, call 1-844-857-3283 from Monday – Friday  from 4 am to 10 pm and Saturday – Sunday from 5 am to 5 pm Pacific Standard Time.

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