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.
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.
Read Also: OppLoans Review
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;
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.
Read Also: OppLoans Review
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 people who want to borrow money online instantly.
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.
|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.
Sources Used in Research for the Article:
- No hidden fees, Dave, https://dave.com/no-hidden-fees
- Bank on top-tier security, Dave, https://dave.com/security-trust
- Extra Cash Advances, Dave, https://dave.com/extra-cash-advances