Is Dave Legit? – Our Honest Dave App Review

Cash advance apps offer a quick and easy way to get money when you need it, and with over 5 million users, Dave is a legit and popular options.

With its ExtraCash Advancement feature, you can get up to $500 each pay period. It also offers a bunch of other financial tools to help you budget smarter and boost your income.

However, Dave isn’t the perfect fit for everyone. That’s why we’re breaking down everything you need to know in this review, from its key features and fees to the eligibility requirements and whether it’s actually worth using.

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Key Takeaways:

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

Is Dave Legit?

Dave is legit and is one of the leading payday advancement apps on the market. It has a 4.8 star rating and 4.4 star rating on the iOS and Android app stores respectively. The company is also BBB-accredited and has an A- rating and is popular for its high advance limit and low fees.

At WebMonkey, we also think Dave is one of the best advancing apps alongside options like EarnIn and Cleo. And the app makes it easy to get quick cash to pay rent, bills, and other expenses.

However, it's worth noting that not everyone qualifies for a ExtraCash Advancement or the full $500 limit. And we don't recommend using apps like Dave endlessly since this can encourage a cycle of constant borrowing.

What Is The Dave App & What Does It Offer?

The Dave app is a mobile banking app that helps people “take their finances to the next level.” And the app provides its members with easier access to their paychecks plus helps them make and save more money.

The company launched in 2017 and has since grown to over 5 million members. However, Dave isn't a bank itself. Instead, the app partners with Evolve Bank & Trust to provide users with access to reliable, secure banking features.

Dave is best known for its ExtraCash Advancement, but the app also provides checking and savings accounts, plus a side hustle finder.

1. Dave ExtraCash

The main feature of Dave is its ExtraCash Advancement feature, which lets you borrow up to $500 against an upcoming paycheck – no credit check needed.

On average, new Dave ExtraCash users can get around $160 approved in just 5 minutes. All you have to do is link your bank account to Dave. The app then views your paycheck history to determine how much you're eligible to borrow.

The $500 limit is higher than what competitors like Cleo and Super.com offer, though it’s a bit 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. When it’s time to pay it back, Dave automatically takes the money from your account.

Unlike a payday loan, Dave doesn't charge fees or interest charges for ExtraCash Advancements. However, while the app itself is free to download, you need to pay a $1 monthly membership fee to access this feature. And, if you want your money instantly, express fees apply based on the amount you’re borrowing.

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’ll cost you between $5 and $25, with the money arriving in less than an hour.

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2. Dave Spending

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

There's no minimum balance requirement either. And the main selling point is that Dave Checking now pays 4% APY, so you can earn passive income with your idle cash.

On top of that, the account comes with a cashback Dave card (debit card) and budgeting tools to help you manage your money. It also has a new round-up tool that lets you round-up purchases to the nearest dollar to set the extra money aside in savings.

Overall, opening a Dave Spending account could be a good move since it’s makes Dave's ExtraCash Advancement cheaper and faster.

However, if you just want a bank account, you should check out Current. This no-fee banking solution has 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 was created to help you save for a specific goal, like a new car, house down payment, or family vacation. It's a high-yield savings account that also pays 4% APY on savings.

There aren't minimum deposit requirements or hidden fees, and you can take out your money whenever you need it – even if your goal hasn't been reached.

Just note Dave's Goal Account has a maximum deposit limit of $25,000. Interest also accrues daily but is paid out on the first of each month.

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4. Dave Side Hustles

One more Dave feature we love is its side hustle tool. This tool lets members take instant-pay surveys right in the app – the more surveys you complete, the more you can earn.

Dave also helps members find a variety of gigs, including:

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

You can search and apply for side jobs and work-from-home opportunities right from the app, and there are plenty of options to choose from.

If this sounds up your alley, we also recommend checking out our side hustle database and list of 30 ways to earn money online fast for even more options than Dave provides.

Dave Fees & Pricing

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

The only other fees are instant transfer fees, which vary from $3-$25 depending on the amount of the advance and transfer method. If you're transferring 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 instantly, you can choose to wait the standard one to three business days to receive your funds. Overall, we think Dave is much more affordable than most of its competitors.

Dave ExtraCash Advancement Requirements

Dave strives to make it easy for anyone to access their funds. It doesn't run a credit check, and instead analyzes your checking account activity to get a sense of your income and spending habits. It then decides if you qualify for an advance and how much you can get.

Here are the Dave ExtraCash Advancement requirements you need to qualify:

• Monthly deposits adding up to at least $1,000
• At least three recurring deposits per month
• An external bank account with a positive balance and active for 60 days minimum
• To reside in the United States with a Social Security number
• To be 18 years old or older

If you're a gig worker, freelancer, or have a lower monthly income, you can check out Cleo instead. Cleo only advances up to $250 but has much more lenient requirements.

How Do You Pay Dave Back?

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

It works like this: when you take out a Dave ExtraCash advancement, your ExtraCash account balance shows as negative, indicating how much 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.

Also note: if you can't pay back your full balance, Dave runs partial settlements. This is pretty lenient and also helps users avoid going into overdraft.

How Does The Dave App Work?

So, how does Dave work? Dave makes it easy to apply for and request funds. Follow these simple steps to get a Dave ExtraCash Advancement:

1. Download the Dave app and sign up. You can get the Dave app for free from the iOS or Android app store. Creating an account only takes a few minutes.
2. Link your bank account and open a new Dave ExtraCash account.
3. See how much you can borrow. Once you connect your bank account, Dave will use your activity to determine your eligibility and how much to approve you for. The amount you’re approved for depends on many factors, like your monthly income, and it can change frequently – sometimes, even daily.
4. Request your ExtraCash Advancement. Just 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. If you want, you can add a tip or choose express funding for an extra fee. Then, agree to the terms and pick a repayment date.
5. Pay it back. On the repayment date you chose, Dave will automatically pull the funds from your account to settle your balance.

👉 Get started with Dave today!

Pros & Cons

Pros:

• High ExtraCash Advancement limit of $500
• Lack of fees and simple $1 monthly membership plan
• Competitive interest rate on its checking and savings account
• Numerous budgeting and saving tools
• Easy app to use
• Helps members find new side hustles

Cons:

• Dave is only available in the United States
• First-time users qualify for $160 in ExtraCash Advancements on average
• High express advance fees
• Some negative reviews from customers about customer service

The Best Apps Like Dave

We think Dave is one of the most popular apps in its category for good reason. But it's far from your only option.

Some of the best apps like Dave you can also try include:

• 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. And Cleo is our favorite for gig workers. But you can try out several of these apps to see which one gives you the best advance limit.

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Other Dave App Reviews From Customers

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

Positive feedback often talks about how simple and convenient it is to request a Dave ExtraCash Advancement through the app. However, many users have reported trouble reaching customer service. Another recurring complaint involves frequent, unpredictable changes to their limits.

One of the more concerning complaints among reviewers is that Dave sometimes withdraws the repayment amount earlier than expected. While Dave’s automatic repayment feature is convenient, it has led to reports of unexpected overdrafts and financial strain for some.

While Dave is praised for its ease of use and many users have no problems, there are potential issues with the app that you should be aware of before signing up. And remember: you have to pay what you borrow back, so this isn't free money or a grant. Be responsible with your spending and saving so you don't fall into debt.

Is The Dave App Safe?

Dave is a safe app. While it’s always wise to be cautious about sharing your bank account info and personal details, Dave needs this information to deposit your advance and figure out how much you qualify for.

They employ top-notch security measures to protect your account and money. These measures include transaction alerts and 24/7 fraud monitoring. Plus, all Dave Spending accounts include FDIC-insurance up to $250,000 in case of bank failure.

Is There Customer Service?

Yes, Dave has customer service. You can get assistance straight from the app, via live chat. Or, you can use the Contact form on the Dave website. In case of a dispute, you can email [email protected] or call the number on the back of your Dave card.

Dave also has a dedicated Help Center on their website, if you just need some quick answers to FAQs or help with basic issues.

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Is Dave Worth It?

Dave is worth it if you want an affordable app with a high advancement limit. It's also worth using if you're on the market for a new checking and savings account and want to earn significant interest.

Whether it’s an emergency bill or surprise cost that pops up before payday, Dave offers a safer and more affordable alternative to payday loans or high-interest credit cards. Just remember, 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 apps like Cleo or Brigit, Dave offers a high limit. And, its monthly membership fee is extremely cheap. For just $1 per month, you can borrow up to $500 without worrying about interest charges or hidden fees. 

However, Dave does have some downsides. Their express transfer fees are on the pricey side, when compared to similar apps. So if you’re in a rush, it might be worth exploring other options – like EarnIn, which offers a high cash advance limit up to $750 without a monthly subscription fee.

👉 Get started with Dave today!

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Frequently Asked Questions

How long do you have to pay Dave back?

Usually, you have until your next payday or the Friday closest to the date you took out the ExtraCash Advancement. If you don’t have enough in your account on the repayment date, Dave will withdraw portions until the full amount is paid off.

Should you need more time to pay, you can make an extension request – up to 30 days. Just make sure to ask at least two days before your scheduled repayment date. Be aware that you won’t be able to request another advance until your current Dave ExtraCash balance is fully repaid.

Does the Dave app impact my credit score?

Nope, using Dave won’t affect your credit score. Dave doesn’t run a hard or soft credit check or report your activity to the three major credit bureaus. So, even if you’re late paying back a loan, your credit score stays the same.