Dave cash advance app review September 2024

All information is current as of September 12, 2024, and is subject to change. 

What is a Dave cash advance?

The Dave cash advance is a short-term loan that doesn’t charge any interest or late fees. You don’t need to have a checking account with Dave, but you do need an Extra Cash Account. 

You can be approved for an advance up to $500. Exactly how much you’ll qualify for depends on several factors, but there is no credit check. Dave uses what they call “financial health factors” to determine your advance limits. These factors include your income amount and whether you’ve used your checking account in the past six months.

There is a fee of 3% of the loan amount ($3 minimum fee) if you request an instant transfer to a Dave Checking Account. If you want an instant transfer to an external bank account, the fee is 5% of the loan amount ($5 minimum fee). There is no fee for a standard ACH transfer to either a Dave Checking account or an external account.  

When you take the loan, you can choose the amount and when you’d like to repay the loan. When you repay, you have the option to leave Dave a tip. A portion of your tip goes to Feeding America, for which Dave has donated 163 million meals so far. 

What you need to qualify for a Dave cash advance

There are a few requirements to qualify for a cash advance from Dave: 

• A Dave Extra Cash Account
• A linked bank account with at least a 60-day history
• Direct deposit with at least three completed deposits
• Must be at least 18 years old
• A Social Security number or tax identification number (TIN)
• A United States physical address
• Must agree to electronic statements
• Be in good standing with Dave and Evolve Bank and Trust

Note that you cannot take a cash advance if you already have a cash advance with Dave that you haven’t paid back yet. However, you may be eligible for an Advance Recharge. If available, you can take an additional advance within 24 hours of the first advance.

Step-by-step guide for getting a Dave cash advance

Step 1: Open an Extra Cash Account with Dave and link your checking account. In the app, turn on your notifications so that you can be notified when you are approved for cash advances. Go to settings and scroll down to Notifications. Then, toggle the ExtraCash notifications to ON. 

Step 2: Once you are notified you’ve been approved for the cash advance, go to the ExtraCash tab in the app. Here, you can see the total amount you are qualified for and take out your advance. Click on “Get Cash” and choose where you would like your money sent. 

Step 3: Review the terms, which will include the date you will pay back the loan. The date you will pay back the loan will be on the date of your next direct deposit. If Dave can’t determine your next payday, then the date will be the following Friday. 

If you don’t have the funds to repay the loan on the date, Dave will try again when it is determined that you have the money. There are no late fees.     

What happens if you don’t have enough money to pay back your cash advance?

Dave will attempt to pay back the loan on the date of your next deposit. If, for some reason, the transfer cannot be completed, then it will try to pull the funds from one of your other linked accounts—if you have others. 

It is against the terms of service to unlink your account to avoid paying back your loan. Dave has the right to take money from your linked checking account to pay off any debts you have with it. If you violate the terms of service or refuse to pay back the loan, Dave can take legal action against you.  

Other services Dave offers 

Besides being able to get a cash advance, Dave offers a few other accounts and services:  

• Dave Checking Account: The Dave Checking Account has no monthly fees or minimum balances and earns a 4.00% annual percentage yield (APY). You can also get your direct deposit up to two days early. 
• Goals Savings Account: The Dave Goals Account has no monthly fees or minimum balance requirements and earns 4.00% APY. You can also opt into a feature that rounds up your checking account transactions to the next dollar and moves the change into savings. 
• Automatic budgeting: Your Dave Checking account comes with a budgeting feature that will analyze your expenses, including your recurring bills, and send you notifications so you can make sure you always have what you need in your account. You can set this up in the app. 
• Side hustle suggestions: Dave has surveys you can complete for a small amount of pay. 

Dave customer support 

You can reach Dave’s customer service by chat via the app, email, or phone. Chat through the app is available Monday through Saturday from 6 a.m. to 4 p.m. Pacific time. 

Phone customer service is available Monday through Friday from 5 a.m. to 9 p.m. PT and on the weekends between 5 a.m. and 5 p.m. PT. 

Is Dave secure?

Dave is secure. It has bank-level security, including 24/7 fraud monitoring to protect your account from unauthorized charges. It also has Federal Deposit Insurance Corp. (FDIC) Insurance, which protects your funds if the bank goes out of business, up to $250,000 per account type, per owner. 

There was a cybersecurity issue with Dave’s partner bank, Evolve Bank and Trust, in early 2024, where attackers downloaded customer information. The bank notified affected customers and provided credit monitoring and identity protection services for those customers. 

Dave user reviews

In general, the online reports from Dave’s customers are negative. People frequently state issues with customer service, stating they have too few agents to provide any real help. They have an A- with the Better Business Bureau (BBB), but only 1.14 stars out of 5. 

We emailed and called Dave’s customer service looking for general account information, such as clarification on the fees and how specific features work. However, customer service would not speak to us unless we already had an account. This confirms other customer statements that Dave makes it difficult to speak to someone. 

How Dave stacks up against competitors

Dave isn’t the only place to get free short-term loans. Here are some other options. 

Dave vs. EarnIn

With EarnIn, you can get up to $100 per day or $750 per paycheck as a cash advance, which will be paid back with your next direct deposit. As with Dave, there is no fee or interest, but you can choose to pay an optional tip. You can also set up EarnIn to process a $100 cash advance automatically if your checking account balance gets low.

Note that the EarnIn app tracks your location to verify that you went to work. The amount you can borrow will reflect the time you spend at work. 

Dave vs. Empower

Empower allows you to borrow up to $300 without interest or late fees. You’ll repay the loan back automatically when you receive your next direct deposit. Standard ACH delivery is free, but there is a fee for instant delivery. 

There is also an option for a line of credit between $200 and $400 that will allow you to build credit. Empower charges an $8 monthly membership fee. 

Dave vs. Chime

Chime’s SpotMe feature allows for a short-term loan to cover up to $250 in overdrafts on your Chime spending account. You can also advance up to $500 from your paycheck upon request. 

Chime also offers a credit builder card that works similarly to a prepaid debit card. You load the card from your checking account, and the amount you put on the card is your credit limit. There is then an optional feature that will pay your bill from your security deposit automatically. 

There are no monthly fees, no overdraft fees, and no minimum balance requirements. 

So, should you use Dave?

Dave could be a good option for people who need the occasional cash advance since those are free, other than an optional tip. However, based on customer reports regarding the lack of customer service, we recommend keeping your main checking account and the bulk of your money in another bank. 

Since you can use the ExtraCash feature without having to open a Dave checking account, you can have access to cash advances without having to move all your banking to Dave. 

Alternatives to cash advance apps

There are a few options to get money fast when you are in a bind. They are all more expensive than cash advance apps, but they are available if you need them. 

Credit cards

If you have a credit card, this is likely your best bet for getting out of a tight spot. The average interest rate on purchases is around 21%, with a high of about 30%. While this is a high interest rate, it’s not nearly as high as payday or title loans. 

You can also take a cash advance from your credit card if you need cash. Most credit cards charge 5% of the cash advance amount and then an interest rate of about 30%. 

Payday loans

Payday loans are the closest alternatives to cash advance apps. However, they are not legal in every state. To get a payday loan, go to a payday loan lender and request a loan. The lender will require either access to your checking account to take repayment or you’ll need to write a check for the loan amount plus fees that they will cash on your due date. 

Payday loans are notoriously expensive, charging between $10 and $30 per $100 borrowed. On an annual basis, that equates to approximately 400% interest. 

Title loans

Title loans are similar to payday loans, except you give the lender the title to your vehicle. The lender can repossess the vehicle if you do not repay the loan. The interest rate charged on title loans is a little less than that charged on payday loans. An example loan would be a $250 fee on a 30-day $1,000 loan. This equates to a 300% interest rate when calculated annually. 

While cheaper than payday loans, they are still very expensive, and you risk losing your vehicle.  

Pawn Shops

If you have something of value that you can put up for collateral, pawn shops are another way to get some quick cash. Pawn shops work similarly to title loans. They will give you a loan based on the value of your item. If you do not repay the loan, the shop reserves the right to sell the item to recoup its losses. 

The interest rates will vary by state but expect to pay between 12% and 240% interest on your loan. There may also be other fees involved. 

Frequently asked questions