reviews
Heidi Rivera
Written by
Rhys Subitch
Edited by
Updated on Jan. 8, 2024
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At a glance
Find my best rates
Check rate with Bankrate
4.7
Rating: 4.7 stars out of 5
Bankrate Score
Availability
Rating: 5 stars out of 5
5.0
Affordability
Rating: 4.2 stars out of 5
4.2
Customer Experience
Rating: 5 stars out of 5
5.0
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
About Bankrate Score
Full methodology
Founded in 2016, Dave is a digital banking platform designed to help consumers avoid steep overdraft fees. Although cash advances are Dave’s primary area of focus, the company also offers checking and savings accounts.
Lender Details
Loan amount
Up to $500
Term lengths
Next payday or the Friday after taking out the advance
Dave pros and cons
Pros
- Cash advances of up to $500
- No late or overdraft fees
- No credit check or minimum balance required
Cons
- Monthly subscription fee
- High express funding fees
- Limited to one advance at a time
Best for consumers looking for a less expensive payday loan alternative
Dave offers cash advances of up to $500 — an amount similar to a payday loan. Although there’s a fee to get the funds within minutes, it is capped at $13.99, depending on the amount and account being used.
There’s no minimum account balance or credit check required to get approved. There are also no overdraft or late fees, and repayment extensions are available. This makes Dave a good alternative for those in a pinch, as its fees and repayment terms are much more generous than those of payday lenders.
How to qualify for a Dave advance
To qualify for Dave’s ExtraCash advance, you must satisfy the following requirements:
- Be at least 18 years old.
- Be a U.S. citizen or a permanent resident.
- Have a Social Security number or tax identification number.
- Have a valid email address and agree to electronic communications.
- If linking your bank account, it needs to have been active for at least 60 days with a positive balance.
- Have at least three recurring deposits.
Your actual cash advance limit will be determined by factors, like your income and spending patterns, according to the company.
Dave vs. Brigit
Brigit charges a subscription fee of $9.99 to be able to use its Instant Cash feature — much higher than Dave’s $1 subscription fee — and it has a much lower $250 limit.
If you sign up for Brigit’s premium subscription service, which goes for $14.99 a month, you don’t have to pay express funding fees. Additionally, Brigit’s subscriptions give you access to additional credit building and monitoring tools, which can be a lifeline for those looking to boost their scores.
Dave vs. Empower
Just like Dave, Empower charges a monthly subscription fee to use its cash advance feature. The fee, however, sits higher at $8 a month, and it caps advances at $250. Empower’s express funding fees are lower, however, ranging from $1 to $8, depending on the amount requested.
Dave Pay Advance App: In the details
Loan Amount
Up to $500
Term lengths
Next payday or the Friday after taking out the advance
Funds available in
Within 3 business days without a fee
What we like and what we don’t like
What we like
- Cash advances of up to $500. Dave offers a generous maximum of $500, while most cash advance apps limit their loan amounts to $250 and under.
- No late or overdraft fees. Dave’s cash advances were designed in part out of frustration with overdraft fees, which is why it doesn't assess this type of fee. But your account may be closed if you fail to repay within 60 days of your withdrawal.
- No credit check or minimum balance required. You can request an advance without a credit check. Your cash advance limit is based on your monthly deposits, however, there is no minimum balance required.
What we don’t like
- Monthly subscription fee. Dave requires users to pay a monthly fee of $1, while other cash advance services offer a free version.
- High express funding fees. If you want to access the funds within minutes, you’ll need to pay an express funding fee of up to $13.99, depending on the loan amount and type of account you have.
- Limited to one advance at a time. You can’t take additional advances until you pay off your outstanding balance.
How to contact Dave
Dave’s customer support can be reached through its mobile app chat feature from 6 a.m. to 4 p.m. PT, Monday through Sunday.
Live agents are available over the phone at 844-857-3283 from 5 a.m. to 9 p.m. PT, Monday through Friday, and from 5 a.m. to 5 p.m. PT, Saturday through Sunday. Customers can also contact the company via email at support@dave.com.
How to take out an advance with Dave
You can request a cash advance through the Dave mobile app in a few steps.
Dave features and perks
You can get access to a checking and savings account through Dave, regardless of if you choose to use the advance feature, but you will still have to pay $1 per month once you link an external bank account. The checking account offers rewards on your purchases, while the savings account allows you to earn a 4 percent APY, as of January 4, 2024.
Another perk of using Dave is that your cash advances never accrue interest, so you only repay the amount you borrow. Members also get access to quick cash earning opportunities through paid surveys and a side hustle job board.
Fees and penalties
One of the main advantages of using Dave is that it doesn’t charge any overdraft or late payment fees. However, the company does charge an express delivery fee to receive the funds within minutes, instead of days.
The express funding fee is based on the requested amount and the type of account being used for the transaction — ranging from $1.99 to $13.99. Additionally, Dave requires a $1 membership monthly subscription fee to use its services.
Dave frequently asked questions
How Bankrate rates Dave
| Overall Score | 4.6 | Explanation |
|---|---|---|
| Availability | 5.0 | Dave requires no credit checks, as well as no minimum account balance. Funds can be available within three business days without fees. |
| Affordability | 4.2 | Despite not charging late or overdraft fees, Dave requires users to pay a monthly membership fee. Additionally, express funding fees may be high if you don’t have a Spend account. |
| Customer Experience | 4.7 | Dave offers users multiple ways to contact its support team and has few complaints with the CFPB, granting it a solid reputation. |
Methodology
To select the top cash advance apps, the Bankrate team evaluates companies using a 16-point ranking system, known as the Bankrate Score. The Bankrate Score focuses on three key aspects: availability, affordability and customer experience. These are the factors considered as part of each category:
- Availability: Minimum and maximum loan amounts, overdraft protection features, repayment term lengths and funding timelines are taken into account as part of this section.
- Affordability: For this category we looked at subscription pricing and free version availability. We also looked at additional tools and resources offered to users as part of the subscriptions, as well as any fees assessed by the companies.
- Customer experience: Bankrate evaluates factors such as the company’s reputation through regulatory websites, like the Consumer Financial Protection Bureau (CFPB), as well as contact support options. Our team also favors apps that are highly rated and that give users the option to extend repayment in case of hardship.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
On This Page
On This Page
- At a glance
- Pros and cons
- Do you qualify?
- How this lender compares
- In the details
- How to contact Dave
- How to apply
- Fees and penalties
- Frequently asked questions
- Our rating
- Methodology
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