Dave is one of many pay advance apps that offers a solution to over drafting your bank account between paychecks. The app brags about not taking advantage of your financial dismay with fees or interest rates. Naturally, an app offering an advance on your paycheck with no strings attached seems too good to be true. Is Dave a solution to your financial problems? Or, is this pay advance a scam? Keep reading for Mommy Needs Advice’s 2024 review on the Dave pay advance app.
What Is The Dave Payment Advance App?
Per their website, the Dave Pay Advance is a banking app with the mission of “leveling the financial playing field.”
We started Dave for one reason: banks weren’t built for people like us, and we knew we deserved better. Like David slaying Goliath, we’re taking on big banks and their predatory ways.
How Does The App Work?
After you download the app and sign up, it will use Plaid to connect to your bank account. The app connects to your account to verify how often you get paid and how much you get paid. Then, it takes this information and spits out an offer for an advance on your paycheck. Dave will automatically set up your repayment schedule to line up with your next paycheck.
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Dave boasts of offering up to $500 in an advance on your paycheck. The app, however, never starts by offering that amount. Typically, the app starts by offering between $50 and $150. This is the way the app tests whether you will actually pay back the advance when you receive your paycheck.
Is The Dave Banking App Completely Free?
Dave claims to be a free banking app with no strings attached. This, however, is not completely the case. The app does charge your account $1 per month while you are using the service. This $1 is more or less just to verify your bank account is still active. The app uses this to protect itself from not being able to get the repayment on your advance.
Technically, there are also a fee if you decide to receive your advance via immediate deposit. The app charges a very small fee to instantly send you the funds. You, however, can opt for a fee-free transfer. The fee-free option, however, slows the transfer and you won’t receive the funds for two to three business days. If you are in a tight enough spot that you need a payday advance, it stands to reason that the fee-free option isn’t always feasible, as the app claims you won’t receive the funds before the repayment is due.
Can You Log in Without The App?
Not everyone has a smartphone. Can you use Dave without a phone? Is it possible to login to the service directly from the website? While Dave does have a website, there is no way for you to log in to your account without the app. So, you need to download the app to your phone if you wish to use this banking app.
Dave Pay Advance App Review
There is only really one question left to answer: Does mommy recommend the Dave pay advance app?
First, Dave is most definitely a legit banking app. It is not a scam. It offers everything it promises.
Whether you should use this paycheck advance app really depends entirely upon you. If you are someone who is struggling to make it paycheck to paycheck and barely getting by, this app isn’t really going to be a solution to your problem. You have to pay that $1 a month to use it. Plus, you more than likely will end up paying the fee for the instant transfer of funds.
The biggest issue with using the Dave app is you get stuck in a loop of needing the advance every paycheck if you live paycheck to paycheck. Picture this: You take the advance on your paycheck. You pay it back on your next paycheck. Then, you find yourself at risk of overdraft again and have to take another advance. You end up stuck in a loop and eventually, you may even find yourself not having enough to pay the advance back, creating an even bigger problem for yourself.
So, is Dave a legit trustworthy app? Absolutely. If you find yourself in a pinch and need some emergency funds till payday – then Dave is your man. Just be sure to take into account that small fees do apply and be careful not to get stuck in a loop of being indebted to Dave, which can happen if you don’t plan ahead.
If you want to go and check Dave for yourself, you can go and download the app –>HERE
Have you used the Dave App already? What was your experience? Tell us in the comments!
