10 Apps Like Dave That Offer Cash Advances

So you’re in a bit of a financial bind and need some quick cash before payday. You’ve heard about apps like Dave that offer small cash advances to tide you over until your next paycheck hits the bank. The good news is Dave isn’t the only game in town. There are several apps similar to Dave that provide short-term loans and cash advances. The even better news is we’ve rounded up 10 of the top options so you can compare and find one that works for your needs.

What Is Dave and How Does It Work?

Dave is a popular cash advance app that provides you with small short-term loans, typically $20 to $200. To qualify, you’ll need to meet a few basic criteria like being over 18, having a checking account, and earning at least $1000 per month.

How It Works

Dave uses AI and machine learning to analyze your bank transactions and determine your eligibility for a cash advance. Once approved, the money is deposited directly into your checking account, often within hours. Repayment also happens automatically – Dave will deduct the total amount owed from your next paycheck or benefits deposit.

The fees for using Dave are relatively low compared to payday loans. You only pay what you borrow plus a monthly membership fee of $1. You can cancel anytime without penalty. Dave makes its money from the membership fees and any voluntary tips you leave.

Dave is useful when you have a small, unexpected expense like a parking ticket or medical co-pay and need cash fast. However, it should only be used occasionally and not relied upon regularly since the fees can add up over time. Dave is best used in moderation and as a last resort when other options like reducing expenses, borrowing from friends, or using a credit card aren’t possible.

Other similar cash advance apps include Brigit, MoneyLion, and Chime. Like Dave, they offer small payday loans and cash advances deposited directly into your bank account. Fees and terms vary between the different services so compare them to find one that best fits your needs.

Top 5 Apps Like Dave for Cash Advances

Once you’ve used up your Dave advance for the month, don’t worry – there are other apps like Dave that offer cash advances to tide you over until payday. Here are the top 5:

Earnin

Earnin lets you cash out up to $500 of your earned paycheck before payday with no fees or interest charges. You just have to connect your bank account and work information, and the app automatically verifies your hours. Earnin uses an optional “tip” model, so you can support them however you like.

Even

Even provides interest-free paycheck advances up to 50% of your pay. Repayments are automatically deducted from your next paycheck. Even charges a monthly subscription fee but no fees for cashing out your advance. The app connects to over 18,000 employers to verify your income and hours.

MoneyLion

MoneyLion offers 0% APR cash advances up to $250. Simply log in, apply for an advance, and the money is deposited in your account within minutes. Repayments are automatically deducted from your bank account on your next payday. In addition to paycheck advances, MoneyLion provides fee-free checking accounts, managed investment accounts, and personal loans.

Flexwage

Flexwage allows you to access up to $500 of your earned wages before payday. You have to pay a $5 convenience fee for each advance but there are no ongoing subscription fees. Repayments are deducted automatically from your next direct deposit. Flexwage partners with over 4,000 employers to verify applicants’ work and income information.

PayActiv

PayActiv offers low-cost paycheck advances starting at $20, up to $500, for a flat $5 fee. The advances and fees are deducted directly from your next paycheck. PayActiv uses bank-level security and encryption to link with over 6,000 employers and verify your hours and earnings. In addition to paycheck advances, PayActiv provides other financial wellness tools like bill payment, budgeting, and savings options.

Pros and Cons of Using Apps Like Dave

Using cash advance apps like Dave comes with both benefits and drawbacks. Here are some of the main pros and cons to consider before using these services.

Pros

• Convenience. Apps like Dave offer a quick and easy way to get a small amount of cash in a pinch. The entire process from requesting an advance to receiving funds can take just a few minutes.
• No interest charges. If you repay the advance on time, Dave and similar apps do not charge any fees or interest. This can be cheaper than using a credit card or payday loan for short-term needs.
• Builds credit. Dave reports your payment info to credit bureaus, so using their service responsibly over time can help build your credit history and improve your score.

Cons

• Risk of overuse. It can be tempting to rely on cash advance apps frequently, which risks getting caught in a cycle of debt. Only use them occasionally for true emergencies.
• Late fees. If you don’t repay the advance within the grace period, Dave and other apps will charge substantial late fees that can add up quickly. Make sure you budget to pay the full amount due on time.
• Privacy concerns. Some people worry about providing personal info like bank account access to third-party apps. Dave and reputable competitors do employ strong data security and privacy policies to help address these concerns, but there is always some risk involved.
• Limited amounts. Dave and similar services only offer relatively small cash advances, typically $50 to $250. So they may not be suitable if you need more significant short-term funds.

Using cash advance apps in moderation and with a clear repayment plan can be fine, but frequent use or becoming reliant on them poses risks. Make sure you go in with realistic expectations about what they can provide and budget accordingly to avoid unwanted fees or getting caught in a debt cycle. Consider your options and only use them when truly needed for small, short-term needs.

Tips for Using Cash Advance Apps Responsibly

Using cash advance apps responsibly is important to avoid getting caught in a cycle of debt. Here are some tips to keep in mind:

Only borrow what you can repay

These short-term loans typically have high APRs, so only borrow what you know you can pay back, even with fees. If you can’t repay an advance within a month or two, the interest charges will quickly pile up.

Pay on time

Be sure to make at least the minimum payment by the due date to avoid late fees. Some apps charge very high penalties for late or missed payments. Set a reminder so you don’t forget.

Don’t take out multiple advances at once

It can be tempting to take out several advances from different apps to cover larger expenses. But this makes it much harder to pay everything back and fees will accumulate rapidly. Only take out one advance at a time and pay it off before borrowing again.

Check other options first

Explore other options for covering costs before turning to a cash advance app. Things like reducing expenses, borrowing from friends/family (if you’re comfortable), or using a credit card with a lower APR. Cash advances should really only be used in emergencies.

Budget and save

The best way to avoid using cash advance apps regularly is to budget your money responsibly and save for unexpected expenses. Look for expenses you can reduce or eliminate, and put that money into an emergency fund. Even saving $10 or $20 a week can help build a buffer.

Using cash advance apps sparingly and responsibly can help in a pinch, but making it a habit to rely on them for expenses will only lead to a cycle of debt that’s hard to break. With budgeting, saving, and exploring other options first, you can use them occasionally without worry.

FAQs About Apps Like Dave

So you’re interested in cash advance apps like Dave but have some questions. Here are the most frequently asked questions about apps like Dave and how they work:

Do I have to pay the money back?

Yes, the cash advances provided by apps like Dave are loans, not free money. You will need to repay the amount borrowed, plus any fees, typically within a few weeks of receiving the advance. The exact terms and dates will depend on the specific app. Failure to repay the loan can result in penalties and damage your credit.

Are there any fees for using the apps?

Most cash advance apps charge small fees for their services, like Dave which charges a $1 monthly membership fee. Some also charge small fees for the cash advances, such as 5% of the amount borrowed. The fees will vary by app, so check the terms for any app you want to use. The fees are how the companies make money while providing you access to quick cash.

How much can I borrow?

The amount you can borrow will depend on the specific app as well as your own eligibility. Most allow you to borrow between $50 to $500 for your first advance, which can increase for return customers who repay on time. The apps use your bank account activity and (sometimes) your credit score to determine your eligibility and how much you qualify for.

How soon can I get the money?

One of the main benefits of using an app for a cash advance is how fast you can receive the money. In most cases, once you request an advance through the app, the money will be deposited directly into your bank account within 1 to 2 business days. Some apps can provide the funds even faster, within hours. The speed at which you receive the funds will ultimately depend on your bank’s processing times.

Are these apps reputable and trustworthy?

As with any financial product, it’s important to use reputable and trustworthy apps for cash advances. Look for apps like Dave, Brigit, MoneyLion and Chime that are established, reputable companies. Read reviews from other users and check if the app is properly licensed and regulated. Never use any app that asks for sensitive data like your social security number.

Conclusion

So there you have it, 10 apps similar to Dave that provide cash advances and short-term loans. While the fees and interest rates can be high if not paid back quickly, for many these types of apps have been a lifesaver in a financial emergency. At the very least, it’s good to know your options in case you’re ever in a pinch and need some fast cash. Just be sure to read the terms and conditions carefully, set a repayment plan and stick to it. Your wallet and credit score will thank you later. With so many options now, there’s no need to resort to predatory payday lenders or high-interest credit cards if you need a bit of extra money to tide you over.