Dave is a fintech app that’s FDIC-insured via a partnership with Evolve Financial institution and Belief. The app is designed to assist individuals handle their cash with a singular money advance product referred to as ExtraCash. ExtraCash can give you entry to as much as $500 in money with none curiosity fees.
Nevertheless, there are a number of money advance apps that provide an analogous service to Dave. Whereas ExtraCash has one of many highest money advance limits (most apps cap out at $200 or $250), it’s important to open a Dave checking account to qualify, and the charges are greater than different apps.
So earlier than you enroll with Dave, it is best to take into account the options, as chances are you’ll discover a extra appropriate money advance app. That will help you in your search, we’ve compiled an inventory of 8 apps like Dave.
Desk of Contents
How Does the Dave App Work?
As talked about, one among Dave’s hottest options is its money advance product, ExtraCash, which permits you a free money advance of as much as $500 with no curiosity charged.
Relying on the place you need your money advance transferred to (i.e., your Dave spending account or one other account), you may get the cash in as little as an hour. Dave will get better the cash you borrowed in your subsequent payday.
Dave fees a $1 membership payment, and there are charges for categorical transfers as effectively. Additionally, if you use the Money Advance characteristic, you’ll be requested to present a tip that’s donated to Feed America. Nevertheless, tipping is just not required. Dave contains different options, too, reminiscent of facet hustle help and account monitoring.
8 Apps Like Dave
1. Brigit
How a lot does it value? $9.99 per 30 days
How a lot are you able to get? As much as $250
Finest characteristic: Versatile reimbursement phrases
Brigit was launched in 2017. Not like the Dave app, Brigit doesn’t provide a spending account. As a substitute, you hook your every day spending or checking account as much as the Brigit app.
The account you join with the Brigit app has to have been open for no less than 60 days, have a optimistic steadiness, and have no less than three recurring deposits from the identical supply with the intention to qualify for a money advance.
After you’ve been accredited on your money advance quantity (between $50 and $250), you possibly can request it by way of the app when wanted.
A daily request takes as much as three enterprise days to hit your linked account. In order for you the cash to hit your account sooner, you’ll must pay a payment of as much as $3.99.
Brigit’s versatile reimbursement characteristic lets you work inside your funds to repay the mortgage. Be taught extra in our Brigit overview.
2. EarnIn
How a lot does it value? No month-to-month payment
How a lot are you able to get? As much as $100 per day
Finest characteristic: Get every day money advances
The EarnIn app works in another way than Brigit and Dave. You begin by sharing your pay schedule with EarnIn.
You are able to do this by connecting your checking account in order that EarnIn can acknowledge your pay schedule. You’ll want to attach EarnIn to your employer, too, for verification.
As soon as EarnIn is aware of how a lot you earn, you possibly can advance as much as $100 per day of your paycheck.
The cash you advance from EarnIn normally seems in your account in 1-2 enterprise days. Or, you should utilize the Lightning Pace characteristic to indicate your advance in your account inside a couple of minutes. The Lightning Pace possibility has a payment of $3.99 per transaction.
The cash you advance out of your paycheck will likely be debited out of your checking account in your subsequent payday, together with any ideas you’ve designated or charges you’ve acquired.
3. Empower
How a lot does it value? $8 per 30 days
How a lot are you able to get? As much as $250
Finest characteristic: Auto-savings characteristic
The Empower app has a number of options designed that will help you enhance your monetary scenario. The app’s money advance characteristic lets you borrow as much as $250 and mechanically pay it again in your subsequent payday.
There aren’t any charges for the usual money advance, which can hit your checking account 2-5 days after your request. Should you request an immediate switch, you’ll pay as much as $8 in charges relying on how a lot you advance.
Together with money advances, Empower has a number of different options as effectively. For instance, Auto-Save displays your checking account and takes cash out of the account when it determines you’ve bought further money. The cash goes into your Empower financial savings account and helps you construct financial savings effortlessly.
4. Albert
How a lot does it value? No month-to-month payment
How a lot are you able to get? As much as $250 per day
Finest characteristic: Theme-based investing
Albert is a fintech app that provides paycheck money advances of as much as $250. There aren’t any charges; you possibly can entry funds instantly in case you advance them to your Albert money account.
Should you advance to an out of doors checking account, you’ll have your cash in 2-3 enterprise days. Nevertheless, you possibly can obtain an immediate switch to an out of doors checking account in case you pay a small payment, though the positioning doesn’t disclose how a lot that payment is.
Albert contains an non-obligatory auto-savings characteristic that displays your account and determines when it’s protected to tug cash to place into financial savings.
Albert additionally gives an investing possibility the place you should buy slices of inventory for as little as $1. For extra info, try our Albert overview.
5. Chime
How a lot does it value? No month-to-month payment
How a lot are you able to get? $20 to $200
Finest characteristic: Engaging referral program
The Chime fintech banking app was launched in 2013. It gives checking providers, financial savings accounts, early Direct Deposit, high-yield financial savings, fee-free overdraft, and extra.
All Chime accounts begin out with a “Spot Me” quantity of $20. You’ll be able to overdraw your account by as much as $20 with out overdraft charges.
As your account beneficial properties a optimistic historical past, your Spot Me quantity will enhance, with a most quantity of $200 being issued for qualifying accounts.
Chime additionally has an automated financial savings characteristic you should utilize as effectively. Take a look at Chime’s referral program too. As of this writing, each certified referral pays you $100. Discover out extra in our Chime overview.
6. Varo
How a lot does it value? $4-$15 per “spot”
How a lot are you able to get? $20 to $250
Finest characteristic: Engaging financial savings fee
Varo’s on-line banking account features a money card and an automated $20 “spot me” to cowl overdrafts. As your account builds historical past, your “spot me” quantity could possibly be elevated to as much as $250.
There’s no payment for utilizing your $20 Spot Me; nonetheless, as your Spot Me steadiness will increase, you’ll be charged for advances over $20. The upper the advance, the upper the payment.
As with different apps on our checklist, Varo contains an automated financial savings plan. As of this writing, the rate of interest on Varo’s financial savings account is 5.00%. Be taught extra in our Varo Cash overview.
7. MoneyLion
How a lot does it value? No month-to-month payment
How a lot are you able to get? As much as $1,000
Finest characteristic: Excessive money advance quantity
MoneyLion gives a banking account that features Instacash advances of as much as $1,000 with no charges or curiosity.
You’ll be required to pay the advance again on a specified date. If the reimbursement fails, you’ll be requested to repay the mortgage instantly.
There are charges (referred to as Turbofees) for getting your Instacash sooner, and you’ll go away a tip as effectively. MoneyLion additionally gives funding choices, together with crypto investing.
Be taught Extra About MoneyLion
8. Department
How a lot does it value? As much as $4.99 per advance
How a lot are you able to get? As much as 50% of your paycheck, or $500 most.
Finest characteristic: Works instantly together with your employer
The Department banking fintech lets you’ve gotten your paycheck instantly deposited into your Department banking account.
When you’ve proven two consecutive months of direct pay out of your employer, you’ll have the ability to advance as much as 50% of your pay prematurely. Then, the mortgage will receives a commission again in your Direct Deposit payday. This characteristic is named Earned Wage Entry.
The Department app additionally has different options, reminiscent of money again rewards and the power to ship and obtain cash by way of a Venmo partnership. That is good as a result of if you evaluate Venmo and PayPal, Venmo wins on charges.
Department works instantly together with your employer to make all the particulars of your money advance simpler on you, and your employer units the utmost advance quantity.
In case your employer isn’t already partnering with Department, you possibly can speak together with your payroll division to get the ball rolling on beginning a partnership.
Be taught Extra About Department
Remaining Ideas
In order for you entry to a better money again restrict and don’t thoughts working a checking account with Dave, then ExtraCash stands out as the proper money advance product for you. The $1 month-to-month subscription payment shouldn’t be a deal-breaker for many.
Nevertheless, relying on the way you handle your money advances, there could also be cheaper choices, reminiscent of Chime, Albert, and Empower. Ideally, you need to get to the place you by no means must depend on money advances.
One of the simplest ways to do that is by constructing an emergency fund to cowl sudden bills after they come up. Even when it can save you $25 or $50 per paycheck, it gained’t be lengthy earlier than you not must depend on overdraft safety and money advance apps.
