Dave is a fintech app that is FDIC-insured through a partnership with Evolve Bank and Trust. The app is designed to help people manage their money with a unique cash advance product called ExtraCash. ExtraCash can provide you with access to up to $500 in cash without any interest charges.
However, there are several cash advance apps that offer a similar service to Dave. While ExtraCash has one of the highest cash advance limits (most apps cap out at $200 or $250), you have to open a Dave checking account to qualify, and the fees are higher than other apps.
So before you sign up with Dave, you should consider the alternatives, as you may find a more suitable cash advance app. To help you in your search, we’ve compiled a list of 8 apps like Dave.
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How Does the Dave App Work?
As mentioned, one of Dave’s most popular features is its cash advance product, ExtraCash, which allows you a free cash advance of up to $500 with no interest charged.
Depending on where you want your cash advance transferred to (i.e., your Dave spending account or another account), you can get the money in as little as an hour. Dave will recover the money you borrowed on your next payday.
Dave charges a $1 membership fee, and there are fees for express transfers as well. Also, when you use the Cash Advance feature, you’ll be asked to give a tip that is donated to Feed America. However, tipping is not required. Dave includes other features, too, such as side hustle support and account monitoring.
8 Apps Like Dave
1. Brigit
How much does it cost? $9.99 per month
How much can you get? Up to $250
Best feature: Flexible repayment terms
Brigit was launched in 2017. Unlike the Dave app, Brigit doesn’t offer a spending account. Instead, you hook your daily spending or checking account up to the Brigit app.
The account you connect with the Brigit app has to have been open for at least 60 days, have a positive balance, and have at least three recurring deposits from the same source in order to qualify for a cash advance.
After you’ve been approved for your cash advance amount (between $50 and $250), you can request it via the app when needed.
A regular request takes up to three business days to hit your connected account. If you want the money to hit your account faster, you’ll have to pay a fee of up to $3.99.
Brigit’s flexible repayment feature allows you to work within your budget to repay the loan. Learn more in our Brigit review.
2. EarnIn
How much does it cost? No monthly fee
How much can you get? Up to $100 per day
Best feature: Get daily cash advances
The EarnIn app works differently than Brigit and Dave. You start by sharing your pay schedule with EarnIn.
You can do this by connecting your bank account so that EarnIn can recognize your pay schedule. You’ll need to connect EarnIn to your employer, too, for verification.
Once EarnIn knows how much you earn, you can advance up to $100 per day of your paycheck.
The money you advance from EarnIn usually appears in your account in 1-2 business days. Or, you can use the Lightning Speed feature to show your advance in your account within a few minutes. The Lightning Speed option has a fee of $3.99 per transaction.
The money you advance from your paycheck will be debited from your checking account on your next payday, along with any tips you’ve designated or fees you’ve acquired.
3. Empower
How much does it cost? $8 per month
How much can you get? Up to $250
Best feature: Auto-savings feature
The Empower app has several features designed to help you improve your financial situation. The app’s cash advance feature allows you to borrow up to $250 and automatically pay it back on your next payday.
There are no fees for the standard cash advance, which will hit your bank account 2-5 days after your request. If you request an instant transfer, you’ll pay up to $8 in fees depending on how much you advance.
Along with cash advances, Empower has several other features as well. For example, Auto-Save monitors your bank account and takes money out of the account when it determines you’ve got extra cash. The money goes into your Empower savings account and helps you build savings effortlessly.
4. Albert
How much does it cost? No monthly fee
How much can you get? Up to $250 per day
Best feature: Theme-based investing
Albert is a fintech app that offers paycheck cash advances of up to $250. There are no fees; you can access funds immediately if you advance them to your Albert cash account.
If you advance to an outside bank account, you’ll have your money in 2-3 business days. However, you can receive an instant transfer to an outside bank account if you pay a small fee, although the site doesn’t disclose how much that fee is.
Albert includes an optional auto-savings feature that monitors your account and determines when it’s safe to pull money to put into savings.
Albert also offers an investing option where you can buy slices of stock for as little as $1. For more information, check out our Albert review.
5. Chime
How much does it cost? No monthly fee
How much can you get? $20 to $200
Best feature: Attractive referral program
The Chime fintech banking app was launched in 2013. It offers checking services, savings accounts, early Direct Deposit, high-yield savings, fee-free overdraft, and more.
All Chime accounts start out with a “Spot Me” amount of $20. You can overdraw your account by up to $20 without overdraft fees.
As your account gains a positive history, your Spot Me amount will increase, with a maximum amount of $200 being issued for qualifying accounts.
Chime also has an automatic savings feature you can use as well. Check out Chime’s referral program too. As of this writing, every qualified referral pays you $100. Find out more in our Chime review.
6. Varo
How much does it cost? $4-$15 per “spot”
How much can you get? $20 to $250
Best feature: Attractive savings rate
Varo’s online banking account includes a cash card and an automatic $20 “spot me” to cover overdrafts. As your account builds history, your “spot me” amount could be increased to up to $250.
There’s no fee for using your $20 Spot Me; however, as your Spot Me balance increases, you’ll be charged for advances over $20. The higher the advance, the higher the fee.
As with other apps on our list, Varo includes an automatic savings plan. As of this writing, the interest rate on Varo’s savings account is 5.00%. Learn more in our Varo Money review.
7. MoneyLion
How much does it cost? No monthly fee
How much can you get? Up to $1,000
Best feature: High cash advance amount
MoneyLion offers a banking account that includes Instacash advances of up to $1,000 with no fees or interest.
You’ll be required to pay the advance back on a specified date. If the repayment fails, you’ll be asked to repay the loan immediately.
There are fees (called Turbofees) for getting your Instacash faster, and you can leave a tip as well. MoneyLion also offers investment options, including crypto investing.
8. Branch
How much does it cost? Up to $4.99 per advance
How much can you get? Up to 50% of your paycheck, or $500 maximum.
Best feature: Works directly with your employer
The Branch banking fintech lets you have your paycheck directly deposited into your Branch banking account.
Once you’ve shown two consecutive months of direct pay from your employer, you’ll be able to advance up to 50% of your pay in advance. Then, the loan will get paid back on your Direct Deposit payday. This feature is called Earned Wage Access.
The Branch app also has other features, such as cash back rewards and the ability to send and receive money via a Venmo partnership. This is nice because when you compare Venmo and PayPal, Venmo wins on fees.
Branch works directly with your employer to make all of the details of your cash advance easier on you, and your employer sets the maximum advance amount.
If your employer isn’t already partnering with Branch, you can talk with your payroll department to get the ball rolling on starting a partnership.
Final Thoughts
If you want access to a higher cash back limit and don’t mind operating a checking account with Dave, then ExtraCash may be the right cash advance product for you. The $1 monthly subscription fee shouldn’t be a deal-breaker for most.
However, depending on how you manage your cash advances, there may be cheaper options, such as Chime, Albert, and Empower. Ideally, you want to get to where you never have to rely on cash advances.
The best way to do this is by building an emergency fund to cover unexpected expenses when they arise. Even if you can save $25 or $50 per paycheck, it won’t be long before you no longer have to rely on overdraft protection and cash advance apps.
The post 8 Apps Like Dave: Which One Is Right for You? appeared first on Best Wallet Hacks.
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