Do you need help in covering emergency spending or a discounted shopping opportunity that you don’t want to miss? You can use any of these cash advance apps like Dave.
It’s convenient and easy to borrow small amounts of money from apps like Dave. These are cash advance apps and have been growing in numbers lately. Such apps also don’t usually make a hard credit pull which is good for your credit health.
Market experts consider that Dave is possibly the first cash advance app to lend small cash loans. However, with its popularity, it made cash advances tough to get. If you get instant approval for up to a $500 loan in cash, you need to pay a hefty fee in the form of “Tips”.
There are many other reliable and consistent cash advance apps in Google Play and App Store. If you don’t have the time to try them out all and find out an affordable alternative to dave, keep reading to explore the best cash advance apps like Dave.
Dave as a Cash Advance App: Features, Pros, and Cons
Dave runs its cash advance operations for the public through its ExtraCash app. It’s available for iPhone and Android mobile phones.
You just install the app, link your bank account, and Dave issues you a line of credit for a maximum of $500. However, it doesn’t offer everyone a $500 cash advance. It depends on your financial profile and your capability to settle such small loans in time. Though the app says that it doesn’t charge you any late fees.
Its notable features are as follows:
- No Annual Percentage Rate (APR) or interest on the cash advance
- No soft pulls or credit inquiries
- Free from left fees
- Dave’s debit card for all spending
- Earn cashback with Dave Rewards program
Seems pretty appealing to be a cash advance app. But hold on now! Find below some challenges with Dave as a cash advance app:
- Its average line of credit issuance amount is $120
- It says it doesn’t charge any late fees. However, it also asks you to settle the loan by next Friday or on payday.
- Though it says it doesn’t perform an elaborate credit check, it still pulls data from your bank. These are mainly the past history of balances, monthly deposits, any negative balances recently, past loans that you didn’t settle, and many more.
- You can’t actually get cash to your bank or other digital wallets. You need to use Dave MasterCard for payments. However, you can add it to Apple Pay and Google Pay.
- Minimum 3% tip or fees whatever you call it.
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For the above reasons, you may want to explore other options that offer more borrower-friendly features than Dave. To help you, I’ve handpicked some cash advance apps like Dave by evaluating their features and functionalities. These are outlined below:
1. Brigit: Borrow & Build Credit
If you’re a young professional and looking to build a credit score for a loan or mortgage, you can try out the Brigit app. It’s also an instant cash advance app like Dave.
Its notable features are as outlined here:
- Up to $250 in cash advance
- Save money
- Create a credit score via credit builder loans
- Start personal budgeting
- Escape overdraft fees
It charges you $9.99 monthly as a subscription cost.
PayActiv is another app like Dave because it gets your paycheck to your PayActiv account or bank account up to two to four days before the actual payday. However, the employer needs to participate in the PayActiv program as well.
It may seem like a complex cash advance app. However, if your employer is helpful, then the app works just like any other cash advance app.
3. Branch: No Wait Pay
Branch also offers cash advances like Dave. However, the employer needs to use its services to pay you hourly, daily, weekly, or monthly. You can also import mileage reimbursements, earnings in tips, and more to the Branch app and enjoy salary advances before it’s time to get a paycheck.
Its features are as follows:
- A physical Mastercard Debit Card from Branch issued by a partner bank
- Keep deposits on the Branch account or transfer to another account or just spend from the Branch card and app
- It also works on Google Pay and Apple Pay
- Up to 50% advance on the next paycheck
- Free from hidden charges, ATM fees, overdraft fees, etc.
Branch charges you a transfer fee if you send money to an external account.
Even is a money management app as well as a cash advance app for professionals, freelancers, gig workers, contractors, and more. You get money earlier than the payday from the payroll that your employers manage on the Even app.
Employers can also provide various employee benefits using this app. It’s a great alternative to Dave app. Here, you’re not borrowing money from a lender and making a habit of it.
Instead, you’re requesting advance payments from the payments you have already accumulated by working hard just to cover an emergency situation.
The app also offers you a better interest rate if you keep your paycheck money in your Even account. However, for cash advances, it charges 0.125% APY.
5. SoFi – Invest, Trade, Borrow
SoFi is the next-generation personal finance app for gen z. If you love to do everything on your mobile including banking, you’ll also love the SoFi app.
It’s one of the best cash advance apps like Dave because it enables you to request a paycheck up to two days earlier than the payment settlement date. However, your employer must pay your wages, tips, and employee benefits via this app.
This is a safe option than Dave because it doesn’t let you grow money-borrowing habits. You’re simply requesting an advance payment from your paycheck and that’s okay if you got a great deal on a kitchen appliance that you’ve been planning to buy when it’s on sale.
6. EarnIn: Your Money in Advance
Earning offers cash advances like Dave in two forms. One way is $100/day on the grounds of your good financial record with the existing bank. The second option is $750/paycheck when you enroll your paycheck form with Earning by getting approval from the Employer.
It collects the settlement amount from your bank account when the paycheck gets deposited. Also, it charges you a fee but the lender calls it a “Tip.”
7. Chime – Mobile Banking
With Chime and instant cash advance apps like Dave, you can get up to $200 as cash advance without getting an overdraft charge from your bank.
It also offers other standard digital financing features like advance payment from a paycheck and credit building for a good FICO score.
8. Albert: Banking on you
If you qualify, the Albert app will forward up to $200 to you to cover any emergency expenses or household expenses needs. You can replay it when the paycheck is deposited by the employer in your bank account. According to Albert, there are no interests, APY, APR, hidden charges, etc.
However, if you transfer the advance cash to other accounts, you’ll incur fees between $3.99 to $6.99 per cash advance you request.
9. MoneyLion: Go-to Money App
MoneyLion is a comprehensive finance and money management app. It functions as your credit builder, finances tracker, and mobile banking app. Also, it has the standard advance paycheck option for up to two days before the actual payday.
You can also use the app to discover deals and savings on personal loans, credit-building loans, and investment instruments. If you use the RoarMoney feature from MoneyLion for everyday spending, you increase your relationship with the app and stand a chance to win up to $1,000 in cash advances with 0% APR.
10. Varo Bank: Mobile Banking
Varo is a full-service digital bank in the US. It offers cash advances of up to $250 to its subscribers. If you’re looking for the best instant cash advance app like Dave, you must at least check out the app.
It has multiple benefits for you if you love digital finances. Some of its notable features are as mentioned here:
- Request cash loans in an emergency for up to $250
- You can also get your paycheck up to two days before the actual payment disbursal day
- Earn cashback on spending using the Varo card
- You can build a good credit score as well on the Varo app
There’s a $2.50 ATM cash withdrawal cost if you use non-Allpoint ATMs for cash withdrawals
Cash Advance Apps Like Dave: Final Words
Any cash advance app is here to make some money from you. Borrowing small amounts of money during an emergency or to pay for a shopping run just a day or two before the paycheck is due, may look harmless from the surface.
However, there is a complex money-making business that these cash advance apps are doing.
Some could tie up with several banks and preach over-drafting from a bank account and then they split the earnings. Some other apps like Dave simply ask you to pay a subscription fee, tip, and so on.
Hence, it’s smart to stay away from such apps unless it’s an awful emergency and you’re confident that you won’t make this a habit.
In those cases, give the above cash advance apps like Dave a try. However, don’t forget to check out these money making apps for smartphones.