Dave is an online app that offers cash in advance to borrowers to avoid or get rid of overdraft charges. It does not charge any interest or any other fee. However, borrowers have to pay nominal subscription monthly fees to make better use of Dave app. If you are a salaried person or live paycheck to paycheck, you will find it hard to survive because the need for cash can occur at any point in time. That’s why you should know how to get a loan from Dave to ease out the problem of cash draught.
Dave app has a primary aim to make its users financially confident and to enhance the status quo. It helps in avoiding bank overdraft, alerts the user when their active account balance gets low, and lends a small amount to handle small expenses until your next paycheck. It will automatically withdraw the amount taken if not paid before the due date.
Therefore, if you plan to learn how to get a loan from Dave app, you need to know a few things here.
Things to Know Before You Get a Loan from Dave App in 2022
There are a couple of things that customers do not take care of when intending to learn how to get a loan from Dave app. One must thoroughly try to know and understand the terms and conditions regarding applying for a loan from Dave app.
1. Membership Fee
There is a $1 monthly fee to the users of Dave app that is withdrawn every month from the user’s linked account. However, one can earn free membership provided you shop at some of the affiliated shopping stores to Dave App.
2. Withdrawal Limit
One can take an advance amount of $100 a day. Once the cash is received, you can’t take more money till the first due amount is cleared in full. The users who take advance cash from Dave have due dates on either the following Friday or the next payday.
3. No Interest
The users do not have to pay any interest fees to get a loan from Dave app, which is great news. But the company prompts you for users’ optional “Tip”.
4. Minimum Balance Warnings
The moment the balance in your active account goes low, or there is not enough cash available in the account to pay the bills that are due, you will receive a notification from the Dave app. By this, you can request advance cash to save yourself from overdraft charges.
How to Create Dave Account?
Download the Dave app to your mobile device to sign up. Next click on it, hit “Sign up for Dave,” then complete the on-screen instructions to create an account. You’ll have to submit the following information:
- Low balance alert amount
- Mobile phone number
- Banking credential
- Email address
How to Get a Loan from Dave?
On the app, you will see the word advances many times. Advances refer to the money you take in advance from the app. Following the below-written steps, you will have a loan from the Dave app in no time.
- Launch the Dave app on your iPhone or Android.
- Visit the “Advances” tab.
- Choose the amount you want to take as your loan or advance.
- Your auto-payback date will appear. Click on “Confirm“.
- Next, you will see the “Confirm Advance” page on your screen.
- Check the following-
- Advance amount
- Tip Amount
- Delivery Option
- Last 4 of debit card or account
- Final amount and due date
- 7. Check the box to move to payment authorization.
- Slide to confirm.
Here, you have to make sure every information is correct. Only after you have rechecked all the criteria and dates, click on “Confirm“. After you hit Confirm, the date of your payback is locked and it cannot be changed under any circumstances.
You can also leave a tip for Dave if you found the app helpful. Since Dave does not charges any interest, a small tip will not cost you much.
That’s how easy it is to get a loan from Dave app.
Also, read How To Apply For A Loan With Bad Credit 2022
6 Top Benefits to Get Loan from Dave App in 2022
The top benefits that one can get while applying for a loan from Dave App in 2022 may get subsided if borrowers are not enough informed or knowledgeable about it. The benefits are as under:
1. No Credit Checks
There is no credit check when you start using the Dave app to get a loan from it, nor does it send the credit report to the concerned bureaus. Moreover, it won’t help you in either credit building.
2. Qualifying Criteria
You must have a consistent paycheck that is directly deposited into a bank account, for instance, a checking account, to use the Dave app. You must also demonstrate that your monthly expenses do not chew up all of your income and that you have some money left over.
3. Opportunity to Save Money
According to the company’s website, the average Dave customer saves $500 per year in fees after getting a loan from it.
4. Charity Giving
Dave donates to its charity partners, Trees for the Future and Feeding America, due to tipping. People in the African belt get affordable and good quality food, dairy products, and much other help from Trees for the Future. On the other hand, Feed America offers different variety of meals to people who are in desperate need.
Dave has a program that automatically evaluates your bank account transactions to produce a spending plan for you and give you some tips for anticipated spending to assist with budgeting.
To verify that your budget truly reflects your current costs, you can manually add or delete items.
Dave app might be a suitable alternative for someone who has a consistent income but sometimes needs a few additional bucks, such as to fill a tiny gap for a recurring or unforeseen purchase well before the upcoming payment.
Nevertheless, if you’re suffering from more dearth, this app is unlikely to help.
If you frequently run out of cash between wages, it’s time to examine your purchasing habits and search for ways to increase your earnings, lower your expenditures, or get monetary support.