Cash advance apps are becoming increasingly popular as people seek quick and convenient solutions to their financial needs. One such app is the Dave app, Dave is a personal finance app well known for its ExtraCash feature, which offers a cash advance of up to $500, with no interest.
If you are looking for other apps like Dave, here is a list of 10 cash advance apps like Dave. While some of these apps offer fee-free services, others charge a monthly fee or tips.
A Quick Summary of Apps Like Dave
Overall best – Earnin
Best multiple borrowing options – MoneyLion
Best budgeting app – Brigit
Best overdraft protection – Chime
Top 10 Cash Advance Apps Like Dave 2023
Below are the best cash advance apps like Dave in 2023.
1. Empower Cash Advance
Empower Cash Advance is a financial company offering up to $250 cash advance without interest. Empower’s goal is to allow anyone to improve their financial security. With over 60,000 five-star reviews on the Android Play Store and 1M+ downloads, the Empower app is an excellent choice for people who receive regular paychecks but sometimes fall short on their expenses.
Empower Cash Advance vs Dave
While Dave charges a monthly subscription fee of $1, Empower Cash Advance charges $8 monthly. Empower also offers a lesser advance compared to Dave which offers up to $500.
Pros:
- There is no minimum balance requirement.
- Cashback on eligible debit card purchases
- Automatic savings
- Up to 10% cash back
Cons:
- It may be challenging to take advantage of the app’s features if you get paid in cash or by check since Empower does not yet support those options.
- There’s a monthly fee, but the app is free to use for the first 14 days. After that, there’s an $8 monthly fee.
2. Brigit
Like Empower, Brigit offers no interest, paycheck advance cash of up to $250 delivered in minutes for a fee or within 2-3 business days for free. In addition to providing paycheck advances, Brigit also provides budgeting tools and a credit-building feature to help you manage your finances.
Brigit vs Dave
Dave offers cash advances up to $500. Its subscription fee is only $1 per month, compared to Brigit’s $9.99 per month fee. Both apps charge a small fee if you want the cash the same day you request it. Otherwise, you might have to wait up to three days to get your loan.
Pros:
- Brigit sends an alert when there is a risk of over-drafting.
- The app provides insights into users’ spending habits and offers to improve their financial health.
Cons:
- There’s a monthly fee. Brigit charges a monthly fee of $9.99 to access its services, which can be a significant cost for some users.
- To use Brigit, you need to connect your primary bank account.
- The user must have a checking account that is at least 60 days old and at least three recurring deposits from the same deposit source
3. Earnin
Unlike the aforementioned apps, Earnin doesn’t charge a monthly fee. Instead, it operates on a voluntary tipping model, where users can choose to leave a tip to support the app’s services. The app connects with a user’s bank account, tracks work hours using timesheets or GPS, and sends cash advances within three days. Although Earnin doesn’t offer overdraft protection services, it can help users avoid fees imposed by their bank by advancing funds against hours already worked.
Earnin vs. Dave
Unlike Earnin, Dave charges a monthly subscription fee of $1, and borrowers can get a cash advance of up to $500. As with Earnin, tips are optional but users can choose to pay up to 20% of the advance amount.
Pros:
- Low balance alert
- No monthly fee
Cons:
- Requires sharing bank account information
- Low borrowing amounts
- To be eligible, you must have a fixed work location
4. MoneyLion Instacash
MoneyLion Instacash offers cash advances up to $300, as well as credit-building features, mobile banking accounts, and investment accounts. Just like Brigit, users receive their loan in minutes for a fee or within 2-3 business days for free. Although it can take between three to eight weeks to be eligible for the highest MoneyLion limits. If you only need to take out a small amount, then MoneyLion may be the right fit.
MoneyLion Instacash vs. Dave
While MoneyLion only lets you borrow up to $300, Dave lets you borrow up to $500.
Pros:
- Excellent customer reviews
- 0% Account fees for ATMs and Overdrafts
- Premium investment accounts with no minimum deposit required
- Up to 12% cash back on purchases
Cons:
- Low loan amounts
- It can take months to qualify for higher loan amounts
- Not available for those with irregular income
5. LendingClub
LendingClub is an online marketplace that connects borrowers with investors to provide personal loans. They offer auto loan refinancing as well as other lending and banking products. Compared to other cash lending apps, LendingClub’s loans are more limited but it offers prequalification with a soft credit inquiry (which has no impact on your credit score).
Additionally, the minimum credit score to potentially qualify for a loan is only 510, which makes it a good option for people with a fair credit score.
Pros:
- Lower interest rates.
- Easy application process.
Cons:
- LendingClub charges between 3% and 6% of the loan amount, depending on your credit score and loan terms.
- LendingClub will perform a thorough credit check when you apply for a loan, which can temporarily lower your credit score.
- While borrowers with fair to good credit may qualify, only the most creditworthy applicants can access more competitive APRs and larger loan amounts.
- Borrowers who make late payments are charged a fee of 5% of the late payment amount or $15, whichever is greater. However, LendingClub does provide borrowers with a 15-day grace period for late payments
6. Chime
Chime offers credit-building loans that let customers overdraw their checking accounts by a predetermined amount without fees via its SpotMe feature. Chime says your account can go negative up to your approved amount, and purchases that put you below that extra cushion will be declined.
You’ll need Chime checking accounts and qualifying deposits of $200 or more to apply for the Secured Chime Credit Builder Visa Credit Card.
Chime vs Dave
Chime lets you borrow up to $200, interest-free, and is essentially identical to Dave’s overdraft feature. However, Chime has stricter requirements like receiving a minimum of $500 in direct deposit in the last 31 days
Pros:
- Fee-free overdraft up to $200 for eligible members
- Tipping is optional
- Banking tools are user-friendly
Cons:
- Must have a Chime account with at least $200 monthly direct deposits
- Only functions as overdraft protection
- Must have Chime Checking Account with at least $200 monthly direct deposit
7. Varo
Varo offers advance cash of up to $100, with no interest. Depending on the requested amount, Varo charges between $0 to $5.
To qualify for the Varo Advance program, customers must have an active Varo Bank Account that is at least 30 days old. In addition, they must have had at least $1,000 in direct deposits to either the Bank Account, Savings Account, or both combined, within the past 31 days.
Varo vs Dave
Both Dave and Varo has no minimum balance requirements and no fees.
Pros:
- No interest is charged
- No credit check
- Flexible payment options
Cons:
- Must have a Varo bank account that is at least 30 days
- Maximum of $100 cash advance
- One late payment can impact your ability to get future Varo Advances
8. Branch
Branch offers cash advances of up to $150 per day or up to $500 of your paycheck. The branch app charges $2.99 to $4.99 for instant advances to your debit card. Cash advance to your bank account is free of charge and takes up to three business days. Unfortunately, the app does not offer its advance cash services to remote workers, which means you can only apply for a cash advance if your employer has a physical workplace
Branch vs Dave
Branch allows you to withdraw up to $500 in earned wages per pay period, much more than Dave. While Branch requires you to upload your work schedule, Dave only confirms your employment by looking at your bank account cash flow.
Pros:
- No interest fee is charged
- No credit check required
- A bank account is not required
- Instant access to cash by paying a fee or waiting for 3 days and getting it for free
- No membership fees
Cons:
- The service provider will put you on a waiting list if your company and co-workers have not expressed interest
- Low cash advance amount per payment period
9. Albert
With Albert, you can qualify for up to three cash advances per pay period. Your repayment is automatically set to the date of your next paycheck, but you can easily move it to earlier or later with no late fees. You will receive the payment within a few minutes or two for a $6.99 express fee, or you will receive it in your bank account within three days.
Albert doesn’t perform a credit check or require you to move your direct deposit. The Albert app also offers guided investing and automatic saving tools to help keep your finances on track.
Cons:
- User must have been receiving consistent income for the last two months from the same employer
- A connected bank account that has been open for longer than two months is required
10. Current
Current is a fintech company offering an overdraft protection program. Current’s overdraft protection program lets you overdraft up to $100 on card purchases without paying overdraft fees. However, you must receive $500 or more in deposits over a 30-day period to access this feature.
Pros:
- No monthly fees
- No overdraft fees
- Overdraft protection up to $200
- Funds are instantly disbursed when Current account is overdrawn.
Cons:
- Requires a minimum monthly direct deposit
- Not a true cash advance, just an overdraft on card purchases
Conclusion
Overall, apps like Dave provide a valuable service to people who need quick access to cash or want to improve their financial management skills. However, it is essential to use these apps responsibly and understand the potential risks associated with them. By using these apps in conjunction with the provided traditional financial tools such as budgeting and savings accounts, users can take control of their finances and achieve their financial goals.