app dave review

# Dave App Review: A Comprehensive Guide for 2021

Are you struggling with overdraft fees or the lack of financial cushion? Do you want to make sure you always have enough money for your bills and emergencies? Then, you might want to try Dave App.

Dave App is a mobile application that helps you manage your finances, avoid overdraft fees, and even get a small advance on your next paycheck. In this blog, we will review Dave App’s features, benefits, drawbacks, and how it compares to other financial apps. We will also answer some common questions about Dave App.

## Features and Benefits of Dave App

### No Overdraft Fees

One of the most significant benefits of Dave App is that it helps you avoid overdraft fees. If you have a low balance in your checking account and a bill or transaction comes through, you might incur an overdraft fee that can range from $10 to $40. Dave App alerts you when your account balance is low, and it can cover up to $100 of your pending transactions, so you don’t incur overdraft fees.

### Automatic Budgeting

Dave App also helps you manage your budget automatically. You can connect your checking account and track your expenses to see where your money goes. Dave App categorizes your expenses into bills, subscriptions, groceries, and other categories, and it shows you a monthly breakdown of your spending. You can also set up a budget for each category and get alerts when you overspend.

### Small Advances on Your Paycheck

If you need a small amount of money to cover an unexpected expense or bridge the gap until your next paycheck, Dave App offers a feature called “Dave Advance.” You can request an advance of up to $100, and the money will be deposited into your checking account within a few hours. You will have to pay back the advance when you get your next paycheck, and Dave App charges a $1 monthly fee for this service.

### Credit Score Monitoring

Dave App also monitors your credit score and sends you alerts when it changes. You can see your credit score for free, and Dave App gives you tips on how to improve it. This feature can be helpful if you want to build or maintain good credit.

### Dave Banking

Dave App recently launched its own banking service, called Dave Banking. With Dave Banking, you can open a checking account that offers no monthly fees, no minimum balance requirements, and no overdraft fees. You can also earn cashback rewards on purchases made with your Dave debit card, and you can access more than 32,000 fee-free ATMs. Dave Banking is FDIC-insured, and your deposits are protected up to $250,000.

## Drawbacks of Dave App

While Dave App has many benefits, it also has some drawbacks that you should consider before using it.

### Monthly Fee

Dave App charges a monthly fee of $1 for the Dave Advance feature. While this fee is small, it can add up over time, especially if you use the feature frequently. If you don’t need to use the Dave Advance feature, you might prefer a free budgeting app like Mint or Personal Capital.

### Limited Advance Amount

Dave App only allows you to request an advance of up to $100. While this amount can be helpful for small expenses, it might not be enough to cover larger bills or emergencies. If you need a larger advance, you might have to look for other options, such as a personal loan or credit card.

## How Dave App Compares to Other Financial Apps

Dave App is not the only financial app that can help you manage your money and avoid overdraft fees. Here’s how Dave App compares to some of its competitors:

### Chime

Chime is a mobile banking app that offers a checking account with no monthly fees, no overdraft fees, and no minimum balance requirements. Chime also offers a feature called “SpotMe,” which covers up to $100 of your overdrafts without charging a fee. Like Dave App, Chime also offers cashback rewards and free ATM access. However, Chime doesn’t offer a budgeting feature or credit score monitoring.

### Mint

Mint is a free budgeting app that helps you track your expenses, set up a budget, and get alerts when you overspend. Mint also offers a credit score monitoring feature and suggests ways to save money. However, Mint doesn’t offer overdraft protection or cash advances.

### Personal Capital

Personal Capital is a free financial app that helps you track your investments, retirement accounts, and net worth. Personal Capital also offers a budgeting feature and credit score monitoring. However, Personal Capital doesn’t offer a checking account or cash advances.

## FAQs About Dave App

### Is Dave App safe?

Yes, Dave App is safe to use. It uses the same security measures as banks, such as 256-bit SSL encryption and two-factor authentication. Dave Banking is also FDIC-insured, which means your deposits are protected up to $250,000.

### How does Dave App make money?

Dave App makes money by charging a monthly fee for the Dave Advance feature and by earning interest on the funds it holds for its users. Dave App also earns a percentage of the interchange fees that merchants pay when users make purchases with their Dave debit card.

### Can Dave App help me build credit?

Yes, Dave App can help you build credit by monitoring your credit score and giving you tips on how to improve it. However, Dave App doesn’t report your credit activity to the credit bureaus, so it won’t directly affect your credit score.

### Can I use Dave App if I have bad credit?

Yes, you can use Dave App even if you have bad credit. Dave App doesn’t require a credit check to use its features or open a Dave Banking account.

### Is Dave App worth it?

Whether Dave App is worth it depends on your financial situation and needs. If you frequently incur overdraft fees, need a small advance on your paycheck, or want to improve your credit score, Dave App can be helpful. However, if you don’t need these features or prefer a free budgeting app, you might want to consider other options.

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