How to Get a Loan from Dave to Your Bank Account: A Step-by-Step Guide

Founded in 2017, Dave is a banking app mostly known for giving out pay advances through their Extra Cash feature. Basically, they offer short-term loans with no interest, no late fees and no credit checks to help people survive until their next paycheck. Sure, that sounds nice. But don’t be fooled: These cash advances aren’t exactly free money. The Dave app says their mission is “to build products that level the financial playing field.”1 But that really just means they make it easier for people to borrow money, which is a dangerous game to play.

And just so we’re clear, the Dave app has nothing to do with Dave Ramsey. One is a banking app with a bear mascot. The other is a financial expert with a southern accent (although to be fair, he does get a bit grizzly when talking about debt).

How the Dave App Works

ExtraCash is Dave’s most popular feature. But the app also comes with checking and savings accounts, automatic “budgeting” and side hustle suggestions. Let’s take a quick look at each. Dave’s ExtraCash feature gives pay advances of up to $500. But it’s not as simple as just hitting a button and having cash flow into your bank account. Here’s how it works: Download the Dave app. The Dave app is free to download, but there’s a $1 monthly membership to use any of the features.
Link an existing bank account. You’ll also need to open an ExtraCash account to access the advance, as well as a Dave Spending account (whether you plan on using it or not).
See how much you’re approved for. Dave will let you know how much money you can borrow. But heads up: You may not be approved for the full $500, and you can only take out one advance at a time.

How to Get a Loan from Dave to Your Bank Account: A Step-by-Step Guide

If you’re looking for a quick financial boost, Dave offers a simple solution with its cash advance services. Unlike traditional loans, Dave provides small amounts of money to help you cover unexpected expenses until your next payday. Here’s a comprehensive guide on how to get a loan from Dave to your bank account.

What is Dave?

Dave is a mobile app designed to help users manage their finances and access small cash advances without the hefty fees associated with traditional payday loans. With Dave, you can get up to $500 in cash advances directly to your bank account, making it a convenient option for those in need of quick cash.

Download the Dave App

1. Download the App: Available on both iOS and Android platforms, start by downloading the Dave app from the App Store or Google Play Store.
2. Create an Account: Open the app and sign up. You’ll need to provide your email address, phone number, and create a password.

Set Up Your Profile

1. Provide Personal Information: Fill in the required fields, including your name, date of birth, and address.
2. Link Your Bank Account: To receive funds, you must link a bank account. Dave will ask for your bank account details (routing and account numbers) to ensure direct deposit.

Understand the Fees and Limits

1. Review the Fees: While Dave offers cash advances, it’s essential to understand the fees associated with borrowing. Typically, you can pay what you feel is fair, but it’s recommended to tip based on the amount you borrow.
2. Know Your Limit: The maximum cash advance you can receive is usually determined by your income and repayment history. Start small, especially if you’re a first-time user.

Requesting a Cash Advance

1. Navigate to Cash Advance: Once your profile is set up and your bank account is linked, go to the cash advance section of the app.
2. Select the Amount: Choose how much money you need (up to your limit).
3. Submit Your Request: After selecting the amount, submit your request. The app will process it, and you should receive a notification confirming your request.

Receiving Your Funds

1. Timing: Cash advances are typically delivered within a few hours but may take longer during weekends or holidays. If you opt for the “Express” option, you can receive funds in minutes for a small fee.
2. Check Your Bank Account: Once approved, check your bank account to see the funds deposited.

Repaying the Loan

1. Automatic Repayment: Dave will automatically deduct the loan amount plus any fees from your linked bank account on your next payday. Make sure to have sufficient funds to avoid overdraft fees.
2. Adjust Your Repayment Plan: If you need to, you can adjust your repayment plan through the app. Communicate any issues you encounter promptly to avoid penalties.

Tips for Using Dave Responsibly

• Borrow Only What You Need: While it’s tempting to borrow the maximum amount, consider only taking what you can comfortably repay.
• Monitor Your Budget: Use the budgeting tools within the app to manage your finances better and avoid future cash advances.
• Stay Informed: Keep an eye on any updates from Dave regarding fees and service changes.