Dave Review

Getting to Know Dave and Its Free Instant Funding

Dave ranks #4 of 10. Its ExtraCash feature advances up to $500 with no interest and no credit check, and it is unusual in offering free instant delivery when the money goes to a Dave Checking account. It suits people who already bank with Dave or are willing to open a Dave Checking account.

How it works

You open an ExtraCash account and a Dave Checking account, link your financial history for underwriting, and Dave sets a personalized limit up to $500. Advances are typically authorized within about five minutes, and repayment is pulled on your next payday.

Costs and fees

Dave charges a membership of up to $5 a month, which applies even in months you do not borrow. There is a service fee on advances (the greater of $5 or 5% of the amount), and an optional 1.5% express fee for instant delivery to an external debit card, though instant to a Dave Checking account is free. On a small advance, those percentages translate to a high effective cost, so the math matters.

Funding speed, eligibility and availability

Instant to Dave Checking is free and near-immediate. To an external debit card it costs 1.5% and takes about an hour; standard external transfers are free and take one to three business days. Approval is based on cash flow, not a FICO score, so there is no credit check. Note that Dave has faced FTC and DOJ litigation over its fee disclosures; those matters are allegations and were not finally resolved at the time of writing.

Pros and cons

Our verdict

Dave takes #4 for one standout feature: genuinely free instant funding when the money lands in a Dave Checking account. The catches are the small monthly membership and a 5% service fee that stings on tiny advances, so it fits Dave banking users best.

Want to see how Dave stacks up against the field? Compare it on our full ranking of the best EWA apps, or read more in the EWA Learning Center.