A cash app is an excellent option if you want an app that can handle a little bit of everything and offers investment opportunities. Cash apps like Earning and Dave not only allow you to obtain your tax returns or paychecks up to two days early, but it also allows you to send and receive money as well as make charitable contributions.
Small cash advances, budgeting tools, and overdraft alerts are among the features of the like Dave app that may be a viable debt consolidation loan solution.
Contents
- 1 How do cash apps work?
- 2 What is Dave App?
- 3 Understand Your Financial Situation Before Choosing the Best Cash Advance Apps
- 4 Alternative apps like Earning and Dave
- 5 Conclusion
How do cash apps work?
CashApps allows you to send and receive money, as well as make charitable contributions. You may also get a Cash Card debit card, which allows you to pay for things both online and in shops.
If you are on the lookout for apps similar to Dave, it will be best to check out a few different choices. Once done, ensure to compare their features carefully.
One of the finest features of an app like Dave is that it provides credit-building loans with low APRs to help you build your credit.
What is Dave App?
Dave is a banking software that claims to give you peace of mind when it comes to your finances. No-interest loans are available via the app to assist you in avoiding overdraft fees and missed bill payments. Dave is an excellent tool if you need a little help with budgeting or planning out monthly payments. It notifies you when invoices are due and assists you in creating a budget.
Understand Your Financial Situation Before Choosing the Best Cash Advance Apps
Keep your financial situation in mind when evaluating various applications. As you might find out, some of these apps are likely to request tips or charge you a subscription fee. Other apps will require you to meet certain conditions to be eligible. Therefore, ensure to factor that into your budget.
We went ahead and tested four apps like Dave. These apps are available on the Google Play Store and the iOS App Store. The features highlighted are those that you will find most beneficial when using these apps. The following are some of the apps we reviewed.
Alternative apps like Earning and Dave
1. MoneyLion: Best for Credit-Building Installment Loans
MoneyLion is among the apps like Earning and Dave offers and can qualify for credit builder loans amounting to $1,000 with MoneyLion’s Credit Builder loan Plus membership. You will be able to access a part of the loan in your bank account, while the remainder will be deposited into a reserve account before the loan is fully get paid off.
Improve credit
It is also important to note that MoneyLion reports to all three major credit bureaus and this means that you will improve your bad credit score with timely payments. These websites do not spend time with credit checks and other such stuff.
The company will also charge you a monthly membership fee of $19.99. Interest charges are included in this membership cost. This software enables you to make use of the financial services that most banks provide without trouble. Managed investment, no-fee checking, and cashback incentives are just a few of their offerings. You may also get a $250 loan with no interest.
InstaCash Option
In case you are in urgent need of cash, MoneyLion’s InstaCash feature allows you to get a cash advance of up to $250 with a 0% APR. However, you must meet particular requirements to qualify.
This includes maintaining an active checking account with a positive balance and frequent deposits. It must also have been in operation for a minimum of 2 months.
Friendly Interest Rate
The company’s credit-building loans have varied rates from low to high-interest rates. According to the firm, prices are determined by a variety of financial factors, including profits.
Other Benefits of Using MoneyLion
It provides a free checking account and access to a managed savings account with no minimum investment. You will also access a rewards program, among other perks.
2. Branch – Best for Your Banking Services
It is among the apps like Earning and Dave that can also be useful for emergencies. With Branch, you can get a daily cash advance amounting to $150. You will also qualify for up to $500 of your per-day paycheck in exchange for a tip.
There’s also free ATM network access in over forty-thousand locations, no-fee checking, and a debit card. You may also use Branch to send money, receive funds, and also pay your utility bills. Hourly workers are the most exposed to cash flow issues. Thus, Branch offers a platform to help them achieve financial and social security.
Remote Workers Are Not Eligible
It is also important to remember that the Branch does not offer advances to people who work from home.
Small Fee Charged
You’ll have per pay if you wish to receive money in minutes. Depending on the number, the Branch will fee you $2.99 to a fee of 4.99 for any external instant advances to your debit card.
The regular paycheck advances are usually free. However, you should remember that it can take up to 3 business days for the company to deposit them in your account. A few-day wait time or a charge for a quick money transfer
Depending on the bank you use, it may take much longer for you to receive this money.
Additional Requirements
To be qualified, you must also meet several other conditions. The first is that you must have two months’ worth of direct deposits from the same employer deposited into your bank’s checking account.
You must also link your debit card to your checking account. Branch also tracks your expenditure to ensure it isn’t excessive.
3. Brigit – Great for Budgeting Tools
This is one of the alternative apps like Earning and Dave that will get you money fast. With Brigit, you will be assured of smaller cash advances that can go up to $250. However, you should also remember that there are membership costs of 1 per month to $9.99 charged per month.
This will enable you to enjoy cash advances and other features. Most of these features include budgeting tools designed to help you analyze your spending and earning habits.
There is also a dashboard with a tracker to give you some details regarding the total amount of money spent through purchases.
Overdraft Prediction
One of the best features of an app like Brigit is that it is capable of warning you in case you are about to overdraw your account. This feature is free of charge, and anyone can take advantage of it.
However, you will need a monthly fee membership if you wish to access the Auto Advances feature. The main purpose of the Auto Advances feature is that it will send money to your account if it detects any signs of overdraft.
Brigit Score
It’s a ranking system that gives you access to cheaper subscription fees and bigger advances based on your score. Brigit offers another unique feature that allows the app to use its scoring system to check if you are eligible for a cash advance, and on a scale from 1 to 100, you will need a score of at least 70 to qualify.
You should also remember that the app often recalculates the score approximately two times in one business day.
It Does Not Support All Bank Accounts
When using Brigit, you will need to link your primary bank account to this app for you to receive your advance. The app supports a wide range of bad credit unions and banks, which are over 6,000.
However, it is also important to remember that the company does not support Varo, NetSpend, Capital One, or Chime. Joint checking accounts are also not supported.
4. Earnin App
These apps, like Earnin, are the best choice for people who do not prefer paying monthly membership fees. To be eligible for cash advance apps like Eanin, the company requests its customers to offer any tip they feel is fair to support its services. Earnin is an app that allows you to get a head start on your next paycheck by withdrawing modest amounts of your earned wages.
However, the disadvantage of using these apps like Earnin is that it will require you to be in a job that uses time tracking software or a job with a physical location that is fixed.
Eligibility Requirements
- A regular pay schedule is one of the requirements needed to use this app. This could either be on a weekly, bi-weekly, monthly, or semi-monthly basis.
- The other requirement is that you will need to have time-tracking software or a physical job location.
- Users of the app should also agree to send not less than half of their paycheck to their checking account through direct deposit.
“Cash Outs” and “Balance Shield Alerts”
This app is capable of notifying you whenever your account balance goes below a specified amount, between $0-$400.
In cases where your balance drops below 0, the Balance Sheet Cashouts feature will also advance you up to $100 of your earnings to help you avoid any overdraft fee.
Advance Amounts
In the beginning, you may qualify for an advance of up to $100 each day. However, as time goes by, you will qualify for payday advances of up to $500.
Funding Time-Frame
If you wish to get your money promptly, you can take advantage of this app’s Lightning Speed feature. However, ensure that your bank also supports this feature to be able to enjoy it.
You should expect one to two days early to get your money if the bank does not support it.
Conclusion
Dave may be a good option if you need quick cash, and like with any app that deals with money, make sure you understand the terms and conditions before you borrow money. But you should also consider other alternative apps like Earning and Dave.
Payday loan Apps like Dave usually come with numerous features. Some of these include checking accounts, overdraft warnings, budgeting tools, and small cash advances.
Therefore, ensure that you opt for one that contains features best suited for you by taking your personal financial needs into account.
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My Name is Jay has and I have a passion for financial writing. I am the chief writer on this blog. I do my best to verify all the information but if there is anything amiss please let me know and I will do my best to correct it.
