Apps Like Earning and Dave
Small cash advances, budgeting tools, and overdraft alerts are among the features of the Dave app.
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.
Understand Your Financial Situation Before Choosing the Best App
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 similar to 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.
MoneyLion: Best for Credit Building Loans
Why You Should Choose MoneyLion: You can qualify for a credit-builder loan amounting to $1,000 with MoneyLion’s Credit Builder 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 paid off.
It is also important to note that MoneyLion reports to all three major credit bureaus. This means that you will improve your credit score with timely payments.
The company will also charge you a monthly membership fee of $19.99. Interest charges are included in this membership fee.
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 Rates
The company’s credit-building loans have interest rates that vary from low to high. 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.
Branch – Best for Your Banking Services
Why You Should Choose Branch: With Branch, you can get daily cash advances 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 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.
Remote Workers Are Not Eligible
It is also important to remember that Branch does not offer advance to people who work from home.
You’ll have to pay if you wish to receive money in minutes. Depending on the number, Branch will charge you $2.99 to $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.
Depending on the bank you use, it may take much longer for you to receive this money.
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.
Brigit – Great for Budgeting Tools
Why You Should Choose Brigit: With Brigit, you will be assured of smaller cash advances that can go up to $250. However, you should also remember that there is a membership fee of $9.99 charged per month.
This will enable you to enjoy the 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.
One of the best features of this app 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 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 is another unique feature that allows the app to use its scoring system to check if you are eligible for an advance. On a scale of 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 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 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.
Earnin: Best for No Membership Fee
Why You Should Choose Earnin: This app is the best choice for people who do not prefer paying monthly membership fees to be eligible for an advance. The company requests its customers to offer any tip they feel is fair to support its services.
However, the disadvantage of using this app 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.
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 $100, the Balance Sheet Cashouts feature will also advance you up to $100 of your earnings to help you avoid any overdraft fee.
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.
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.
If the bank does not support it, then you should expect to get your money within 1-2 working days.
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.
If your main aim is to use these apps for a cash advance to help you take care of some emergencies until your next payday, you should consider other options.
This is because some of them will need you to pay a monthly subscription fee that may prove to be costly in the long run.
You can also go for payday alternative loans offered by federal credit unions. They tend to be more affordable compared to payday loans. This is because they usually have caps on the total fees charged by the credit unions.