Dave App works to be an excellent option if you want to cover any last minute expenses. Although in its advertising it does not give you the instant money or the $500 it usually offers (only applies if you are a new user), it does offer great options.
So, once you have verified your account and are eligible for the Extra Cash service, you will have access to an amount adjusted to your financial reality.
In addition, it is recognized for being the only instant loan app that offers more than $250 in loans with a subscription fee of only $1, which also allows you to have an account and a Mastercard.
And if you’ve thought about how long it takes Dave to deposit money, it’s not that long! So it’s good for you. Similarly, there are other apps like Dave that do the same thing.
How to trick the Dave App?
Did you know that in the Dave App’s early days, a significant number of users took advantage of the platform’s services? When the Dave App entered the market, its humanized style of lending caused many people to create their user to receive the loan and then delete the account.
This massive fraud forced the company to lower the loan amount to $75, until they were able to establish the current security and eligibility model. So, nowadays, you have to fulfill certain steps to be able to enjoy Extra Cash.
Now, it is necessary to understand the sophisticated algorithm of the app to enjoy all the benefits if you are a subscriber.
This you can do by avoiding having negative balances is to pay on the agreed day. Which will help you to increase the amount up to $500 or use Extra Cash when you need it with little risk of denying you the loan.
Similarly, you must have a good fixed income in the account you link to the app and keep track of your expenses. So use money sparingly and be smart when using the app, as this will help you to have an excellent record within the platform.
Can I use any kind of hack?
Yes, of course you can. But besides being an unethical practice, once you create your account you are agreeing to respect the terms and conditions of the company, so you should know (if you took the time to read the document) that this can bring negative implications for you. So avoid doing the following activities:
- Decrypt the app or any other action that violates the platform’s system
- Navigate the application with any unauthorized tool, system, or software
- Use any type of interface that allows you to access data in the app that you are not supposed to
- Enter the application with any tool that damages or partially disables the application’s system
If any of these or any other activities that violate the service and puts the information and the platform at risk are detected, the company may take the corresponding legal measures.
In addition, it may suspend and close your account. All this can be found in section 18 on the Limitation of Use section of the Terms of Use of the application.
What happens if you don’t pay the Dave app back?
The Dave App clearly states that “Dave will not act against you for failure to repay an Advance”, so if you plan not to pay, two scenarios can occur:
- If you decide to cancel your account, there is a chance that the debt will be charged to the bank account you had associated with the app and therefore you will have a negative balance, which will be equal to the overdraft fees
- Ignore your debts until the platform itself suspends your account and all the services it offers. This can happen if you go more than 60 days without paying the debt
It may also happen that the platform tries to collect the amount you owe and if you do not have enough funds, you may get unexpected fees for not paying on time.
If you want to extend your payback deadline, Dave App allows you to set it back for another 14 days. Remember that once you have made the request, the platform will count 14 days from that date for you to pay, if it has not registered your payday. On the other hand, if your payday is once a month, it will set the nearest Friday to collect the loan.
How can I close my Dave App account?
It’s simple and it won’t take you much time. However, remember that doing this will not allow you to enjoy all the benefits offered by a platform like this. Here are the steps to follow:
- Go to settings
- Select the option below your name that says “edit profile”
- Look for the words “Close my Dave account” and enter
- Choose one of the reasons why you decide to do so
- Confirm the account closure
It is elementary that you know that on the first days of the following month in which you closed your Dave App account, you will receive a bank statement where you will see a summary of all the transactions you made while your account was in operation.
I tried to close my account, but it has not been possible
To avoid fraud like in the early years of the app, the company reserves the right not to close your account if you have a negative balance. So closing your Dave Spending Account may not work,
Can the Dave App close my account for any reason?
If that reason has to do with any illegal or fraudulent activity as deemed by the company, yes, yes it can. Any action that the organization believes violates or breaches the Terms of Use gives it the right to suspend or close your account.
It also reserves the right to not allow you to open another account. In addition, Dave does not allow a member to have more than one account, much less a joint bank account, for those who share accounts.
In the latter case, only one of the parties will be able to associate the bank account to the Dave App, but will not be eligible for advances.
References
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Allen, James. “How to Not Pay Dave App Back and Stop From Taking Money!” Billpin.Com, https://www.billpin.com/how-to-not-pay-dave-app-back/
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“Closing Your Dave Account.” Dave, https://support.dave.com/hc/en-us/articles/360002633892
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Darmiento, Laurence. “The Hidden Costs behind the Cash Advance App Dave – Los Angeles Times.” Los Angeles Times, Los Angeles Times, https://www.latimes.com/business/story/2022-05-18/dave-inc-jason-wilk-cash-advance-app#:~:text=Wilk%20decided%20to%20offer%20the%20advances%20on%20a,so%20it%20did%20not%20obtain%20state%20lending%20licenses
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“Dave Terms of Use.” Get The Mobile Banking App That’s Making Finances Easier | Dave, https://dave.com/terms
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“Deposit Account Agreement – Dave Banking Policies.” Get The Mobile Banking App That’s Making Finances Easier | Dave, https://dave.com/deposit-agreement#:~:text=You%20must%20make%20a%20deposit,close%20your%20Dave%20Spending%20Account
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Harad, Mitchel. “Dave App Review: Enjoy $500 Instant Cash Advances [2023].” Overdraft Apps, https://overdraftapps.com/dave-app/#:~:text=Your%20Dave%20Extra%20Cash%20advance,in%20less%20than%2014%20days
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“Shared or Duplicate Accounts.” Dave, https://support.dave.com/hc/en-us/articles/115001436231-Shared-or-duplicate-accounts