How Long Does Dave App Take to Deposit Money?

The Dave is a financial services app (for Android and Apple iOS devices) that provides cash advances on their paychecks and other features. Dave was started in 2017 to prevent customers from paying overdraft bank fees for spending more money than they have in their accounts. They have partnered with other banks to offer services, and are growing quickly with over 10 million users already signed up!

The Dave app can give you an advance of up to $500, which is more than most apps that usually offer $250 or less. In this comprehensive article, we’ll discuss how long the Dave app takes to deposit money into your account. We’ll also cover how long it takes for different deposit methods, including the standard wait time and any options for faster deposits.

Quick Facts

• Membership Fee: $1 monthly membership required.
• Opening A Dave Account: Link with your existing bank account with a debit card.
• Total Loan Amount: Up to $500.
• Term Duration: Next payday or the Friday after taking out the advance.
• Funds available in Your Account: Within 3 business days without a fee.
• Fee: No late and overdraft fees.
• Alternatives: Brigit and Empower Apps

Related: How to Hide Apps from App Library in iOS (iPhone and iPad)

Pros and Cons

Pros

• Dave advertises fast deposits, especially for users with direct deposit set up.
• You can have a fast $500 cash advance with no credit checks
• There is no late fee or overdraft fee.
• No minimum balance required

Cons

• There is a monthly subscription fee
• Heavy express funding fees
• Limited to only one advance cash at a time
• Some Dave app users report slow deposit times in online reviews.

Overall

Dave claims fast deposits, but it’s uncertain exactly how fast. Speed likely varies depending on your bank. Consider reading online reviews to get an idea of what other users have experienced.

However, unlike some banks, Dave won’t charge you a late fee or an overdraft fee for your advance. But be careful! If you don’t pay back your advance within 60 days, they might close your account. Additionally, you don’t need a good credit score to get advance cash with Dave, and they don’t care how much money you have in your account right now. They’ll base your advance limit on the amount of money you usually deposit each month.

How Does Dave App Work?

The Dave app can help you avoid overdraft fees! For just $1 a month, you can link your existing bank account or open a Dave account with a debit card. The app tracks your spending and warns you If you’re about to go over your limit. If that happens, you can get a cash advance to cover your bills until your next paycheck, with no hidden fees or interest.

How to Qualify For a Dave Advance

To get money upfront from Dave’s Extra Cash you need to be:

1. 18 or older.
2. Living in the U.S. legally (citizen or permanent resident).
3. Possess a Social Security Number (or tax ID number).
4. Maintain an active email address and be okay with getting info electronically
5. Have a bank account that’s been open for at least 2 months with some money in it (positive balance).
6. Demonstrate a history of receiving at least 3 direct deposits into your bank account.

Dave will look at your income and spending to decide how much money you can borrow.

Dave vs. Brigit

Brigit lets you get money fast (called Instant Cash) but charges a monthly fee ($9.99) which is more expensive than Dave’s option ($1). On top of that, Brigit only lets you borrow a smaller amount ($250).

They also have a more expensive plan ($14.99) that gets you the money faster and gives you extra tools to improve your credit score. This might be helpful if you’re focused on building your credit.

Dave vs. Empower

Empower works similarly to Dave. You need to pay a monthly fee to use their cash advance. Their fee is a bit more expensive at $8 per month, and you can’t borrow more than $250 at a time. However, if you want the money right away, Empower rush delivery fees are cheaper, ranging from $1 to $8 depending on how much you need.

What We Like and What We Don’t Like

What We Like

• Need a little extra cash? Dave can give you an advance of up to $500, which is more than most apps that usually offer $250 or less.
• No worries about extra fees: Unlike some banks, Dave won’t charge you a late fee or an overdraft fee for your advance. But be careful! If you don’t pay back your advance within 60 days, they might close your account.
• Don’t sweat your credit score or bank account balance: You don’t need a good credit score to get an advance with Dave, and they don’t care how much money you have in your account right now. They’ll base your advance limit on the amount of money you usually deposit each month.

What We Don’t Like

• Dave charges a $1 monthly fee, unlike some other cash advance services that are free.
• If you need the money right away, there’s a fee of up to $13.99 depending on how much you borrow and your account type.
• You can only have one loan at a time with Dave. You need to repay it before you can borrow again.

How to Deposit the Money in the Dave App

Here’s how you can add money to the Dave app:

• Direct Deposit: Set up your paycheck to go straight into your Dave Spending account and get paid up to 2 days early!
• Transfer from Bank Account: You can do a one-time or repeating transfer from your other bank account to your Dave account.
• Debit Card Transfer: Transfer money from your debit card to your Dave account.
• Cash Deposit: Visit a nearby store like Walgreens or CVS, and use the Dave app to generate a barcode or swipe your card to add cash (there might be a fee).
• Mobile Check Deposit: Take a picture of your check with your phone and deposit it directly into your Dave account.

How Long Does Dave App Take To Deposit Money?

The wait time for your money in the Dave app depends on where it’s coming from and how fast you need it. If you’re transferring from another bank account, it usually takes about 3 business days. But you can pay an express funding fee to get the money much faster, within minutes, if it’s going to your Dave Spending account. There are also other ways to add money to your Dave account, like with a debit card or cash deposit, which might have different wait times.

Who is the Dave App Good For?

Dave app is good for those people who need short-term loans without paying any overdraft or payday lender fees.

If you are running out of money before payday, the Dave app can help you. If you often pay overdraft fees Dave might be your solution. According to Dave “people save $300-$400 a year”.

Dave gives you a small loan (a few hundred dollars) until your next paycheck arrives. There’s no interest or sneaky fees, just a low monthly cost ($1).

Dave is good for the People with steady jobs and regular paychecks (especially with direct deposit) will benefit the most. This helps Dave know you can repay the loan easily.

Conclusion

Dave promises fast deposits, especially for money coming through direct deposit. But how long does the Dave app take to deposit money into your account? It is simple, the Dave App usually takes 3 days to deposit money into your account.  However, the actual speed depends on your bank and how you transfer the money. If you need the money right away, you might have to pay an extra fee. Overall, Dave offers a way to get a small loan (up to $500) without worrying about your credit score or bank account balance. But keep in mind there can be fees for faster deposits and monthly membership fees.