💳 Credit-building Made Easy
Dave offers fee-free checking, interest-free cash advances, budgeting, and credit building tools.
Today's Highlights
- Dave - A new era in personal finance management
- Today's Infographic
- In Other News - a few interesting developments we're tracking
Dave - A New Era in Personal Finance Management
Dave is a low-cost banking app that offers customers fee-free checking as well as up to $500 in interest-free advances. All they have to do is pay a $1/month membership fee. In addition, when they connect their external debit card to the Dave app, it will automatically create a budget for them. The budget can help them predict whether they’ll run short on cash before their next payday. Dave’s ExtraCash advance feature is its best feature. However, the automatic budgeting feature is a close second.
Dave also provides customers with cash advances using their bank account history to determine eligibility.
Dave has partnered with LevelCredit to provide a financial tool for building credit. The service is free as long as they have a Dave Spending Account and make a recurring monthly direct deposit. The user has to open a Dave Spending Account and make at least two direct deposits of at least $1,000. After meeting this requirement, they'll receive an email about LevelCredit. Once the user links their account, they may use monthly payments on rent or utility services to improve their credit score. LevelCredit will report their consistency to credit bureaus each month.
Dave allows customers to categorize their expenses, earn cash back and receive offers from retailers. Customers have access to 37,000 surcharge-free ATMs through the MoneyPass ATM network.
Jason Wilk, Paras Chitakar and John Wolanin are the co-founders of Dave. They have raised a total of $501.3M in funding.
🧐 Today's Infographic
In Other News
Stephanie Wilkins
Webb Wright
