Save Money While Growing Your Debt

Dave just doesn’t make sense

Dave’s attempt to get you to go further into debt

The Dave App is a nonbank, fintech lender promising to bring technology to bear to solve common banking problems — like limited access to credit.

Dave will lend you up to $500 in an app on your phone — provided you connect your bank account and can demonstrate you have regular direct deposits.

The best news? Dave promises not to charge fees or interest. Except there is a few for maintaining a cash account and they do suggest giving “tips” for the loans you take. Oh, and then there’s the impact of you not paying for whatever reason — and that could incur fees and/or collections.

I mean, it’s not just free money.

In fact, one analysis found that the APR on a Dave loan could end up being in the 500% range.

Give Yourself a Break — with More Debt

In Dave’s latest attempt to get customers to take out more loans, Dave suggests ways borrowers can stretch their Dave Dollars further. I mean, if you’re going to go into debt, might as well get more stuff, right?

Here are those amazing tips Dave promises in the teaser email:

1. Shop deals and buy in bulk
2. Use coupons
3. Lower your monthly bills by negotiating for better cable/internet deals

Um, Dave, you’re fucking brilliant.

Here’s the thing: If you are out looking for an extra $500 two-week loan from a cartoon bear hiding in an app on your phone, your financial situation is more than just “clip some damn coupons.”

Here’s what you don’t need: Debt from a cartoon bear on your phone. Especially not if the effective interest rate is 500%.

But the email marketing geniuses at Dave just want you to know how to grow your debt and maximize your dollars — they’re friendly bears, after all.

Here’s an idea: Just Don’t Dave.

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