Save Money While Growing Your Debt

Dave just doesn’t make sense

Andy Spears
2 min readJun 13, 2024
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.

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?



Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .