Save Money While Growing Your Debt
Dave just doesn’t make sense
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?
