Will You Be Dave’s April Fool?

Don’t let showers of cash bring you dismay

Andy Spears
2 min readMar 27, 2024
Promotional email from the Dave App

Sure, April showers bring May flowers.

But what does debt incurred in late March bring?

April Fools!

It’s no joke. The Dave App is “boosting” the amount borrowers can obtain from a cash advance.

Normally, the max is $500. But with this 20% boost, you could be approved for up to $600 in new debt.*

*conditions apply

The L.A. Times broke down Dave’s evolution into payday lender territory:

Given that the money had to be repaid in 12 days, the $5.99 fee and $2 tip, if considered as interest, cost Goad 122% on an annual percentage rate basis — a metric that helps compare the relative cost of loans. If he tipped $6.93, the company’s average in the first quarter, it would amount to an APR of nearly 200%. If he chose a 15% tip, the total cost would rise to $35.99 with an APR of 547% — corner payday loan territory.

So, if your spring plans include not only burying your hands in fresh dirt to plant flowers but also burying your bank account in fresh debt, Dave has got you covered.

You can ask for the “extra cash” up to March 31st — and then wake up on April 1st to realize Dave’s joke’s on you.



Andy Spears

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