It is very common to get out of cash just a few days before the paycheck. The list of bills to be paid vacates payout the very next day it is credited. But, income is definite, and expenses are not. The need for money can fall upon the roof anytime, whether it be a product in a limited sale or something serious that can not be compromised. We have got a handful of options for situations like these. For example, overdrafts, personal loans, and credit cards are the preferred options to bring money out of the next paycheck. However, these are not very convenient options for most of us. Either it will require a ton of paperwork, an everlasting process, or scary interest. So, we have to think twice before making the transaction. 

What Is Dave App?

Dave Banking and Cash Advance
Dave – Banking & Cash Advance

To eliminate these issues and make it easy to withdraw money from subsequent paychecks, an app like Dave was introduced. By registering yourself on the app and providing the necessary information (one time), you will be eligible for a withdrawal of $5-$200. The amount will be paid back whenever you receive your next paycheck without any interest. 

Features Of Dave App

  • Advance cash
  • No interest rate
  • Paperwork eliminated the process 
  • Very low subscription cost 
  • Alternative of subscription (Tips)

Best Alternative Of Dave App In Market

Competition is always there, so how can Dave escape? 

Following are alternative apps of Dave that offer similar services: 

1. Brigit


Without any interest in the money, the app offers you an advance paycheck of up to $250. However, the hefty subscription cost of $9.99/month replaces the interest amount and rides good income to the company. The app provides a budgeting tool to analyze the earning and spending habits.


  • Inbuilt budgeting tool 
  • No interest rate 
  • Free account monitoring 

2. Earnin


Also known as ActivHours, it is one of the best-advanced paycheck apps to avoid recurring monthly subscription fees. You can just pay the tip that you consider fair for every transaction you make. The amount of advance paycheck will vary between $100-$500 per period. 


  • Tipping rather than fees
  • Account balance alerts 
  • Instant paycheck advances 

3. MoneyLion


The “All-in-one”, concept has always been the center of attraction for all of us. However, with an app like Dave, you will have to keep that application on your smartphone only to borrow money. In case you prefer a solution that lets you borrow the money, ensure the savings, make the investment, as well as further, earn the money, MoneyLion is the best choice for you. It offers you an advance paycheck of up to $250 without any interest. Moreover, it also provides the other features of regular banking apps. 


  • All-in-one banking app
  • Instant advance paycheck 
  • $1 monthly charge/subscription
  • No minimum balance maintenance 

4. Even


“Even” app is slightly different from the predefined ones. The app provides the advance paycheck on your demand with a subscription fee of $8 per month. Here, not only the subscription fee is slightly high, but only a limited number of people can borrow the money from the app. To be eligible for the same, you should be working with the employers who have partnered with the platform. 


  • Advance paycheck 
  • No interest on advance paycheck
  • Partnership with over 18,000 banks 

5. Empower


Empower is the other choice for people who love the concept of “all-in-one”. However, the definition of all completely changes here as it doesn’t provide you with the services of a banking app. The app lets you get the advance paycheck of $250, perform the monthly budgeting, make the spending limits, provide an early paycheck deposit and get 10% cashback on a range of eligible purchases. However, the app will charge a monthly subscription fee of $8, and you need to make the regular deposit to your Empower Checking account to be eligible for advance paychecks. 


  • Interest-free cash advance 
  • Free trial period
  • Easy budgeting

6. Branch


“Branch” can be a good alternative for an overdraft from your regular bank account as it provides you with a debit card and access to more than 40,000 ATMs across America. You can get instant advances with a fee of $2.99-$4.99. However, the same transfer can be free if you are willing to wait for 2-3 business days. 

Getting the cash with Branch is not that easy. You are eligible for the advance paycheck only if you work with an employer and get your salary in a bank account (as proof). Even if you are a remote worker, you might not be eligible for the pay advance.


  • Easy cash advance of $150 per day
  • Instant transfer at a minimal fee
  • CIBIL score (for Indian Audience)

7. Axos Bank

Axos Bank

As the name suggests, it is not just an application to borrow the money but a complete banking solution. Along with getting the advance paycheck, the app offers high-yield checking and saving accounts. With Axos Bank, you can access personal finance management, investment options, loans, etc. The concept of an advance paycheck is also different. Instead of providing you with a direct cash advance, the app lets you access your paycheck two days earlier. 


  • Early access to paycheck
  • Cashback of 1% on every transaction
  • No monthly charges or fees 

8. DailyPay

Daily Pay

Like other apps, DailyPay provides you access to your Yet-To-Be-Paid salary of the month. You can transfer the money to your bank account with a charge of $2.99 for the transaction. Your salary will be credited to the account, automatically deducting the loan amount on the payday. Just like Even, DailyPay also offers the services to the employees of their partnered employers only. 


  • 256-bit level encryption 
  • Low monthly fee and no interest 
  • Instant transfer from the next paycheck

 9. PayActiv


Whether your employer is partnered with the app or not, you are still eligible for the advance paycheck. The app offers completely free access to PayActive’s saving tools, financial counseling, and prescription discounts. The employees working with partnered employers will get their working hours and earnings checked to get the advance money in their accounts.


  • Early access to paycheck
  • Free saving tools and financial counseling
  • Partner employers such as Uber, Subway, Pizza Hut, Hilton, Murphy USA, Walmart, and many more. 

10. Chime 


Chime is comparatively more accessible and handy to get the advance paycheck. You can get access to your salary 2 days earlier rather than borrowing the money. Moreover, the app has no maintenance fee, no minimum balance fee, or any sort of transaction fee. 

You can get the cash from around 38,000 ATMs across the US; however, you might be charged a withdrawal fee for using an out-of-network ATM. 


  • Free services
  • Overdraw up to $200
  • Earlier access to salary

Market Size & Statistics 

  • As of June 2020, the market cap of Dave Inc. has been $850 million
  • The global mobile banking market was valued at $715.3 million in 2018, which is expected to reach a valuation of $1824.7 million by 2026.
  • The survey conducted by insider intelligence suggested that 89% of the respondents use mobile banking apps for different services.
  • According to market research, there are more than 57 million mobile banking users in the US, only making it a considerable business landscape.
  • The revenue of global mobile banking apps is constantly increasing, with a registered revenue of $3.6 billion in 2020. The revenue is expected to multiply in the coming years.  

How Does the Dave App Work?

  • The Dave app monitors the users’ spending and alerts them when there’s an overdrawing risk in their accounts. 
  • Dave provides cash advances of up to $500 and mentions that users will get less than $250 for the first time. 
  • The process of cash advance takes three days to come, or the users can pay an express fee to get it in 8 hours
  • It charges $1 a month as a subscription fee. 
Note: You need $1000 in your account to be eligible for Dave.

Business Model of Dave app: How They Generate Revenue?

At the end of the day, it’s all about making money. However, there is a difference between making money by vacating the opposite pocket and generating revenue by being friendly with the same pocket. Dave is a very pocket-friendly app that helps you financially in your need but doesn’t punish you for your need by imposing interest or hefty charges. Undoubtedly, Dave is also making money, which is why it has been surviving in the market for over a half-decade. But Dave’s business model focuses more on serving the users and making them feel worth the price they pay for the application. 

Source of Revenue 

There are multiple sources of revenue that helps the app to keep its services continue for its users: 

1. Membership Fee

The membership fee is the direct source of revenue for Dave. not being a burden for their users by charging $1 as their subscription fee, the app manages to cover a range of expenses. Dave has to pay fees every time they connect to another bank and these charges are paid by this subscription fee. 

2. Donations 

Donation is among the primary sources of revenue for Dave. Users get the feature to pay a tip whenever they borrow money. Dave plants a tree for every tip they receive from the users, and this way they encourage users to provide more tips. However, the app never forces you to add the tips. 

3. Interchange Fees

The Mastercard Debit card offered by Dave brings good interchange fees to the platform. The fee is generally the percentage of the purchase amount to be paid by the merchant receiving the payment. However, it is below 1% so merchants don’t hesitate to accept the payment. 

4. Interest on Cash

The app lends the money in the user’s account to other institutions such as banks and professional entities. Dave charges an interest of 3.35% from these institutions against the lent money, which is a good source of revenue for the app.  

5. Referral Fees 

The feature Side Hustle launched by Dave is a significant source of revenue for the firm. It is the online marketplace that attracts users to work in gig jobs. The partners of Dave offering gig jobs pay a commission or referral fees to Dave whenever they get a new worker through the app.

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Services Offered by Dave

1. Advance Pay

Going through a lot of paperwork, paying massive interest, and waiting for days just to get some money that you will return in a couple of days is not fair. So, Dave offers you the service of Advance Pay by providing you the financial assistance of $250 before your payday. Except for the regular subscription fee of $1, it doesn’t charge you anything else. 

2. Credit Builder Program

The app lets you build your credit score so you can quickly go for a bigger loan in the future. However, it charges a fee of $100 for a year which can be ignored if you take advantage of your credit score. 

3. Better Budgeting 

Its budgeting services of Dave help you manage your finances more efficiently. The app will inform you about the money you have to spend freely after covering all your expenses and ensuring a saving. 

Unique Selling Proposition of Dave 

“Side Hustle” concept of Dave is a unique selling proposition for the company as it is not offered by the competitors and alternative platforms. The app makes sure that you are not only spending but earning the money as well. With the concept of “Side Hustle”, the app provides gig jobs to users willing to monetize their spare or full time. The service offered by the firm is entirely free of cost for the users. Dave provides the gig jobs to the users with the partners such as Airbnb, Inbox Dollars, DoorDash, TranscribeMe, Instacart, and several others. 

Tech Stack of An App Like Dave

The following is going to be the best tech stack for a fintech app like Dave: 

fintech app tech stack
Front-End Tech StackHTML, CSS, JavaScript
Back-End Tech StackJava, Kotlin, Python, C++, C#, Ruby
DatabasesPostgreSQL, MySQL, MongoDB, Oracle
Framework React, Node.js, Django, Spring, Ruby on Rails 

How Can You Develop an app in Banking Services? 

1. Developing the Vision 

Having a goal behind any action is crucial as it helps to procure a blueprint and roadmap from beginning to completion. So getting the right vision for the development of the app is one of the crucial steps to take in the process. The goal can be social, financial, or personal. 

2. Conducting the Market Research

You should know what you are heading toward. So market research helps you know all about the industry you are about to step in. Research about the market, user base, existing competitors, revenue, their business model, the expected growth of the industry, common challenges, consumer behavior, target audience, and many other things to make the right decision. 

3. Contacting a Team 

As long as you are not a software developer, you are going to need a software and app development team who can perform the subsequent tasks for you. The team should be selected with a complete analysis of their experience and past projects. 

4. Verifying the Prototype 

In the first step, once the app development has been initiated, you will be provided with a prototype to give an idea of what your app will look like. Make sure it is attractive, informative, and easy to access. Make the necessary changes here only, so you don’t have to waste time and money at later stages. 

5. Design UI and UX

User Interface and User Experience both are the factors that are going to glue the users to the application. Make sure the user interface should be easy to understand and access for users. 

Choosing the Right Technology Stack

The technology stack is the complete framework on which your app will be operating. Make sure you or your team chooses the right tech stack according to the type of services you are planning to provide. 

1. Code the app

Being one of the most important steps, make sure your developer team is coding the app right and testing it repeatedly. No chances of bugs or errors should stand unresolved. 

2. Releasing 

Once the app has been developed, release it on the respective platform, whether it be app Store or Play Store. Release the app and perform marketing stunts to let people know about your app. 

3. Maintaining 

Maintain the quality of services you provide through the app. Make the necessary changes timely. Provide the updated versions as per the ask of the time. 

Required Team Structure to Develop the app Like Dave

A good app development team will be consisting of the following team members: 

1. Product Owner

The person is in charge of the app development process and acts as the interlink between the app development team and other organization members. The product owner manages and optimizes the product backlog. 

2. Project Manager

The project manager will be monitoring the progress of the project. The manager will ensure that everything is working as planned and the plan is on track. It ensures the cost and time factor of the project. 

3. Business Analyst

Business analysts will act as the medium between you and the app development team. The BA will carry your needs and requirements to the app development team and respond to you with the time and money it will take. 

4. UI/UX Designer 

The person will design the user-friendly interface to ensure that borrowing the money on your app is not complicated as that of a personal loan in the bank. 

5. Mobile App Developers 

The developers will perform the majority of the tasks. The developers will be instilling the overall features in the app by performing the correct coding.

6. Quality Assessor 

The quality assessor will make sure that the application doesn’t contain any type of bugs or errors. The key role of QA is to conduct the testing of the app repeatedly. 

How Much Will It Cost To Develop An app Like Dave?

How Much Does It Cost To Start An eCommerce Business

A price tag can not be stitched to any kind of app. The cost will greatly differ with the features and services it aims to provide. Moreover, the developer team charges a price as per the hours they work on the app. The more hours, the higher the price will be. So, the app development cost fluctuates and depends on several factors.

However, to get a rough idea, it will cost you around $50,000 to $65,000 to develop an average fintech app.  

How Can We Help You? 

If you have good experience in the finance industry and good infrastructure to support the services like this, it is prime time to take it digital. If you love to make a sleeping income by putting the money into work, doing it through an app can be a better idea. We at Emizentech help you develop an app that meets all your business and personal needs. With a team of experienced and visionary developers, we provide you with the proper guidance and support to step into the business. Contact our app development team to get free counseling and make the very right decision. 

Wrapping up

The fintech industry is growing at an unprecedented pace making the banking services available to the palms of customers. However, taking the loan was still a complicated, time-taking, and costly service, which is now solved by apps and platforms like Dave. The platform enables the users to have an advance paycheck to cover their unpredicted expenses. There is no interest rate for borrowing the money; however, they charge you a minimal subscription fee to run the business. 

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EmizenTech's Mobile App Development team is led by Naren Bhati, who designs and develops technically innovative solutions for our global clientele. He has the technical expertise to steer our app development team on the right path.