Dave analyzes your financial health and uses a wide variety of data points to figure out how much of an advance you can afford to take and still be able to pay it back by your next payday.
Once you have at least two (2) recurring deposits, Dave will find a pattern and use it to determine your advance amount and set your payback date. To get a higher advance amount, you’ll want to have a total deposit of $1,000 or more monthly.
Other factors are:
- If you got paid today
- It’s more than 14 days from your next payday
- There’s no recurring direct deposit set-up
- Your income history and spending patterns
It also helps to keep enough funds in your account to cover your monthly expenses.
When you set up your external account as your primary account, Dave will also verify that your account has a minimum 60-day history and check for any recent negative balances.
Based on these factors and more, the advance amount you are eligible for updates daily at midnight. Each day, the limit could change.
Please note, you won’t be able to take an advance if you have any outstanding balances.
