Can You Extend Your Dave Repayment Date?
Learn how to manage your Dave ExtraCash repayment dates and what happens if you need more flexibility.
Dave is a financial application designed to help individuals manage their cash flow by providing small cash advances, known as ExtraCash. These advances can help users cover unexpected expenses or bridge gaps between paychecks. Users repay the advance from their linked bank account, typically on their next payday. This system helps users avoid potential overdraft fees.
How Dave Repayments Work
Dave’s ExtraCash advances are generally repaid automatically through a debit from the user’s linked bank account on a specific repayment date, often aligning with the user’s next scheduled payday or another pre-determined date. Dave typically sends notifications to users as the repayment date approaches. These ExtraCash advances are distinct from traditional loans because they do not charge interest. Users are subject to a $1 monthly subscription fee. Additionally, if users opt for instant funding, an optional express fee may apply.
Requesting a Repayment Extension
Dave generally does not offer formal repayment extensions or structured payment plans for ExtraCash advances. Once an advance is confirmed, the designated settlement date is typically set and cannot be directly changed within the app. This approach differs from traditional lending institutions that might provide formal deferment options.
If a user’s linked bank account does not have sufficient funds on the scheduled repayment date, Dave’s system has a built-in process. The app will attempt to debit the account multiple times over subsequent days. These attempts may include collecting partial amounts if the full balance is not available.
Dave does not charge late fees or penalties for missed or delayed repayments. Despite the absence of formal extensions, this automatic re-attempt mechanism provides flexibility. Users who anticipate difficulty repaying on time should proactively contact Dave’s Member Success team through the app’s chat feature. While a direct extension may not be granted, communicating with support can help navigate the situation.
What Happens with Unpaid or Missed Repayments
When an ExtraCash repayment is missed, Dave’s system will typically initiate several automatic re-attempts to collect the outstanding amount. Users will likely receive notifications informing them of the missed payment and subsequent collection attempts.
An unpaid or missed repayment immediately impacts a user’s ability to receive future ExtraCash advances. Eligibility for new advances is temporarily suspended until the outstanding balance from the previous advance is fully settled.
Dave ExtraCash advances typically do not directly impact a user’s credit score. Dave does not perform hard credit checks for eligibility, nor does it report repayment activity to the major consumer credit bureaus. A missed payment will not appear on a credit report or directly lower a credit score. However, if insufficient funds in the linked bank account lead to an overdraft from the user’s own bank, that bank may charge overdraft fees. While rare, extended non-payment could, in extreme cases, lead to the debt being sent to collections, which could then potentially affect a credit score.