Dave : Banking for humans
Dave is a digital banking service. The service emphasizes no overdraft fees and provides loans to individuals’ accounts at their banks for overdraft protection.
Dave’s mission is to put financial minds at ease. To do so, they improving the cost, usability and accessibility of the financial system. The company uses indeed an algorithm to predict users ability to repay loans, based on their checking account and income history.
The algorithm predicts when a user’s expenses may exceed their balance, sending a notification and the option for a loan until the user’s next paycheck. It doesn’t charge overdraft fees, instead charging $1 a month to use the app and giving the option to “tip” after getting a loan.