Meet Dave: an AI clothed in a bearsuit that is simply launched to save lots of you against the evils of costly overdraft costs. Hand Dave usage of your bank account additionally the app’s device learning algorithms can get busy crunching your spending information so that the bear can alert you about pending deals — like a month-to-month registration for Netflix or your typical Saturday evening Uber bill — which could push you in to the red and incur a bank penalty that is expensive.
The app that is US-only a user’s “7 Day Low”, aka the best it believes your bank stability will drop within the next 7 days, to be able to encourage and help better cash administration. The aim that is ultimate to help individuals avoid being forced to fall right straight straight back to their overdraft as “an costly kind of credit”, claims co-founder Jason Wilk, explaining it as a kind of “weather forecast” for money administration.
Dave comes with a pay day loan facility — therefore users who face the inevitability of getting to dip in to a negative stability can prefer to borrow as much as $250 in front of their next paycheck to see them through. But unlike pay day loan companies (such as for example Wonga), that also offer a term that is short facility to mobile users but typically charge high interest rates, Dave’s payday advances are 0% interest.