Meet Dave: an AI decked out payday loans no checks in a bearsuit that is simply launched to save lots of you against the evils of costly overdraft fees. Hand Dave usage of your bank checking account additionally the app’s device learning algorithms gets busy crunching your investing information therefore the bear can warn you about pending deals — like a month-to-month subscription for Netflix or your typical Saturday evening Uber bill — which can 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 thinks your bank stability will drop within the next 7 days, so that you can encourage and help better cash administration. The ultimate aim being to help individuals avoid being forced to fall right back on the overdraft as “an expensive kind of credit”, claims co-founder Jason Wilk, explaining it as sort of “weather forecast” for money administration.

Dave comes with a quick payday loan facility — therefore users whom face the inevitability of getting to dip right into a balance that is negative choose 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 provide a term that is short facility to mobile users but typically charge extremely high interest levels, Dave’s pay day loans are 0% interest.

Wilk informs TechCrunch it will just be asking users to repay it if they can.

“We’re not really tying this up to a schedule. Unlike the pay day loan. All we’re saying is always to users spend us right straight back once you have the predicted income come it,” he claims.

If all of this is sounding too advisable that you be true there could be a good cause for that: Dave hopes you’ll be therefore thankful for the solution its device learning algorithms are performing for your investing practices that you’ll offer a contribution as soon as the bear requests a tip — although this can be also completely voluntary. Continue reading →