Meet Dave: an AI decked out in a bearsuit that is just launched to truly save you from the evils of costly overdraft fees. Hand Dave use of your bank checking account additionally the app’s machine learning algorithms can get busy crunching your investing data therefore the bear can alert you about pending deals — like a month-to-month membership for Netflix or your typical Saturday evening Uber bill — which can push you in to the red and incur a high priced bank penalty.
The app that is US-only a user’s “7 Day Low”, aka the best it believes your bank balance will drop within the next a week, to be able to encourage and support better cash administration. The ultimate aim being to help individuals avoid being forced to fall straight straight straight back on the overdraft as “an expensive type of credit”, states co-founder Jason Wilk, describing it as a kind of “weather forecast” for money administration.
Dave comes with an online payday loan facility — so users whom face the inevitability of experiencing to dip into 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 businesses (such as for example Wonga), that also give you a short-term borrowing facility to mobile users but typically charge very high interest levels, Dave’s pay day loans are 0% interest. (suite…)