This is a quick guide on how to get payday loans from those cash advance apps (Dave, Klover, Moneylion, etc.) and never pay them back with no impact on your credit.
Payday loan apps operate completely different from typical loans. These companies are not legally authorized to give out real loans, and that is why they don't do credit checks. This also means that they are not allowed to report non payment to credit bureaus.
They work by linking your bank account, analyzing when and how much you typically get paid, and offering you a portion of your paycheck early, expecting you to repay it when you get paid.
Typically it is difficult to avoid this scheduled payment because your bank and card are linked to the app, with no easy option to remove them.
The easiest way to avoid the repayment is to send a revocation email to the company. This is just an email along the lines of "I revoke all automatic payment authorizations on my account effective immediately", and they are no longer able to pull the payment from your account. This applies to both ACH debits and Debit card payments.
The revocation email typically needs to be sent at least 3 days before the scheduled repayment date. Its also recommended to cc your banks customer service in the email but that's not required.
So what happens after you revoke their access? Nothing. They now expect you to repay them manually, but as long as you don't want to use their app again, YOU DON'T HAVE TO PAY THEM AND IT CANNOT IMPACT YOUR CREDIT.
You can use multiple apps at once.
I was able to get 5 loans from 5 apps for a total of 850$, all in one week. I sent the revocation email to each company 4 days before the scheduled repayment date, Its been a few weeks now and no money has been pulled from my bank. The apps say i owe them a balance, but it wont effect my credit, and i personally don't use credit anyways, so fuck em.
TLDR: Get payday loans, send revocation email, profit.
Payday loan apps operate completely different from typical loans. These companies are not legally authorized to give out real loans, and that is why they don't do credit checks. This also means that they are not allowed to report non payment to credit bureaus.
They work by linking your bank account, analyzing when and how much you typically get paid, and offering you a portion of your paycheck early, expecting you to repay it when you get paid.
Typically it is difficult to avoid this scheduled payment because your bank and card are linked to the app, with no easy option to remove them.
The easiest way to avoid the repayment is to send a revocation email to the company. This is just an email along the lines of "I revoke all automatic payment authorizations on my account effective immediately", and they are no longer able to pull the payment from your account. This applies to both ACH debits and Debit card payments.
The revocation email typically needs to be sent at least 3 days before the scheduled repayment date. Its also recommended to cc your banks customer service in the email but that's not required.
So what happens after you revoke their access? Nothing. They now expect you to repay them manually, but as long as you don't want to use their app again, YOU DON'T HAVE TO PAY THEM AND IT CANNOT IMPACT YOUR CREDIT.
You can use multiple apps at once.
I was able to get 5 loans from 5 apps for a total of 850$, all in one week. I sent the revocation email to each company 4 days before the scheduled repayment date, Its been a few weeks now and no money has been pulled from my bank. The apps say i owe them a balance, but it wont effect my credit, and i personally don't use credit anyways, so fuck em.
TLDR: Get payday loans, send revocation email, profit.
