Beem: Better than Cash Advance

Everdraft™ is a financial application that offers an alternative to traditional cash advance apps. It allows users to withdraw anywhere from $10 to $1,000 of verified bank deposits before their scheduled deposit date. However, terms and conditions do apply and the amount available for each user may vary. The app also gives users the option to choose how they want to access the funds, with fees ranging from $0 to $4 depending on the chosen method. These fees will be disclosed at the time of making the choice.

In addition to early access to bank deposits, Everdraft also offers the ability to file federal and state taxes in any state, maximizing potential tax refunds. Users can also receive and withdraw verified bank deposits early, either in their Beem balance, a gift/prepaid card, their debit card (with express delivery fees), or a bank account within 2-3 days.

One unique feature of Everdraft is the ability to unlock more money with cash boosts. Users can also send and use gift cards, Visa and MasterCard prepaid cards, and receive money in the form of these cards to use at retailers. The app is only available in the US and is developed by Line Financial, a PBC based in the US.

Beem offers several benefits, positioning itself as a better alternative to instant cash advance apps. With Everdraft, there are no credit checks, interest, income restrictions, or due dates. Users can also add and send money for free, even to those without a bank account or the Beem app. The app also offers a personalized budget and financial feed to help users manage their money and avoid overdrafts. It also provides reminders for upcoming bills and low balances.

Beem prioritizes security and privacy, with bank-level security and data privacy measures in place. The app also offers 24/7 support through chat, call, and email. It is not affiliated with any government entity, but it does facilitate tax filing through April, an IRS certified tax filing entity. Users can find information about the IRS on the app's website.

While Everdraft is the main feature of Beem, the app also offers personal loans from third-party advertisers. These loans have varying rates and terms, ranging from 0.50% to 35.99% APR and 4 months to 20 years. Rates are subject to change and other fees may apply, depending on the lender. All loan offers require application and approval by the lender, and users may not qualify for the lowest rate or highest offer displayed. For example, a borrower who receives a $10,000 loan with a 36-month term and an APR of 17.59% (including a 13.94% yearly interest rate and a 5% origination fee) would receive $9,500 in their account and have a monthly payment of $341.48. Over the lifetime of the loan, they would pay a total of $12,293.46.