Beem: Better than Cash Advance
How quickly will I receive a cash advance from Beem?
If approved, the funds are delivered very quickly. In testing, a $20 advance arrived in the user's linked bank account in under two minutes.
Does Beem perform a hard credit check when I apply for an advance?
No, Beem does not perform a hard credit pull. This helps protect your credit score, which is a key benefit of the service.
Why was my approved cash advance amount so low?
The advance amount is determined by an automated review of your banking activity, but the specific criteria are not disclosed. Users report receiving small amounts like $20 even with regular income deposits, which can feel arbitrary.
What should I know about repayment and tipping?
Beem automatically withdraws the advance plus your chosen tip on your selected date. Be mindful of this automatic withdrawal, as it can disrupt your account balance and nearly cause missed payments if not planned for.
How does Beem's cost compare to a traditional payday loan or credit card?
While Beem has no mandatory fee, its 'pay-what-you-think-is-fair' tip model can lead to high effective rates. A $2 tip on a $20 advance for one week annualizes to a very high percentage rate, which may be less transparent than a credit card's APR or a payday loan's fixed fee.
