Do you often struggle to make it to your next paycheck without running out of cash or overspending on your credit card? Do you have to pay expensive overdraft fees if you ever go below zero on your hecking account? If either of these apply to you, you are not alone. According to CNBC, 63% of Americans have been living paycheck to paycheck since the COVID-19 pandemic hit. That’s roughly 200 million people!
Apps like Klover offer customers a way to help make ends meet until their next paycheck. The Klover app uses direct deposit cash advances with no interest and fees to give their customers the boost they need, unlike other predatory payday lending applications.
Klover is a relatively new and small company. Klover was founded in 2019 in Illinois and at the time of writing only has roughly 20 employees. As such, there is not much information about Klover aside from information on their website and their reviews. Lucky for you, we did the digging on Klover so you don’t have to.
Let’s dive into what Klover is, how it works, and what people are saying about it.
Did you know that one of the most valuable parts about you is something you aren't even making money on? No, I’m not talking about selling your kidneys. I’m talking about your personal information. Every year companies make millions, if not billions of dollars on selling people’s information. Companies are chomping at the bit to know what you like to buy and what your interests are so they can sell you their products.
Your information is extremely valuable yet companies are making money off it while you aren’t making any. Wouldn’t it be nice if you could leverage your information for something valuable? Well Klover saw an opportunity for just this and created a product that uses your information to help you out financially (we will get into the finer details later on).
The Klover app uses money from utilizing your information to offer its customers cash advances or paycheck advances, which are essentially small loans that are given to you to access cash and are paid back once your paycheck comes in a few days. While cash advances at other places often charge interest and fees to make money off of you, Klover does not. With cash advances from Klover which they call “boosts,” there is no interest charged and there are no hidden fees. Likewise, Klover never checks your credit score when signing up for cash advances. This makes Klover a great quick cash advance app to get the money you need if you have bad credit.
To get started with Klover, you will have to fill out some information and connect your checking account so you can be wired money. You will get asked a few questions to help you get your personal profile started. Klover stresses that no one else sees this information and that it is not sold. Further they reassure you that you can delete your information if you decide to stop using Klover.
Once everything is set up, you are good to go with Klover after about 24-48 hours. If you are in a pinch for cash or are trying not to overdraft your account, simply request a “boost” for the money you need. The money should come in 1-2 days for free but can be deposited in 2-6 hours for a fee that ranges from $4 -$ 15.
The amount you get “boosted” will need to be paid back once you get your next paycheck. If you advance $100 with Klover, you will have to pay back the $100 when your paycheck comes but will not be charged any interest or fees. The money is automatically taken out of your bank account when your paycheck comes and the repayment date cannot be extended.
The Klover app is not exactly clear when it comes to how much money you can get. On their website, Klover advertises that you can get $100 between your paychecks. On Apple’s App Store, Klover advertises that you can get advanced $250. To make it even more confusing, Klover says you can get advanced $500 on the Google Play store. So what’s the right information?
If Klover is like any other payday advance apps, you can likely only start with a $100 advance and cannot immediately advance $500 upon starting your account. However, you can increase your boost limit by collecting “points” with Klover.
Points on Klover are accumulated on Klover by doing things like watching ads, filling out surveys, scanning your receipts, or referring friends and family to the app. Every 30 points accumulated with Klover is $1 extra dollar you can get boosted to you.
Klover seems pretty awesome for the customer, but how does Klover itself make money? What’s the catch? Remember how we mentioned earlier that Klover helps you leverage your data that companies usually pay you $0 for? This is partly how Klover makes their money.
When you make an anonymous customer profile with Klover, the basic information you fill out is still sought by many companies. Klover then makes a deal with these companies to advertise certain ads to you (the same ads that can earn you points). Since your profile is anonymous, these advertisers have no idea who you are apart from very basic information. Klover then takes a cut of the advertisement review.
While this might seem fishy to you, know that without this Klover would not be able to offer the awesome cash advances without making money from these advertisements. Klover makes a promise to never reveal your information. Even if you are worried, you can tell Klover to delete all of your information. Your personal information is safe with Klover, which we will see in the next section.
Since Klover is a small and relatively new product, it’s natural to wonder if Klover is legitimate or is a scam. Put shortly, Klover is a legitimate product that protects you and your information with some of the most current online security measures.
According to Klover, your information is protected with a 256 bit encryption. What exactly does this mean? We will save you the technical jargon and give you an easy to understand answer. If the most powerful supercomputer in the world were to take a crack at your information it would take it millions of years until it finally got it right.
Unless you plan on living millions of years, your personal information is likely safe with Klover. Klover takes your information very seriously and uses some of the most advanced security technology to make sure it is safe.
While signing up for Klover is fairly quick and easy, you are not necessarily guaranteed to qualify for cash advances from Klover. You and your bank account will need to meet certain requirements if you are going to get a paycheck advance from Klover. Here are the requirements:
Still unsure if you want to use Klover? Let’s look at the pros and cons of Klover so you can have a better understanding.
Because Klover is such a new company, it is important to pay attention to the reviews from customers who have actually used the product and know the features and drawbacks of the app.
On various app stores, Klover has a good rating that is roughly 4.7 or 4.8 stars out of 5 with thousands of people leaving ratings and reviews. Customers leaving positive reviews are very happy with Klover and how easy it is to get started and get your cash. One such review comes from Simone Isaacs who wirtes,
“Rarely do I ever rate apps but the whole Klover team deserves a MAJOR shout out! The sign up and verification process was painless, seamless and immediate and I qualified for a $100 advance right off the bat (all things that never happened with any other apps similar to this that I have tried) - money that was sorely needed right now. Thank you so much Klover. Way to go!!!”
While the vast majority of the reviews are positive, there are inevitably some negative reviews on Klover from some unhappy customers. Negative reviews from customers raise concerns about a faulty points system, poor customer service and unreliable cash advances. One such review from Carla McCauley writes,
Nice thing to help with a tank of gas between paydays but the surveys and ad clips u have to watch to get "points" to be able to get more money is ridiculously irritating. Once you boost you cannot again til after the next payday so if us seriously urgent its not a good app for that. Takes forever for support to contact u.”
While Klover is a great app, it is certainly not the only cash advance app out there. Other cash advance apps have been around for much longer than Klover and might offer your products that are more suited for your needs. Here are some of the other cash advance apps you should compare to Klover if you are in need of a cash advance:
Here at Possible Finance, we feel that we have created a product that can better suit your financial needs if you are in need of some extra cash. We offer loans of up to $500 that are easy to pay back and build value for you with every payment you make.
Our loans are called credit builder loans. Our loans are paid back in four installments made every week over the course of a month. Unlike Klover, If you are struggling to make a payment you can extend your payment up to 29 days right within the app for no charge. As you make your payments, we report to the credit bureaus. This means that as you make payments your payment history is built. Over time, this will build your credit score.
At Possible, we not only want to provide our customers with necessary money to make it to their next paycheck, but we also want to build value for them as well. We don’t want to see our customers need to constantly take out debt. We want to build their credit score and your financial stability so they can one day graduate out of debt so they do not need to use financial services like us anymore!
Thinking you want a loan with Possible. Download our app and get started today!