Klover App 2024 Review: Cash Advances in Exchange for Your Data
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Why trust NerdWallet
Klover is a mobile app that provides small cash advances in exchange for users’ data that it shares with its advertising and business partners. The app provides advances based on users’ bank account activity, but users can also take surveys, upload receipts and connect retail accounts to get an advance.
The app has strict eligibility requirements compared to its competitors. Fast-funding fees are high for such small cash advances, and not paying them means waiting three days to get the money. If you qualify, don’t mind the wait and are willing to share your financial and online activity data with Klover’s partners, it can be an easy way to borrow a small amount of cash.
» MORE: Compare cash advance apps
No mandatory fees.
May not overdraw users’ accounts.
Small advance limits of $200.
Advances take three days to reach users’ accounts.
No option to extend repayment date.
High fast-funding fees.
Klover cash advance basics: Amounts, fees and funding time
How much can I borrow from Klover?
$5 to $200.
What fees does Klover charge?
Optional fast-funding fee: $1.49 to $20.78.
Optional tip: Up to 20% of the amount borrowed.
How do you repay Klover?
Withdrawn from your bank account on the date Klover determines to be your next payday or seven days from the advance date.
How long does it take to get a cash advance from Klover?
Without paying an express fee: 3 business days.
With an express fee: Within hours
A word of caution: Users of cash advance apps, including Klover, may risk becoming dependent on loans to cover regular expenses — a cycle of debt that’s difficult to break. It’s a good idea to consider affordable alternatives before getting an advance from Klover.
Who Klover is best for
Consumers who want to cover a small expense.
Borrowers with a checking account that receives regular deposits from an employer.
Those who can use their next paycheck to repay the advance and cover other regular expenses.
Users who aren't concerned about data privacy.
Those who don't need more than $200 and who don't need funds fast.
What you need for a Klover cash advance
Like most other cash advance apps, Klover does not check users’ credit to determine eligibility. Instead, the app reviews a user’s connected bank account to determine whether they qualify for an advance and how much they can get.
The following basic requirements must be met to be eligible for an advance:
Must be a U.S. citizen.
Must be at least 18 years old in most states.
Must have a valid checking account and debit card.
When a user signs up for a Klover account, they must provide their:
Name, email, home address and phone number.
Employment information, including the company’s address.
Birthdate.
Checking account with a linked debit card.
Here’s what the app says users’ bank accounts should show in order to qualify for an advance:
Activity and good standing for at least the last 90 days.
At least three direct deposits from the same employer in the last 60 days.
Multiple paychecks with the exact same descriptions.
Using Klover’s points program for larger advances
Users start with a $100 advance limit, but can increase the limit to $200 by participating in the app’s points program. Users can also pay a fast-funding fee with points.
The points program requires users to provide some type of data in exchange for points, which equate to dollars. Points are unlimited, don’t expire and can’t be transferred to another user. Unlike eligibility-based advances, points-based advances are repaid seven days after they’re requested.
Here are the options to accumulate points, according to Klover.
Watch a 10- to 30-second video ad.
Scan your receipts.
Take a survey from the points page.
Link an external retail account, like a Target or Walgreens account.
Sign up for an offer with one of Klover’s partners.
What to know about Klover’s data use
Klover makes money by using aggregated data to help its partners measure the effectiveness of their advertising campaigns and conduct market research. This data may include users' bank account activity, use of the app, survey responses and phone usage. The company says it never shares customers’ personally identifiable information.
Users must provide consent for Klover to access the data; they can withdraw consent by emailing the company’s support team.
How to get a Klover cash advance: Step-by-step instructions
Here’s how Klover advances work, according to the company.
Download the app and create an account.
Provide your bank account and debit card information.
If you’re eligible for an advance based on your bank account information, the app will show your advance limit. If not, you can take surveys, upload receipts or choose an offer from the app’s offer page to earn points.
When you take a Klover advance, the app will ask if you want to provide an optional tip or pay a fee to get funds instantly.
If you decline the fee, your funds will arrive in three business days.
For eligibility-based advances, the app will withdraw funds on your next payday. For points-based advances, the app debits your account seven days after the request.
Frequently asked questions about Klover
Can I change my Klover advance due date?
No. Unlike most apps, Klover does not allow users to request a payment extension.
Will Klover’s advance cause an overdraft fee?
If a user’s account does not have sufficient funds to repay the advance on the due date, the app will do a partial withdrawal to take whatever amount is available. However, the app’s terms and conditions say that Klover is not responsible for any overdraft fees, including those Klover causes by withdrawing advance repayments.
How do I contact Klover’s customer service?
Users can contact Klover via email or in the app.
Other Klover features
Credit and spending tools
For $3.99 per month, users can sign up for Klover+, which includes a credit monitoring tool. Klover+ members can also see how their spending compares to other users and upload receipts to see what others are paying for the same products at other retailers.
Some banks and budgeting apps provide credit score monitoring and budgeting tools for free.
A closer look at Klover's star rating
Affordability: 3.5/5 stars
An affordable cash advance has low or no fees, caps tips and protects users from overdraft fees caused by the app’s withdrawals.
Structure: 1.5/5 stars
A well-structured app has a large enough maximum borrowing amount to meet users’ needs, can provide funds quickly without charging a fee and allows users repayment flexibility.
Transparency: 2.0/5 stars
A transparent cash advance app notifies users before withdrawals, discloses fees clearly to borrowers on their website or in the app and shows the total amount the user needs to repay before providing funds.
Underwriting and consumer protections: 3.5/5
This category assesses how well an app helps borrowers avoid borrowing an advance that will overextend their finances. A consumer-first cash advance app reviews more than a couple months of borrowers’ expenses, requires regular bank account deposits and lets borrowers choose how much to borrow.
Customer experience: 3.5/5
A well-rated cash advance app with multiple ways to contact customer service representatives and a thorough FAQ on its website will do well in this category.
Discretionary additions or deductions
Cash advance apps can earn a higher star rating by offering features that help borrowers build savings or credit. Apps’ star ratings are lowered if they are accused of engaging in deceptive or predatory practices by reputable sources.
Expert take on Klover cash advances
"What stands out most about Klover's cash advance is that it's a lot of work for a little money. You start with a possible $100 maximum advance amount — low, compared to other apps — then have to clear various hurdles to get to incrementally higher maximums. It's difficult to argue for Klover when other apps can approve you for larger advances without the ads or surveys.
You'd hope the app would make up for the extra legwork to borrow by charging low fees, but Klover's fast funding fees are comparable to other cash advance apps' fees.
One perk of using Klover is that the app doesn't charge a subscription fee, so it may be less of a commitment to try the app than those that charge a monthly fee."
— Annie Millerbernd, Assistant Assigning Editor, Personal Loans
Explore more cash advance apps
Brigit
Advance amounts | $50 to $250. |
Fees |
|
Repayment | Withdrawn from your bank account on the date Brigit determines to be your next payday. |
Time to fund without express fee | 1 to 3 days. |
Time to fund with express fee | 20 minutes. |
Empower
Advance amounts | $10 to $300 for first-time users. Returning customers may be approved for advances up to $350. |
Fees |
|
Repayment | Withdrawn from your bank account on your predetermined due date. |
Time to fund without express fee | One business day. |
Time to fund with express fee | Within one hour. |
Methodology
NerdWallet reviews and rates cash advance products from financial companies that provide cash advance apps. We collect over 24 data points from each company, verify the information with company representatives and compare the app with others that seek the same customer or offer a similar cash advance product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
The maximum allowable rating for cash advance apps that we review is four stars. Our star ratings award points to cash advance apps that offer consumer-friendly features, including: caps on voluntary tips, protections from overdraft fees caused by app withdrawals, low cost of borrowing and an assessment of the user’s finances before providing an advance. The system also rewards points for features that a consumer seeking an advance would find useful, such as: fast funding without a fee, allowing users to borrow less than they were approved for and customer ratings. Additional points are awarded to apps that provide pathways to budgeting and saving, which are features that can help prevent a user from habitually reborrowing. We weigh these factors based on our assessment of which are the most important for consumers and how they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
