Klover app review: A cash advance app with no interest

Man looking at his mobile phone to check the Klover appImage: Man looking at his mobile phone to check the Klover app

In a Nutshell

Klover is an app that offers zero-interest instant cash advances on your paycheck to help you cover expenses until your next payday. But to use Klover, you must link the app to your bank account and verify paycheck information. And fees apply for expedited cash advances.
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Pros

  • Cash advances before payday
  • No credit check
  • No interest charges

Cons

  • Must share personal and financial info
  • Must link to a bank account
  • Fees for expedited cash advances

What you need to know about the Klover app

Founded in 2019, Klover is an app that can front you cash to help you make it to your next paycheck — no credit check required. The app uses your data to connect you with financial products and services. In order to use Klover, all you have to do is download the app from the iOS Apple Store or Google Play Store, verify your paycheck information and link Klover to your bank account.

If you’re considering using the Klover app to get some extra money in between paychecks, here are a few things to know.

Can get a cash advance before payday

Klover offers cash advances on your paycheck — but to avoid any fees, you may have to wait up to three business days to receive the money. If you need cash more quickly, you can get the money in less than 24 hours by paying an express fee that’s based on the amount of money you want to transfer.

Here is the fee schedule for expedited funds.

  • Up to $10: $1.99
  • Up to $25: $2.99
  • Up to $50: $7.49
  • Up to $250: $9.99

No interest charges

You won’t pay any interest when you use the Klover app to get a cash advance. This is great news because traditional personal loans typically come with interest charges that increase the overall cost of borrowing.

Potential lack of personal and financial privacy

Klover states your personal data is encrypted and won’t be sold. But to use the app, you must allow Klover to access personal financial information such as your account transaction history and balance information. Depending on the services you use, your media behavior and mobile device data could also be fair game for Klover to collect and share. While Klover uses information it gathers from users, the company says it does not sell personally identifiable data.

A closer look at the Klover app

Here are a few more things to know if you’re thinking about using the Klover app.

  • $100 limit — Cash advances are available any time, but you can only borrow up to $100.
  • Paycheck verification required — In order to use Klover, you’ll need to verify your paycheck and also show proof of at least three paychecks being direct deposited into your account by the same employer over the preceding two months.
  • Rewards — You can earn rewards points to put toward getting some extra cash or to enter a sweepstakes. To earn points, you can scan receipts, answer questions or watch video ads.
  • Financial dashboard — Klover’s financial dashboard may be able to help keep tabs on your spending habits since it shows your top spending categories, trends and areas where you might be overspending.
  • One account per user — Klover only allows one account per user. This means you can’t share it with someone else.
  • Extra fees — The app may charge extra fees for premium services such as express cash transfers.

Who is the Klover app good for?

If you earn a regular paycheck and need a small cash advance every once in a while to help cover monthly expenses, the Klover app may be a good option. With no interest on the money you borrow and the ability to get cash quickly, it could be a more affordable alternative to riskier same-day loans like payday loans and title loans.

Klover might come in handy in a pinch, but if you find that you’re using it often, you’ll want to review your finances or come up with another solution.

How to apply with Klover

To sign up for Klover, you’ll need download the app onto your mobile device and then follow the prompts to create your account. You can expect to have to share some personal and financial info including the following:

  • Email address
  • Phone number
  • Banking credentials

Klover will also ask you to confirm that your bank account is at least two months old, that your paycheck is direct deposited into that account and that your paycheck is at least $250. You’ll need to show that you’ve received at least three paychecks from the same employer, with no gaps in pay between them.

Not sure if Klover is right for you? Consider these alternatives.

  • Earnin: Earnin is an app that offers paycheck advances that go up to $500 with no interest or fees so it may make sense if you want to borrow a bit more money.
  • MoneyLion: If you want other options to help manage your money, MoneyLion may be a good choice as it offers cash advances, credit-builder loans and managed investing.

About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt Un… Read more.