Klover Cash Advance App Review: What You Need To Know

Quick take: Klover offers a financial app that helps consumers access interest-free cash advances without a credit check. You can borrow up to $750 with no credit check.

Klover is a legitimate app that lets eligible users take out cash advances against their upcoming paychecks, though limits for new users are relatively low and, as a significant drawback, increases may require substantial data sharing.

Klover At a Glance

• Max advance: $750

• Fees:

  • Instant transfer: $1.49 to $19.99

  • Klover+: Up to $9.99

• Interest: 0%

• Credit check: No

• Repayment: Next paycheck

• Speed: 1 to 3 business days or instant

• Best for: People with steady paychecks

Key Takeaways

• No credit check, advances up to $750. Klover offers interest-free cash advances up to $750, but new users generally start at a $40 to $90 limit that grows with income, account history and app activity.

• Instant delivery costs extra. Standard delivery is free and arrives in one to three business days, while instant transfers cost a fee that varies by advance amount.

• Higher limits can require data sharing. Klover's points program rewards actions like sharing your location or linking accounts, which can raise your limit or offset express fees — a real drawback if you value privacy.

• Steady direct deposits are required. You need three or more recurring direct deposits from an employer within 60 days, so gig or freelance income usually won't qualify you for Klover.

• No late fees, but mind your balance. Klover charges no late fees, yet automatic repayment on payday can trigger overdraft charges if your account balance is low.

• Klover isn't a bank. It's a financial technology company, so advances aren't loans and won't build your credit.

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Pros and Cons

Here are the biggest pros and cons of the Klover app:

Pros

• No credit check or hard credit inquiry

• No mandatory membership or advance fees 

• Compatible with many major U.S. banks through Plaid

• Fast approval after you link and verify a bank account

• Uses bank-level security measures

• No late fees; service pauses if an advance goes unpaid

Cons

• High fees for instant advances

• Low starting credit limits

• The points program requires you to share data.

• You may need to earn points to receive a higher limit.

• Strict recurring direct deposit requirements may make it hard for gig or freelance workers to qualify. 

• Automatic repayment leaves users vulnerable to banking fees

Klover Company Overview 

Klover Holdings Inc. is a financial technology company in operation since 2019 and headquartered in Chicago, Illinois. Its company mission is “to provide every American with the right to financial freedom.”

Klover offers cash advances against upcoming paychecks, along with budgeting tools, credit monitoring and a bespoke rewards program, through its mobile app.

Klover isn’t a bank, so it doesn't issue loans or accept deposits. Instead, it makes money through express advance fees, an optional subscription, affiliate partnerships, monetized ads and, perhaps most notably, authorized data sharing. 

Klover holds an accredited A+ rating from the Better Business Bureau (BBB), though customer reviews on Trustpilot average 2.1 out of 5 stars.

👉Learn More: Cash Advance Fees: What They Cost and How They Work

What Are Klover's Key Features?

Here are the features of the Klover app to consider before signing up.

Advance Amounts 

Klover advertises cash advances between $25 and $750, but new users generally start with a $40 to $90 limit that can grow or change over time based on income, account history, app usage and your repayment record. The amount you qualify for will depend on those factors, so it varies for each customer.

Funding Speed

Klover funds standard deliveries within one to three business days. It funds instant deliveries — which cost an express fee that varies by advance amount — within minutes.

Repayment Structure

Klover monitors your bank account activity and automatically collects an outstanding advance's full amount when you receive your next paycheck. That generally means repayment occurs within one to 14 business days of receiving the advance.

Other Notable Features

As a product differentiator, Klover has a points program that lets you share data, such  as your GPS location or a linked Amazon account and complete select activities, like checking your spending or referring friends, to earn higher credit limits or cover instant advance fees.

The number of points you earn varies by activity. For instance, these activities might net you the following point totals:

• Setting an email and password: 20 points

• Verifying phone number: 20 points

• Sharing profile information, like full name or address: 5 points

• Linking a bank account: 340 points

• Opting into marketing: 10 points

• Opening a partner checking account: 19,000 points

• Watching a video ad: 20 points

• Taking a survey: 300 points

• Playing games in partner apps: 3,500 points 

Klover doesn’t advertise how many points you need to increase your eligible advance amount. However, it’s more transparent about how many points you need to cover the express fees associated with certain advance amounts. For instance, a $150 advance requires up to 10,000 points in lieu of a $15.99 express fee, while a $5 advance requires up to 1,200 points in lieu of a $1.49 express fee.

Keep in mind, you’ll have to pay point advances back in seven days, no matter when your paycheck hits your bank account.

Klover offers an optional monthly subscription, Klover+, which costs up to $9.99 a month and features budgeting and credit monitoring tools. Its app is highly rated, scoring 4.6 out of 5 stars on Google Play and 4.8 out of 5 stars in the Apple App Store.

Klover Costs and Fees

Klover doesn't charge interest, but it’ll cost you for instant advances or an (optional) Klover+ subscription, plus you're likely to incur bank fees if your account balance is too low when Klover automatically collects repayment.

Note: Klover's instant advance fees can prove quite pricey relative to your borrowing amount. 

Say you receive a $500 advance and pay the max instant transfer fee of $19.99. That fee would roughly come out to 104% annual percentage rate (APR), assuming a full two-week repayment term. 

That cost is still far less expensive than a typical payday loan, which can carry APRs exceeding 400%. However, it’s substantially pricier than the roughly 21% average credit card interest rate.

👉 Up Next: Payday Loan Alternatives: Break the Cycle of Debt

Eligibility Criteria for a Klover Cash Advance

To qualify for a Klover cash advance, you must:

• Legally reside in the U.S.

• Be at least 18 or older

• Have a checking account in good standing for at least 90 days

• Link this checking account to the Klover app

• Show three or more direct deposits from a qualifying employer within a 60-day period

Klover places heavy emphasis on consistent income:

• Your direct deposits must be recurring — they can’t show gaps in pay.

• Klover doesn’t count cash, transfers or deposits through apps like Venmo, Cash App or PayPal, as income.

• That means gig work or freelance income is unlikely to qualify you, so if you primarily perform that work type, you may have to pursue alternate means to cover a temporary or emergency cash shortage. 

Are You Eligible for Klover? Look at this Checklist

Unsure if you'll qualify for Klover? This quick self-checklist can help you decide: 

• You'll likely qualify if you have a full-time job with a single company, receive recurring paychecks via direct deposit and have a checking account in good standing for at least three months.

• You likely won’t qualify if you’re a gig worker, freelancer or contractor, receive irregular pay-related deposits or have a short (or spotty) checking account history.  

How To Apply 

It's relatively easy to apply for a Klover cash advance. Here's how Klover works:

1. Download the Klover app from Google Play or the Apple App Store. 

2. Enter your personal information, including name, email address and phone number.

3. Link a qualified checking account and authorize verification.

4. Wait for Klover to verify that you meet eligibility requirements and authorize you for a starting credit limit.

5. Request an advance by selecting and confirming your desired amount within the app.

6. Receive your funds within one to three business days or pay a fee for an instant transfer.

7. Be sure you have enough money to cover the advance and other bills set to auto-debit on your next payday.

Klover vs. Comparable Options

How does Klover stack up against Dave, Earnin and Brigit? This chart compares the four cash advance services by max advance, fee model and ideal customer. 

👉 Learn More: 8 Best Cash Advance Apps

Who It's Best For 

Klover is best for people who:

• Receive consistent paychecks from an employer.

• Need coverage for small expenses, like groceries, utilities or gas, in between paychecks.

• Are willing to share personal details, like their location, shopping receipts and answers to marketing surveys, to earn higher advance limits or fee credits.

Klover isn't best for those who:

• Don’t receive consistent deposits in their checking account.

• Prioritize privacy and are uncomfortable with data-sharing.

• Need higher advance limits right away.

Final Take

Klover is an option if you're a salaried or full-time worker facing a cash shortfall between paychecks, as it charges no mandatory membership or advance fees. Still, its starting credit limits are relatively low, and its instant advance fees run high. Plus, Klover counts data-sharing as a revenue stream — and the app incentivizes authorization and sharing with higher advance limits and points you can put toward advance fees. If you prioritize privacy, a different cash advance app, like Dave, Earnin or Instacash® by MoneyLion, might be best for you. 

FAQ

Is Klover a legitimate company?

Klover is a legitimate company founded in 2019 and headquartered in Chicago. It offers cash advances, budgeting tools and credit monitoring predominantly to people with regular sources of income. Klover has been accredited by the BBB since 2023 and currently holds an A+ rating.

Can gig workers or freelancers qualify?

Klover doesn’t directly state that gig workers or freelancers are ineligible for its cash advances. However, it requires users to have consistent income and at least three recurring direct deposits from a named employer, which may make it more difficult for these workers to qualify. 

What happens if you don't repay on time?

If you don't repay Klover on time, it may pause your account and advance eligibility until you do. Klover doesn’t charge late fees, but you may incur banking charges, like insufficient funds or overdraft fees, when Klover tries to auto-debit what's owed from your linked checking account.

Can you opt out of the points program?

You can opt out of Klover's points program by emailing [email protected]. However, opting out of the points program may make it harder to up your credit limit, cause you to lose access to certain services or even result in the deletion of your account.

Key Terms

• Cash advance: A way to access a small amount of money before payday, repaid automatically from your next deposit. With apps like Klover, it is not a traditional loan.

• Earned wage access (EWA): A tool that lets you tap income you have already earned before payday. It is not a loan and typically carries no interest, though delivery fees may apply.

• Direct deposit: An electronic payment, usually a paycheck, sent straight to your bank account. Klover requires recurring direct deposits to verify steady income.

• Annual percentage rate (APR): The yearly cost of borrowing, expressed as a percentage, including interest and certain fees. A flat express fee on a short advance can translate into a high effective APR.

• Expedited (instant) transfer fee: An optional one-time charge to receive funds within minutes instead of waiting for free standard delivery.

• No credit check (soft inquiry): Klover reviews your bank activity rather than pulling your credit, so applying does not affect your credit score.

• Data-sharing rewards points: Points Klover awards for actions like sharing location or completing surveys, which can raise your advance limit or cover express fees.

Sources:

• Consumer Financial Protection Bureau: What is a payday loan?

• Consumer Financial Protection Bureau: Credit reports and scores key terms

• Consumer Financial Protection Bureau: Financial Terms Glossary

Summary generated by AI, verified by MoneyLion editors

Rudri Bhatt Patel contributed to the reporting for this article.

Photo credit: fizkes/iStock