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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.



About lender

The Chicago-based platform Klover Holdings was established in 2019 to give millions of customers access to outstanding financial services and tools for financial independence.

With no interest, no credit check, and no hidden costs, millions of customers may now instantly access top-notch financial services, their hard-earned earnings, savings tools, and rewards. Klover's business strategy relies on leveraging the consumer's most valued asset - data - in contrast to many other financial institutions that rely primarily on consumer fees.

The platform does not use exploitative lending methods, either. As a result, it makes it a low-cost solution for people who earn a regular paycheck and need a small cash advance every once in a while to help cover monthly expenses.

Pros and cons

As with any other platform that offers contemporary financial solutions, this platform has advantages and disadvantages for people who want a more affordable alternative and quick access to cash.


  1. In contrast to other short-term loan apps, cash is deposited quickly after being requested. Unless it's also necessary to hasten cash delivery, there are no hidden fees or interest charges.

  2. Borrowers can raise their borrowing limit. Simple actions like watching an ad or completing a survey can help achieve this. Usually, there are stricter requirements for consumers who wish to boost their limit on several other cash advance apps.

  3. Since the app doesn't require a credit check, there are no hard impacts on credit scores. A registered account may also be easily activated, reactivated, or closed.


  1. A regrettable aspect is that while the platform does not check credit scores, it does not help to build it either - a bad or good credit score will remain the same upon using the app. The platform is structured like that because it essentially grants "boosts" rather than loans.

  2. The regulations governing the payback of cash advances are allegedly and needlessly severe, so it does not permit any delays in paying back. Customers who already struggle to make payments because they live paycheck to paycheck are not given any room for error.

Terms and conditions

Klover offers a service that gives advances or balance Boosts based on the user's predicted income. It is essential to link a bank account and debit card to the app to get this balance boost.

As an eligible user, you may ask for a Balance Boost of up to $150 to be sent into your bank account whenever you choose. However, the app may turn down a request for a balance boost for any reason. All balance boosts come without a fee.

The user can pay an extra fee, known as the express fee, to request an expedited disbursement of a balance increase. The platform would typically pay out a balance boost in three business days, but by paying an express fee, it would be disbursed within 24 hours.

When a balance boost is requested, the services will reveal the amount required for an express fee to the user. When charged, the optional Express Fee will be added to the amount of the Balance Boost.

Regardless, the platform is not liable for overdraft fees, over-the-limit fees, insufficient fund charges, or any other bank fees you are charged. Express Fees and tips are non-refundable.

Funding a loan

The client first registers by providing essential information to create their profile and link their checking account to the app. After that, the user's details and account are verified during a 24- to 48-hour waiting period following the account setup.

The user can seek a cash advance or "boost" after verification. Then, the money is typically transferred into the account within one or two business days, but it is possible to speed up the process so that it happens in two to six hours. While the faster direct deposit is offered for a small fee, the standard version is free.



Does Klover give you free money?

Only already earned money is made available upon confirmation of employment status.

How much money can you get on Klover?

The official website states that customers may borrow up to $100. Compared to other cash advance applications, it compensates for the significantly smaller limits by using a points system to raise the limit. Points accumulate as soon as customers sign up and keep growing with consistent app use.

How do I make money on Klover?

The key ways to earn points to increase earning limits and, in turn, get more money are by carrying out tasks such as Watching video ads, scanning receipts, taking surveys, and making referrals.

Does Klover charge a monthly fee?

It charges a membership fee of $2.49 per month. However, there are no charges of any interest or fees.

Company documents

Privacy Policy
Terms & Conditions

To give everyone access to modern financial services by leveraging their most valuable asset - their data.

© Klover Holdings, Inc

What to focus on before applying for a loan with Klover

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Klover and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Klover’s reviews by September 2022
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