We get it - things come up, unexpected bills populate, you have to loan money (that you might not have) to your mom, dad, friend...or maybe your advance repayment date was scheduled on a day that really doesn't work for you. It happens sometimes.
Luckily, the Klover Support team is able to change your repayment date for you. We never want to leave our customers in a bad financial spot, and are happy to help you budget your advance repayment.
We do have a few requirements that need to be met in order to be eligible for a payment extension, so please make sure you are familiar with the below before requesting an extension:
1. You must notify us at least 2 business days in advance of your originally-scheduled repayment date. This is required because we need to ensure our payment processor has time to recognize the new payment date.
2. You must have a healthy advance repayment history. Sorry, we can't offer payment extensions to new customers with no history at this time.
3. You will be allotted 3 payment extensions per year. We can't extend the same payment twice, so each extension must be for a different advance repayment.
4. Your new repayment date must fall on one of your future paydays, to not exceed 28 days.
5. The original repayment date must be in the future, and cannot be past due.
6. The advance must be successfully deposited to your bank account. We cannot change the repayment date for an advance that is still processing.
When contacting support, we kindly ask that you please provide the preferred date of repayment you would like us to extend to. We will take care of the rest!
Will changing my repayment date impact my advance eligibility?
No, changing your repayment date has no effect on your future advances or pay cycle predictions. The system will continue to read you pay deposits as usual.
Can payment extensions be denied?
Yes, if you do not meet the criteria above, your payment extension may be denied. If you have already had 3 payment extensions this year, it is likely that your 4th extension will be denied.
What if Klover causes an overdraft fee in my bank account?
If you are worried about a potential overdraft from your bank account, rest assured, our system will not attempt full collection on the scheduled repayment date if there aren't funds available. However, if you have some or little funds available, it is possible for your advance repayment to be collected in partial payments. This may result in multiple charges from Klover over a period of time until the balance is paid off.
Please keep in mind, it is up to your financial institution to choose either to reject or approve a transaction from Klover while you have an insufficient balance in your account. If your bank approves the transaction, you may be subject to an overdraft fee. Klover is not responsible for this fee and is unable to issue refunds, however, we encourage you to reach out to your bank directly to request a refund for any fees incurred. We will do our best, and everything in our power, to help prevent any fees for you.