In the United States, stats for student debt have motivated entrepreneurs to create innovative solutions to combat the crisis. Givling is one of these solutions.
As we know, the U.S. is facing a crisis in student loan debt that keeps rising every year. In as recent as September 2019, Forbes released a report indicating that debt had risen to $1.6 trillion.
In their previous student loan debt statistics report issued in February 2019, the amount owed was $1.5 trillion. According to a 2019 study on student debt from the Federal Reserve System, 54% of college graduates took a student loan. Therefore, this implies that more than half of them are collectively facing a $1.6 trillion repayment in student loans.
For that reason, Givling’s Force for Good was born. The company aims to help borrowers pay off student loans fast.
However, the way they do it is so unbelievable that student borrowers are raising their eyebrows in suspicion. In this blog post, we’re going to cover the ins and outs of the Givling app to show you just how legitimate this software is.
Givling App Overview
Givling is an app that allows users to play in a trivia contest to help student loan borrowers to lower their debt. Lisbeth Pratt is the founder and CEO of Givling.
Despite being a graduate of Stanford University, Pratt was lucky in the sense that she didn’t accrue any debt upon completing her program. However, she decided to launch Givling after finding out that Congress had approved a law making it impossible for students to file for bankruptcy.
On Givling’s About section, Pratt explained that she herself had once had to file for bankruptcy. Hence, she felt such empathy for the students that she elected to create a way out of student debt for them.
Consequently, she developed and launched Givling as an engaging platform whose primary goal was to help borrowers repay their student loans.
Let’s take a look at how the app works.
How The Givling App Works
Givling is a mobile app that is available to Android and iTunes users.
The app lets these users play in a trivia game which has two functions:
- Enable someone playing in the trivia contest to win cash
- Allow users to crowdfund (raise funds for someone online)
To gain access to the app, one has to create an account. There are two types of users: players and borrowers.
Each type of account operates differently:
When someone creates an account as a Givling player, this person is assigned to a team of three. The user has no control over the members that make up their team: the app groups users at random drawing.
The team is then presented with a series of trivia questions to which they must select the correct response. These answers are marked as either ‘yes’ or ‘no’. Each time your team successfully answers a question, you earn a point.
The more questions you answer correctly, the more points you earn. The system does not penalize you for answering a question incorrectly.
However, if your team has recorded more than two wrong responses, Givling will stop issuing you questions. As a result, the round will be over and your team will have a score which will be the aggregate of your correct responses.
Those points correlate to nominal cash prizes that users can redeem. You can “FreePlay” the game twice a day to compete for large cash awards.
Persons who create accounts as ‘borrowers’ are student loan debtors who are in need of financial help.
By default, Givling places you in the ‘Givling Queue’. This is an internal categorization that the system does to make you eligible for crowdfunding. Much like users registered as ‘players’, ‘borrowers’ earn points based on the number of correct responses they accumulate from trivia questions.
Additionally, there are a few other ways that borrowers can increase their number of points without outright paying for them.
- Getting Others To Join Givling
- Watching The Advertisements That Pop Up On The App
- Buying The App From A Sponsor Offer
- Purchasing Givling merchandise
The more points a user has, the higher his or her chances are of being placed in the ‘Live Funding Queue’. There, other users can use their cash earnings to make payments towards a borrower’s student loans.
As many as ten (10) users can be in the ‘Live Funding Queue’ at a time.
Givling & Crowdfunding
Through crowdfunding, a participant can receive as much as $50,000.
Although a user is entitled to do as they wish with the money that they earn, it’s expected that they will put it towards their loan repayment.
As mentioned, there are several ways in which one can accumulate points.
Buying Givling Points comes at a cost of 50 cents per game + 30 cents fee from PayPal/Braintree.
Every day, a user can play up to two rounds for free, each of which can get you a maximum of 100 points.
Apart from purchasing them from Givling, the easiest way to gain points is to do a combination of things: play two rounds daily and watch as many ads as you can.
The app allows you to watch up to three ads in an hour. At the end of each ad, you will be prompted to spin a wheel so that the system can assign you a score.
From these, you can gain as much as 500 points.
If you are dedicated to playing the game, you can quickly build up your points.
That way, you can stand a chance at cracking the ‘Live Funding Queue’ to be eligible for crowdfunding.
Is Income From Givling Taxable?
Givling distributes the income it receives in the following way: 45% goes to crowdfunding, 45% to the trivia game jackpot, and 10% goes for the company to run the app.
The platform calculates these percentages after advertising commissions and processing fees are deducted.
The income generated from the trivia game jackpot is taxable.
When it comes to money for earmarked for crowdfunding, at present, a user isn’t obligated to pay taxes.
This is because the app complies with the IRS’ gift tax rules.
However, there is an ongoing discussion between the IRS and the Givling management team concerning the crowdfunding’s income taxability.
Therefore, there is a chance that this might change in the future.
Givling’s Positive Reviews
As of November 2019, Givling has a 4.7/5 rating on iTunes. Their score is the aggregate of an estimated 1500 reviews.
For the most part, Givling has received excellent reviews from users. One such user goes by the name of ‘TheCircadian.’
Giving the app a 5 star review, the user praised developers for creating technology that has such an impact on the lives of student loan borrowers.
The reviewer also indicated that they had used the app’s cash remunerations to help pay back their own student loans. Another user, ‘biabea’ gave the app another strong review.
To the user, the concept of the application was brilliant. What’s more, they also added that management was close to their goal of raising $50,000 daily for student loan repayments.
That said, they did mention that while the app serves a greater purpose, there are a few technical issues. They commented on the app’s tendency to crash when there are several users logged in at the same time. Because of that, users had difficulty scoring more Queue points.
This has the adverse effect of setting them back in rising up the ‘Live Funding Queue.’
For that reason, ‘biabea’ gave the app a 4 out of 5 review.
Givling’s Negative Reviews
While reviews have been encouraging, there are a few users who weren’t happy with the app at all.
On appgrooves, ‘Ptest1567’ expressed their disdain for the management team and what they perceived to be a lack of professionalism. According to the user, they were blocked from the company’s official Facebook business page for an inquiry they had made.
The user alleges to have made this inquiry on the group’s private page.
In doing so, he stated that in his communication, he indicated that he was a member of some unofficial groups associated with Givling.
Consequently, they are of the opinion that Givling banned them because they are members of those groups that were not sanctioned by the company.
Another user, ‘123456hello12345’ spoke ill of the group, criticizing the extra queue points that the company gives for viewing ads. The reviewer explained that many student loan borrowers cannot take advantage of this because they are too busy working.
In both cases, the users acknowledged that the app served a worthy cause. However, they felt that they were slighted by the management team.
Making A Decision
If you have a vested interest in fighting against student loan debt, Givling is the tool you’re looking for. The overwhelming majority of positive feedback given about the app is a testament to how the public values it. Granted, there is merit to some of the negative criticism made about the company.
However, it doesn’t take away from the good that Givling brings to the world of student loans. Pratt and her team have changed the way that we eliminate student debt by making it fun and engaging. They managed to find an innovative way to help borrowers reclaim their financial freedom.
Bearing that in mind, while Givling is a solid resource for student loan borrowers, it shouldn’t be used in isolation. Givling is best used in conjunction with other student debt repayment options.
That way, if you’re a student loan borrower, you’ll be tackling your debt head-on with multiple solutions. Doing so will increase the effectiveness of your repayment strategy and clear your loans faster.
The Bottom Line
In short, the analysis of our findings has led us to conclude that the Givling app is one that every student loan borrower should consider using.
Be sure to pair it up with other debt fighting solutions so you can lower the amount owed on your loans in record time.
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