Givling App For Student Loan Debt Payment

Judy Miller - 2020-07-07T21:00:00.000Z

Rising student loan debt balances is a matter of serious concern across the US. As per the latest report from the US Federal Reserve, the total outstanding student loan debt amount across America is approximately $1.6 trillion.

These ever-increasing debts have motivated startups to come up with innovative solutions for tackling the crisis. One such solution that has emerged is the Givling App.

The app was designed to help borrowers pay off their student loans quickly.

Givling Force for Good is a unique crowdfunding app that bands together supportive individuals to help pay off student loans and mortgage debts.

It allows registered users to partake in a trivia contest twice a day for cash giveaways.

Here’s what you need to know about this app.

Playing Trivia To Get Out Of Debt

Founded by Stanford University graduate Lisbeth Pratt, the app came to light after Congress approved a law abolishing the filing of bankruptcy by students.

The app allows users to play fast-paced trivia games. Winning teams are awarded large cash awards, while the app simultaneously raises money to crowdfund debts.

Users must be 18 years old and are allowed to take part in two free trivia games a day. When you first register on the app and initiate play, you will be assigned to a three-person team. As a player, you will have no control over the members that will be your teammates as it groups members based on random draws.

Once the teams are defined, players will be presented with a series of trivia questions. All you need to do is select the correct response marked as either a ‘yes’ or a ‘no’. For every correct answer, your team earns a point.

However, if your team answers two consecutive questions incorrectly, you won’t be provided with any further questions. Based on the total score of correct responses, you will be able redeem cash prizes.

How To Use The App

Here’s how you start playing on the Givling app:

Download the app from the iTunes library or Google Play Store.
Create and register an account.
Gain access to two free games everyday. To play more, you’ll have to pay 50 cents per round.
Join the teams assigned to you randomly.
Answer fast-paced trivia questions. Just select ‘yes’ or ‘no’.
Accumulate points for correct responses.
Redeem the points for cash rewards.

Terms And Conditions

To be clear, Apple or Google aren’t the sponsors or providers of the cash rewards, prizes, and sweepstakes in this app. Listed below are the most important terms and conditions of this app:

All legal concerns are in accordance with the laws of the State of Wyoming.
To register as a player, you must be at least 18 years old and own the email address you submitted during registration.
You must be a legal American citizen.
According to the Internal Revenue Services regulations, you will be entitled to receive a 1099-MISC or related form if you win more than $600 in a financial year. You may also receive W-9 and other tax forms based on your state of residence.

Game Rules

Registered players are entitled to two free rounds of play every 24 hours.
Each time you play, you will be assigned to a random three-player team.
If your individual score exceeds that of your teammates, you earn extra points.
For incorrect answers, you receive a strike. If you answer three questions incorrectly, the round ends.
If you miss out on answering during the allocated time, that round will be voided.
You can play multiple times a day. After the first two free rounds, each round costs 50 cents.
The total winning money is distributed equally among the team.

Is This Legal?

Based on research and reviews, there is nothing illegal about the Givling app. It really helps people pay off debts and processes payments for the winners as mentioned. However, the app seems to have faced some problems back in 2018 with the Minnesota Department of Public Safety. The CEO of the app was notified by an agent from the department that based on how the app works, it would be considered an illegal lottery under the Minnesota State Statute 609.75.

Based on the notice, the random drawing mode that was previously configured has been removed and the new changes are in compliance with the state’s law. However, the app doesn’t allow cash purchases of coins to play further in eight states that include Tennessee, South Carolina, Montana, Louisiana, South Dakota, Connecticut, Delaware, and Arkansas. Other than this, the Givling app is legal across the United States.

What About Taxes?

The money you earn from this trivia game is taxable. However, the tax structure isn’t very clear. On their terms and conditions page, Givling clarifies that they will send IRS 1099-MISC or other relevant forms in compliance with the Internal Revenue Services regulations to any person winning more than $600 from the trivia games in a financial year. You may also receive W-9 and additional tax forms depending on the state laws of your address.

Bottom Line

Givling has a mixed basket of negative and positive reviews. That said, it is worth a try considering the fact that each registered member is eligible to play for free at least twice a day. If you win, you can use the points to redeem cash rewards which can help pay off debts. However, make sure that you don’t invest unnecessary amounts to play additional rounds or you may end up facing severe losses.