KOHO Cover review

What is KOHO Cover?

KOHO Cover is an interest-free cash advance of up to $250. You can use the money to cover emergency expenses and avoid being charged an overdraft fee from your bank.

There are no interest charges on the money you borrow, and you can repay it anytime. However, there are two KOHO Cover fees you’ll need to consider:

• A monthly KOHO plan fee of $0 – $19 (depending on the tier you select)
• A monthly KOHO Cover subscription fee starting at $2 (fee depends on your cash advance amount)

How does KOHO Cover work?

Sign up for a KOHO account to access Cover. Read our KOHO review for more information about KOHO account features and available plans.

You can sign up for KOHO Cover through the KOHO app. No credit check is required. On the Spend page, select Unlock Now and Get Cover. Your cash advance will be instantly available through the KOHO app, or you can withdraw it in cash from an ATM.

You can then use the money to cover your expenses and repay what you borrow at any time.

What we like about KOHO Cover

• No interest. You can get a cash advance of up to $250, and you won’t be charged any interest.
• No credit checks. You won’t need to complete a credit check to qualify for a cash advance. Learn more about no credit check loans.
• No income required to qualify. You don’t need a regular source of income to qualify for Cover.
• Fast access to funds. Borrow money instantly in the KOHO app or by withdrawing cash from an ATM.
• Repay anytime. Unlike some other cash advances, you have the freedom to repay the money any time, not just on your next payday.
• No NSF fees. KOHO doesn’t charge any NSF fees for Cover.
• You can increase your Cover limit. It’s possible to qualify for a higher cash advance amount (more on that a little further down the page).
• Financial Coach. Get advice on how to manage your money from KOHO’s in-app Financial Coach.

What to watch out for

• Monthly fee. You’ll need to pay a monthly fee of at least $2 to get KOHO Cover. KOHO says the exact fee is calculated based on your cash advance amount “among other factors.”
• KOHO plan fee. You’ll need to sign up for a KOHO plan before you can qualify for Cover. There are three plans to choose from—Essential, Extra and Everything—and they have monthly fees ranging from $0 to $19. Get the Essential plan for free by performing certain actions, such as setting up a monthly direct deposit.
• $250 limit. The standard maximum limit of KOHO Cover is $250, but this may not be enough for some people.
• Won’t improve your credit score. Repayments aren’t reported to Canada’s credit bureaus, so paying back your advance won’t improve your credit score.

Alternatives to KOHO Cover

1 - 3 of 3

Product CAFPL	Loan Amount	Loan Term	Fees	Offer
KOHO Cover	$20 - $250	Flexible	0% interest with a subscription fee starting at $2/month	Signup for a KOHO account with code SAVINGS and get a $40 cash bonus deposited into your account when you make your first $20 purchase.	Sign up for a KOHO account and access a zero-interest cash advance. Repay anytime. No credit check required.	Go to siteMore Info Compare	loading Fetching your data...
Nyble Credit Line	$30 - $250	30 days, extendable	0% interest with optional fees	Use code CFIND1J to get 500 extra points and a $5 higher approval. Conditions apply.	Get a credit line with no interest or fees. Pay an optional membership fee to access premium services such as instant funding.	Go to siteMore Info Compare	loading Fetching your data...
Bree Early Pay	$20 - $350	Next pay cycle	0% interest with a $2.99 monthly membership fee		Access up to $350 with no interest. $2.99 monthly membership fee. No credit check required. Pay a fee to get instant funding.	Go to siteMore Info Compare	loading Fetching your data...

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Is KOHO legit?

KOHO Financial is a Toronto-based fintech company that was founded in 2014. It offers a hybrid chequing/savings account and money management app. KOHO also offers a prepaid credit card that lets you earn cash back on your purchases.

Summary of KOHO Cover reviews

What do KOHO Cover reviews say?

There are limited online customer reviews for KOHO’s Cover feature. However, there are plenty of reviews for KOHO as a whole. Unfortunately, many of them are negative. As of April 2024, 84% of the 264 reviews left on Trustpilot rated KOHO 1 out of 5 stars.

People commonly complain about fraudulent charges on their accounts, poor customer support and unexpected changes to the features included in their KOHO plans. Positive reviews mention KOHO helping people build their credit and earn cash. The KOHO app has generally positive reviews in Apple’s App Store and the Google Play Store.

KOHO Cover feedback on Reddit

We found a thread on the PersonalFinanceCanada Reddit complaining about a change to KOHO Cover that makes it impossible for customers to send e-Transfers using their Cover balances. There are also other negative KOHO threads on Reddit, in which account issues and customer service problems are commonly mentioned.

KOHO app reviews

Am I eligible?

To sign up for a KOHO account you will need to be:

• A Canadian citizen or permanent resident
• The age of majority in your province or territory

The KOHO website states that all account holders are eligible for Cover.

How to get access to KOHO Cover

You can sign up online or through the KOHO app by entering your name, address, date of birth and contact details. You’ll also need to provide photo ID to verify your identity, or you can confirm your ID by connecting your bank account online.

Once you’ve created a KOHO account, you can register for Cover through the app. From the main Spend page, select Unlock Now and Get Cover.

What to expect once you have access

Once you’ve been approved for a cash advance, the money will be added to your total KOHO balance. You can use the money however you want, but your Cover balance is displayed separately to your Spendable balance. When you make a purchase, money will first be withdrawn from your Spendable balance until it hits $0, then funds will be taken from your Cover balance.

You can repay your cash advance at any time. You’ll also need to keep paying a monthly subscription fee to maintain your access to Cover. If you miss a monthly fee payment, your Cover will be cancelled and you’ll lose access to cash advances.

How to increase your KOHO Cover limit

It’s possible for Cover users to access a higher KOHO Cover limit. But you can’t simply apply for a higher limit. KOHO’s system determines the amount you qualify for.

However, you can increase your chances of getting a higher limit by using KOHO for everyday spending, paying your monthly subscription fee on time, paying bills from your account balance and using features like KOHO Credit Building.

There are no details available online confirming the maximum possible Cover amount.

Bottom line

KOHO Cover offers a simple and convenient way to access interest-free cash advances for short-term cash shortages. There are no credit checks and it’s easy to apply, but just be aware that you’ll need to pay an ongoing monthly subscription fee. If you need more than $250, compare other personal loans to find the right option for your needs.