What is a
cash advance?
Whether your car needs surprise repairs or an unexpected bill lands in your inbox, KOHO Cover helps bridge the gap. Available only through the Cover bundle, KOHO Cover is a cash advance without the steep interest rates typically charged by payday loan lenders.
A cash advance usually provides a quick way to borrow money using your credit card, letting you withdraw cash instantly. While convenient, these advances come with higher fees and steeper interest rates compared to regular credit card purchases, making them an expensive alternative to traditional payday loans.
We've designed our online cash advance specifically for Canadians like you who need quick and easy financial support. Our cash advance is available through the Cover bundle, offering this solution that’s more affordable than standard payday loan options in addition to a free credit report and access to financial coaching that can help you take charge of your budget.
No hidden fees, no complicated terms – just straightforward financial support when you need it most.
How does an online cash advance work?
Getting an instant cash advance in Canada has never been easier, simply subscribe to the Cover bundle to get started. Applying for our cash advance loan won't impact your credit score, making it a safe option for all Canadians.
- If you don’t already have one, get a KOHO account, then sign up for the Cover bundle.
- You'll get access to an instant cash advance when you subscribe to the bundle for as little as $2 / month, with no added interest.
- Your subscription also gets you access to a free credit report and financial coaching valued at up to $425.
Have questions? All Cover bundle subscribers will get access to priority customer support.
Zero Interest: No matter how much we spot you, we’ll never charge you interest on your cash advance loan.
Guaranteed Approval: No application process, credit checks, no jumping through hoops.
Borrow up to $250: Access cash advances based on your eligibility.
Instant Access: Get your money immediately through the KOHO app.
Financial Coaching: Get expert advice valued up to $425 to better manage your money.
Free Credit Report: Always see where you stand.
Compare Cash Advances in Canada
See why KOHO is the smarter choice for your financial needs:
| KOHO | Most Cash Lenders | |
|---|---|---|
| Interest | 0% APR | 29%+ APR |
| Repayment cycle | Anytime | Next Payday |
| Credit check | No | Yes |
| Access | Instant | Up to 24 hrs+ |
| Proof of income | None Required | Required |
| Credit Report | Yes | No |
| Financial Coaching - up to $425 in value but you get it free | Yes | No |
| Priority Support | Yes | No |
| KOHO | Most Cash Lenders |
|---|---|
| Interest | 0% APR |
| Repayment cycle | Anytime |
| Credit check | No |
| Access | Instant |
| Proof of income | None Required |
| Credit Report | Yes |
| Financial Coaching - up to $425 in value but you get it free | Yes |
| Priority Support | Yes |
Join members working on their credit today
Take steps towards your financial goals, and make the most of your savings
The perfect plan for your needs | |||
|---|---|---|---|
Benefits | |||
| Unlimited cash back on groceries, transportation, food & drinks | 1% | 1.5% | 2% |
| Earn interest | 2.5% | 3% | 4% |
| Free Credit Score | |||
| Instant e-Transfers | |||
| No Foreign Transaction Fees | - | ||
| Discount on Credit Building | - | 30% | 50% |
| Advanced phone support | - | - |
¹ Get Essential for free! Learn more
² This is an estimate. Actual savings may vary depending on individual spending habits and service usage
What Cover users are saying
FAQS
A cash advance gives you instant access to funds to cover emergency expenses, or unexpected purchases, like a car repair, or a pet emergency. Typically, you need to repay the funds by a set date. Most cash advances charge interest, but with Cover, you’ll never have to pay interest¹. ¹Access to Cover is subject to a subscription to the paid Cover bundle
At KOHO, we're committed to supporting your financial flexibility with Cover. We keep things simple by not performing credit checks for approval, giving you quick access to funds and financial coaching when you need them most. While we aim to help you get back on your feet, it's important to know that loans outstanding for more than 3 months may be reported to credit bureaus at our discretion. By staying on top of your repayments, you can maintain a positive financial track record and make the most of our supportive service.
A cash advance is a short-term loan that helps cover unexpected expenses until your next paycheck arrives. For a small fee, you can get quick access to funds when you're in a tight spot.
Everyone! All users who sign up for the Cover bundle will get instant access to funds! You also get a free credit report and support from a financial coach. Over time, you can unlock a higher limit bundle. While our system automatically determines your eligibility, you can help your chances of an increase by regularly using your KOHO Spendable account and paying your monthly fees on time.
A cash advance fee is a small charge that you pay for borrowing money before your next paycheck.
Cash advance is a small amount of debt without any interest. Pay your full monthly subscription fee on time so you don't have any debt to worry about.
The main difference between a loan and a cash advance is their purpose. Loans are generally taken out for larger or more long-term financing necessities, like paying college fees or buying a vehicle. A cash advance is typically designed for more short-term or emergency situations. Often cash advances have higher interest rates than a loan, but with Cover, you won’t have to pay any interest!
If you are eligible to increase your Cover amount, we’ll let you know. There are some things you can do to increase the likelihood of a higher Cover limit: continue to make use of KOHO for everyday spending, and repay your monthly Cover fees on time. Using other KOHO features like Credit Building, and paying bills from your account can help too. Good things come to those who wait. Our support team cannot grant higher amounts upon request.
The KOHO Cover bundle fee starts as low as $2 and varies based on the amount of the cash advance among other benefits, visit the KOHO app to know more!
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*This is a paid bundle that provides access to a range of premium features. The fee is not tied to any single product or service. Pricing starts at $2/month. Approval required for amounts up to $250. Terms and Conditions apply.