Rated Canada’s #1 credit builder according to Forbes*

KOHO gives you an affordable and free way to make or build your credit in Canada. You can use your own money or borrow from us to do it. There are no deposits, credit checks, or applications. And you’re guaranteed approval. Head to your KOHO app and click Credit > Register to get going.

Choose the way you’d like to build your credit history (it’s totally up to you, credit builder!). On-time repayments build credit history. A strong history can raise your scores.

It helps kickstart your credit, without adding to your debt if you don’t withdraw the funds.

Absolutely! You can access up to $225 with zero interest. You just need to ensure you pay it back on time so you don’t miss a payment.

Secured Credit Building involves setting up a collateral instead of getting a credit builder loan. The deposit becomes your line of credit. This setup provides more control. It's ideal for those with the funds to secure the credit line. You can always access your line of credit. Just make sure to deposit it back before the billing date.

A secured line of credit requires collateral. An unsecured line of credit is opened for you without the need for collateral.

To unlock our Secured Credit Building, you need to first be subscribed to Credit Building. You can add the Secured Credit Building option to your package. It boosts your chances of building better credit. And, it does so faster.

Not at all! There's no need to withdraw funds. Simply set your utilization (we suggest keeping it under 10%) at the start of each billing cycle. However, you'll have access to the funds whenever you need them. They provide a safety net for unexpected situations.

Once you’ve registered for Credit Building in-app, you will be able to see your current credit scores. Every month, after we've taken payment and reported to Equifax, a major credit bureau, you'll be updated with any changes. It's that simple!

You know how making payments on time can positively impact your credit? Well the opposite is true too - missing or late payments could hurt your scores. This is why we do not recommend withdrawing from the line of credit. We are invested in your success.

KOHO's Credit Building tool retrieves your scores directly from our trusted partner Equifax, which is one of the major credit reporting bureaus in Canada. Please note that your scores might vary from what you see on other reporting services. This difference can happen because Canada has two major credit bureaus. Each has its own criteria for scoring your credit.

You can reach out to Equifax directly by giving them a call at 1-800-465-7166, or you can also log into your account on Equifax's website

A credit bureau, like Equifax, collects information from companies you owe money to, like your history of paying bills, to understand how you handle money.

The minimum credit scores you need to buy a home depends on which lender you get your mortgage with. In general, you’ll want scores of at least 620 to get a mortgage with a traditional lender (like a bank). This is according to Loans Canada. The better your credit scores, the more likely you are to get a low-interest rate.

You’ll want a credit scores in the mid-600s to qualify to buy a car, according to Borrowell. You might qualify for a car loan with lower scores. But, like for buying a home, the higher your credit scores, the better your chances of getting a good car loan rate.

Reach out to our customer support team and write in #coach before writing in your question.

Our customer support team is ready to answer any of your questions 24/7 either through email or the chat functionality in the app. We’re always happy to help, no matter how big or small your query, so don’t be shy!

**Credit scores are based on complex models involving a variety of factors. Consistent on-time payments help improve scores. Missed or late payments may cause credit scores to decrease. Outcomes may vary among users.