How to Get KOHO Overdraft Protection

With KOHO Essential, you can access to KOHO Cover.

Eligible users can complete certain purchases even if there isn’t quite enough money in the account, and then pay it back automatically the next time they load funds.

Step 1: Open a KOHO Essential Account

KOHO Essential is designed to work like a no fee monthly account for most people because:

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.

• Grow your savings with a 2% interest savings rate on your entire balance.

• Earn 1% cash back on groceries, eating & drinking, and transportation.

• Enjoy unlimited transactions (never worry about sending money to someone again).

• Access to KOHO Cover, Pay Later, and Line of Credit.

Step 2: Check Your Eligibility for KOHO Cover

KOHO Cover is available to eligible users on select plans (including Essential). Eligibility can depend on things like:

• How you use your KOHO account (spending patterns, funding behaviour, etc.)

• Whether you meet KOHO’s current criteria for risk and usage

Step 3: Activate KOHO Cover in the App

If you’re eligible, you can turn on KOHO Cover directly in-app. Generally, that means:

1. Opening the KOHO app

2. Swiping to the "Borrow" tab

3. Then tap on "Cover"

4. Click on "Get Cover Bundle"

5. Choose a limit and confirm

Step 4: How KOHO Cover Works

While exact details can change over time, KOHO Cover is designed to:

• Kick in when a purchase would otherwise be declined because your balance is slightly short

• Let the transaction go through up to a set limit assigned to you

• Automatically repay itself from your next load or incoming funds

Think of it as a last-resort safety net, not a main way to borrow. It’s there to help with those “I’m a bit short on this tap” moments, not to replace a full line of credit or personal loan.