You can’t expect unexpected emergencies
But you can prepare for them. For $5 a month, Cover gives you up to $50 in case you’re tight on funds. You’ll also get access to a financial coach, who can give you advice on all things money.
Interest-free for all
Your $50 overdraft limit would be completely, totally, utterly interest-free. Because that’s how we do things around here.
Easy does it
No application process, no effect on your credit, no late fees.
On time repayments can increase your overdraft limits, so you can get even more coverage.
Coverage when you need it. Cancel any time.
How to unlock Cover
We use a few fancy algorithms to decide who gets access to Cover first. Here are some things you can do to unlock it sooner:
Add funds to your KOHO account. Keep a balance, and use your account for everyday spending.
Set up direct deposit.
Use other KOHO services like Credit Building and Extra.
If you’re already a KOHO user, check back in your app every so often to see if you’ve unlocked Cover.Unlock Cover
Not everyone is eligible, but by doing some of the these things you can become eligible sooner:
Once you're eligible, you will get an invite from us.
With Cover, we’ll cover you up to the eligible $ amount you see in-app, so you can say goodbye to declined transactions and hello to funds whenever you need them. The funds are added separately upon enrollment. These funds will only be used if there aren’t enough funds in your Spendable to cover a purchase. Every 30 days, we'll just collect the monthly subscription fee and you can keep dipping into the funds you already received at registration as many times as needed.
Up to $50, but timely repayments could make you eligible to increase your credit limit up to $250.
If there's an opportunity for you to increase your eligible Cover amount, we’ll get in touch with you directly. 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 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!