Get Overdraft Protection with KOHO COVER
Life happens. When bills hit all at once or you’re running short on cash, KOHO Cover is there to help you avoid declined transactions, NSF fees and high interest.
What is Overdraft Protection and how does it work?
Overdraft Protection is a credit product that most banks offer as a short-term solution. You have to apply for it—often with a credit check—and pay a monthly fee. After that, the bank will cover transactions that go over your balance, up to your approved limit.
But there’s a catch: banks often charge high interest, NSF fees, and overdraft fees, which can make this product surprisingly expensive.
KOHO Cover Gives You Room to Breathe
The KOHO Cover Bundle is a simpler, more affordable alternative to overdraft. It covers you on the weeks when bills land early, balances run low, or one slip could turn into big, costly fees. It includes access up to $250, personalized advice from a certified Financial Coach and a free Credit Report. But wait, there’s more:
Zero Interest
You pay $0 interest and never face extra charges for using Cover.
Flexible Repayment
Cover replenishes when you add funds, with no due dates, late fees, or penalties.
Your Limit Grows With You
Use KOHO regularly and pay your monthly fee on time to increase your limit.
Instant Access in the App
Sign up in minutes with no credit checks and get funds immediately when approved.
One Flat Monthly Fee
Use Cover once or often — the same low price applies every month.
Ready to get started?
Sign up for KOHO Cover and get instant access to interest-free cash when you need it.
The perfect plan for your needs | Essential Over $100/year in value³$0/mo² | Everything Over $500/year in value³$14.75/mo | |
|---|---|---|---|
Benefits | |||
| Unlimited cash back on groceries, transportation, food & drinks | 1% | 1.5% | 2% |
| Earn interest | 2% | 2.5% | 3.5% |
| Free Credit Score | |||
| Instant e-Transfers | |||
| No Foreign Transaction Fees | - | ||
| Discount on Credit Building | - | 30% | 50% |
| Advanced phone support | - | - |
²Get Essential for free! Learn more
³This is an estimate. Actual savings may vary depending on individual spending habits and service usage
Not sure which one speaks to you? Take our quiz to find the best plan for you.
Find a planCanadians Making Real Progress
We’ve helped KOHO members on their financial journey. But don’t just take our word for it.
Frequently Asked Questions
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!
Still have questions?
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