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 $500, 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 value**$0/mo* | Extra Over $200/year in value**$12/mo | Everything Over $500/year in value**$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 | |||
| Crypto trading fees | 0.5% | 0.5% | 0.5% |
| Instant e-Transfers | |||
| No Foreign Transaction Fees | - | ||
| Discount on Credit Building | - | 30% | 50% |
| Phone support |
*Get Essential for free! Learn more
**This 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.
FAQFrequently 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.
With the KOHO Cover bundle, you get access to extra cash when you need it. The bundle includes a cash advance to cover payments and prevent declined transactions, personalized advice from a certified Financial Coach, and a Credit Report. All of that for as little as $2 / month with no added interest.
After you sign up we’ll add the cash advance that you selected straight into your KOHO account for you to use right away. Your Cover balance is displayed separately from the other money in your account.
You can use the cash advance for everyday purchases, to pay bills, or even set up automatic payments. But your Cover balance can’t be sent via e-Transfer, K2K (KOHO-TO-KOHO), or added to your Vault.
There are no penalties or late fees, but if you don’t repay the borrowed money you may not be able to use the Cover bundle again in the future.
You can use Cover to make everyday purchases like paying bills, setting up automatic payments and avoiding declined transactions when your Spendable reaches $0. You can’t use it for sending e-Transfers or K2Ks, adding money to your Goals or Vault, or Earning interest (since Cover is a cash advance).
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.
That depends on the individual using Cover, but the limit gets as high as $500. Our automated system determines your eligible Cover limit based on your KOHO account history. You may qualify for different maximum coverage amounts as you continue to use KOHO.
To change your limit in-app, go to > Cover > in the upper right corner click on the settings icon > tap on Change my Cover limit. Once you update your limit, the change will take effect immediately and a new billing date will be set.
If the option to unlock a higher limit isn't visible to you, this means you've already reached your maximum available Cover limit.
While you can’t request a higher limit, these actions may improve your eligibility for increased Cover limits (however, increases aren't guaranteed):
-Pay your bills: Use your KOHO account to handle your regular bill payments
-Make payments on time: For Cover, and other KOHO tools you’re subscribed to
-Pay for your memberships: Use your KOHO account for gyms, and other recurring membership payments
-Keep money in your account: Maintain a positive balance in your KOHO account
Important to know: Our support team cannot manually adjust Cover limits.
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!
Yes. You can use Cover to make everyday purchases, setting up automatic payments and avoiding declined transactions when your Spendable hits $0.
Yes, so long as you are buying from an online store. You can use Cover for making everyday purchases online and avoiding declined transactions when your balance reaches $0. You can’t use your Cover balance for e-Transfers, K2K (KOHO-TO-KOHO) transfers, or to add money to your Vault.
Still have questions?
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