Cover gives you access to extra cash when you need it. With Cover, you get:
A cash advance to cover payments and prevent declined transactions
Personalized advice from a certified Financial Coach
A Credit Report
There are no penalties or late fees, but if you don’t repay the borrowed money you may not be able to use Cover again in the future.
How do I sign up?
In-app: Go to Home Page → "Unlock Now" → "Get Cover"
Web: Log in → Click three lines in top right corner → Select "Cover"
Note: You will still need to download the KOHO mobile app to unlock all Cover benefits.
What happens when I sign up for Cover?
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 cannot be sent via e-Transfer, K2K, or added to your Vault.
Are these considered taxable funds?
No, because it is categorized as a loan and not income.
Will this impact my credit scores?
We don’t do any credit checks to see if you’re eligible for Cover. However, if your Cover loan hasn’t been repaid for 3 months or more, we may report that to the credit bureau, Equifax.
How can I continue to use Cover?
We automatically collect the monthly Cover subscription fee each month. Depending on your available balance, you can continue to access your cash advance as often as needed. Your Cover balance is automatically replenished whenever you add money to your KOHO account.
Where can I see my Cover balance?
You can see your Cover balance in-app or on KOHO web. We have separated your Cover balance from your Spendable so you have more control over your money. You have access to the total amount between your Spendable and Cover amount.
How does my Cover balance work?
When making purchases with KOHO:
The money will be withdrawn first from your Spendable balance until it reaches $0
The remaining amount will then be withdrawn from your Cover balance
When adding money to KOHO:
Your Cover balance will be replenished first
The remaining amount is added to your Spendable balance
How can I use my cash advance balance?
You can use Cover to make everyday purchases such as paying bills, setting up automatic payments and avoiding declined transactions when your Spendable reaches $0.
Are there limitations to using Cover?
Your Cover balance cannot be used for:
Sending e-Transfers or K2Ks
Adding to your Goals or Vault
How do I access the Financial Coach?
You can start a conversation with our Financial Coach in-app by asking your question and using #coach at the end of the message. Our Financial Coach can provide you with guidance on budgeting and saving. Please note, that the Financial Coach is not for asking questions about Cover or granting higher Cover limits.
How do I access Credit Report?
Go to the Discover tab > Credit Report to see your most recent credit score and credit report.