What is Cover?

Cover is our new subscription-based over-drafting service, where we add funds immediately to your Spendable to be used. Gone are the days of worrying about declined transactions or overdraft fees!

How do I register?

To register for Cover, head to the Tools section of your app from the menu at the bottom. Select Cover and press Get covered to enrol, then confirm. That’s all there is to it!

I can't see Cover in-app. How do I become eligible for it?

Cover isn't available for everyone. Continuing to use KOHO and making use of our other features is your best chance at increasing your likelihood of Cover eligibility.

How does it work?

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 to your total balance immediately upon enrolling. You can use these funds however you like!

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.

How much does it cost?

A subscription to Cover costs $5/month. With this $5 you also get access to our certified, in-house Financial Coach! You'll need at least $5 in your Spendable before enrolling in Cover. The $5 subscription fee is charged at the beginning of each subscription cycle. The funds are immediately deposited into your KOHO account as soon as you pay the subscription fee!

I want a higher Cover amount!

If you're not currently enrolled in Credit Building, you are eligible for a bonus $50 of credit when you subscribe to Credit Building! To be eligible, your Cover subscription must be active (not pending cancellation or NSF).

Continuing to make use of KOHO and repaying your Cover monthly fee on time will help increase your eligibility for higher amounts in the future. Our support team is unable to grant higher amounts upon request.

How do I access the Financial Coach?

Just start a chat with #coach and we'll connect you with them! Please note, the Financial Coach is for financial advice. For any account or feature specific questions please contact our support team!

Will I pay interest on these funds?

Nope! We don’t charge penalties or late fees, but not paying these funds back may impact your access to this feature.

Are these considered taxable funds?

No, because it is categorized as a loan and not income.

How can I use my Cover funds?

Since your Cover funds are immediately deposited into your total available balance upon registering, you can make purchases, pay bills, set-up a pre-authorized debit, withdraw from an ATM, or even e-Transfer the funds out. The possibilities are endless!

Where can I see my Cover funds?

We have visually 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. When you're making a purchase, the funds will first be withdrawn from your available Spendable amount until it hits $0, then the remaining amount will be pulled from your Cover amount. When adding funds to KOHO, the Cover funds will be replenished first and then the rest added back to your Spendable.

Is it possible to change my billing date?

It's not possible to change or modify your Cover billing date.

Will this impact my credit score?

We don't perform any credit checks for Cover approval. If your loans are more than 3 months outstanding, it is up to KOHO’s discretion to report to the credit bureau.

Can I cancel?

You can cancel at any time! If you do cancel, we'll automatically recollect the Cover funds after the 30 day subscription is done or you can repay the funds directly in-app. To cancel, go to Tools > Cover > in the upper right corner there will be an "Edit" option > tap on Cancel.

Ready to get started?

Head to the app and navigate to Financial Tools > Cover to register!

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