What is Cover?
Cover is subscription-based, overdraft protection that gives you access to extra cash when you need it. With Cover, you can rest easy knowing that you can access additional funds without worrying about racking up overdraft interest.
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!
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. You can directly view in-app some things you can do to unlock it sooner.
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.
Will I be charged every month?
Yes. A subscription to Cover costs a monthly fee based on your plan amount. With this fee you also get access to our certified, in-house Financial Coach!
I want a higher Cover amount!
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.
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.
Where can I see my Cover funds?
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. When you're making a purchase, the funds will first be withdrawn from your available Spendable amount until it hits $0, then the remaining amount will be pulled from your Cover amount.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.
How can I use my Cover funds?
Since your Cover funds are immediately deposited into your total available balance upon registration, once your Spendable amount hits $0 you can still make purchases, pay bills, set-up a pre-authorized debit, withdraw from an ATM, or even e-Transfer the Cover funds out. The possibilities are endless!
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.
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, the Financial Coach is not intended for asking questions about Cover or granting higher Cover limits.
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!