Bree
Jun 20, 2025
9.4
9.4
BestMoney Score
Cost
10.0
Experience
8.6
Flexibility
9.6
Support
9.2
BestMoney User Recommendation
BestMoney.ca User Rating
BestMoney users do not recommend this product giving it a score of -34, or 2.2 stars.
The recommendation score shows how satisfied customers are with a provider. A perfect +100 means all customers recommend it, while -100 means no one does. These ratings come solely from community votes and are never affected by partner payments. BestMoney also monitors and removes fraudulent reviews once identified.
BestMoney scores are objectively determined by our editorial team. Our scoring...
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KOHO
BestMoney.ca's take: KOHO Cover is a subscription-based feature in Canada that gives you instant access to a small cash advance (up to around CA $250) with no interest, plus perks like a free credit report and financial coaching.
KOHO Features
Affordable Borrowing
Pay zero interest on your cash advance
Guaranteed Approval
No application process or credit checks
Easy Access
Simply get your cash through the app
Evergreen
You can get approved more than once
Customer Review Summary
Reviewers overwhelmingly had a great experience with this company. Customers appreciate the platform's ease of use, highlighting the simple and quick application process. People also value the speed with which they receive funds, often within a couple of days. The automated repayment setup and payment reminders are well-received, contributing to a stress-free experience.
Consumers consistently praise the excellent service and support
provided. The straightforward online platform, coupled with clear communication, empowers users to manage their finances effectively. The possibility of setting personalized payment schedules is another appreciated feature. Overall, reviewers express gratitude for the company's non-judgmental approach and its ability to provide financial assistance when needed.
... Show More
Based on user reviews, created with AI
*Limited time only – Get a $40 cash bonus by opening an account and making a purchase with KOHO card within 30 days after registration (this works with both virtual and physical cards). Plus get 2 months of KOHO Everything FREE ($29.50 value)!
KOHO is a Canadian fintech company that has made a name for itself in the digital banking and online lending sectors.
KOHO is known for its simple app and its prepaid Visa card. KOHO helps Canadians manage their money more effectively, save, and spend smarter.
With features like instant cash advances and the KOHO Cover service, KOHO is aiming to fill the gaps left by traditional banks.
The company’s focus on accessibility and transparency has made it popular among Canadians looking for modern, flexible financial solutions.
The purpose of this KOHO Cover review is to give you a clear, honest look at what KOHO Cover offers, how it works, and whether it’s the right choice for your financial needs.
In this KOHO cover review, we’ll look at how KOHO stands out in the industry of online lenders, especially for those who want quick, simple access to credit.
We’ll cover everything from the basics of KOHO Cover, how to use it, and we’ll also answer common questions and provide all the details you need.
About KOHO
9.0
Est. Fees
$0
Loan Term
30 days
Advance Amount
$2 - $250
KOHO Best For
Who it's for
KOHO is best for folks who need reliable, quick financing for relatively small amounts online. If you bank mostly from your phone, KOHO is for you.
KOHO Features
Stand-out features
- Zero interest cash advance
- Guaranteed approval
- Get money quickly
- Only pay interest on what you use
- Managed completely online
- Simple, speedy application
Who it's for
KOHO is best for folks who need reliable, quick financing for relatively small amounts online. If you bank mostly from your phone, KOHO is for you.
Stand-out features
- Zero interest cash advance
- Guaranteed approval
- Get money quickly
- Only pay interest on what you use
- Managed completely online
- Simple, speedy application
KOHO is a Canadian fintech company that was established in 2014 with the goal of making banking simpler, more transparent, and more affordable for everyone in Canada.
KOHO launched operations in Vancouver, British Columbia, before relocating to Toronto, Ontario, to better serve Canada’s business center and access a larger pool of talent and investors.
KOHO does not operate as a traditional bank, instead, it’s a neobank, which means it offers many banking services through partnerships with Mastercard and Peoples Trust while maintaining its entire online and mobile app foundation.
The company believes that all Canadians deserve better financial solutions, and it has focused on creating products that are easy to use, low on fees, and designed to help people manage their money more effectively.
KOHO was founded by its CEO, Daniel Eberhard, who started the company after observing that Canadians struggled with unfair financial terms, such as high banking fees and stringent requirements for service accessibility.
Eberhard teamed up with co-founders Mike Benna and Jonathan Bixby, and Joshua Bixby to build KOHO so that it can be a modern mobile-based financial management solution.
Since its launch, KOHO has grown very quickly, attracting tens of thousands of users across Canada and securing significant investments to expand its services.
KOHO’s expansion as a company was partly because of its popular Visa card paid services, as well as its budget tools and its innovative features like KOHO Cover, which is the focus of this KOHO Cover review.
Since its inception, KOHO has continued to develop additional features, including partnerships with Canada Post for cash deposits and even plans to bring back postal banking for Canadians.
The company’s dedication to transparency, customer satisfaction, and financial empowerment has made KOHO one of the leading fintech companies in Canada.
KOHO’s product development is driven and governed by its history and purpose to benefit Canadians who are looking for smarter, more flexible financial solutions.
KOHO features and services
Here’s why KOHO stands out as a good option for Canadians looking for flexible, modern financial solutions. In this section of our KOHO cover review, you’ll see the main features and benefits that make KOHO a top choice:
- Hybrid Account: KOHO offers a hybrid account that works like both a chequing and savings account. You can spend and earn interest in one place, making money management simple and efficient.
- High Cash Back and Interest: You can earn up to 3.5% interest on your KOHO savings account, which is much higher than what most traditional banks offer in Canada.
- No or Low Fees: KOHO has a free plan, and even its paid plans are affordable, ranging from $0 to $19 per month. This gives you access to premium features without breaking the bank.
- Prepaid Mastercard: Get a physical prepaid Mastercard that you can use anywhere Mastercard is accepted. This card is easy to load with funds and helps you control your spending.
- Credit Building Program: KOHO offers an optional credit-building program, so you can improve your credit score over time.
- User-Friendly App: The KOHO app is packed with tools for budgeting, saving, and tracking your spending. Features like roundups and smart savings goals help you save money automatically.
- Instant Pay and Early Access: You can get paid early by linking your CRA or payroll to KOHO, and some employers offer Instant Pay, letting you access part of your pay as you earn it.
- No Physical Branches Needed: Everything is managed online or through the app, so you don’t have to visit a branch. This is perfect for Canadians who want banking at their fingertips.
- Strong Security and Support: KOHO uses top-level security to protect your money and personal information, and their customer support is responsive and helpful.
- Growing Reputation: With over a million users and a strong push to become a fully licensed bank, KOHO is trusted by many Canadians and is constantly improving its services
- No-Fee Spending Account: You can open a KOHO account online in minutes, with no monthly fees for the basic plan. Enjoy free e-Transfers, bill payments, and no hidden charges.
- High-Interest Savings: Earn up to 3.5% interest on your KOHO savings account, which is much higher than most traditional banks in Canada.
- Budgeting and Financial Tools: The KOHO app includes budgeting features, real-time spending insights, and automatic savings tools like roundups and savings goals to help you stay on track with your spending.
- Overdraft Protection (KOHO Cover): KOHO Cover provides overdraft protection, acting as a safety net for when your balance dips below zero, which is a key focus of this KOHO Cover review.
- Travel Benefits: KOHO’s Extra and Everything plans offer travel insurance, emergency medical coverage, flight delay and cancellation protection, lost baggage coverage, and global eSIM mobile coverage, which are all ideal for Canadians who travel frequently.
- Free ATM Withdrawals and No Foreign Transaction Fees: Withdraw cash for free at ATMs and avoid foreign transaction fees when travelling, making KOHO a cost-effective choice for Canadians.
- Personal Financial Coaching: You can get access to in-app financial education and coaching to help you make smarter money decisions.
- Seamless App Experience: Manage all your finances, track spending, set up direct deposits, and more, all from KOHO’s easy-to-use mobile app.
KOHO fees and pricing
KOHO is known for its transparency and affordability. It offers several account plans, each with its own set of features and monthly costs, so you can pick what fits your needs and budget best.
- Essential Plan: This plan is $4 per month, but you can get it for free if you set up recurring direct deposits or deposit at least $1,000 each month. It includes unlimited transactions, free outbound e-Transfers, and 1% cash back on groceries, eating out, and transportation.
- Extra Plan: Priced at $9 per month, the Extra plan gives you 1.5% cash back on key spending categories, higher interest rates, and perks like no foreign transaction fees and one free international ATM withdrawal per month.
- Everything Plan: For $19 per month, you get the highest rewards, ranging from 2% cash back on select categories to 0.5% on every purchase, and up to 3.5% interest on savings. This plan also comes with premium support, phone access, and extra travel benefits.
- ATM Withdrawals: KOHO charges $2 to $3 per ATM withdrawal, both in Canada and abroad. However, Extra and Everything plan members get a rebate for one international ATM withdrawal each month.
- Foreign Transaction Fees: The Easy and Essential plans have a 1.5% foreign transaction fee, while the Extra and Everything plans waive this fee entirely.
- No NSF Fees: KOHO does not charge non-sufficient funds (NSF) fees, which is a big plus compared to traditional banks
How to get started with KOHO
Getting started with KOHO is quick and easy. Here’s a simple step-by-step guide:
- Download the KOHO App: Find the KOHO app on the App Store or Google Play Store, download it, and open it on your smartphone.
- Start the Sign-Up Process: Tap “Sign Up” or “Get Started” in the app and follow the prompts. You will need to enter your email address, create a password, and verify your phone number with a code sent by text.
- Provide Personal Information: Enter your full name, date of birth, address, and other basic details as requested.
- Verify Your Identity: Upload a photo of a government-issued ID (like a driver’s license or passport), and you may need to take a selfie for security and verification.
- Meet the Requirements: You must be a Canadian resident, at least 18 years old (19 in some provinces), and have a valid phone number and email address.
- Choose Your Plan: Select from KOHO’s different plans depending on your needs and budget.
- Load Funds: Once your account is approved, add money by e-Transfer, direct deposit, or linking another bank account. You can also set up direct deposit for your paycheque.
- Start Using KOHO: Use your instant virtual card right away for online purchases, and your physical KOHO Mastercard will arrive by mail for in-store spending.
- Explore Features: Set up bill payments, send e-Transfers, create savings goals, and use KOHO’s budgeting tools to manage your money better
Pros and cons of KOHO
This section of our KOHO cover review takes a balanced look at the advantages and disadvantages of using KOHO. Understanding both sides will help you decide if KOHO is the right fit for your financial needs.
Pros of KOHO
- No or Low Fees: KOHO offers free and affordable plans with no hidden fees, making it budget-friendly for Canadians.
- User-Friendly App: The KOHO app is easy to navigate and packed with helpful tools like budgeting, savings goals, and spending insights.
- Cash Back Rewards: Earn up to 6.5% cash back on select purchases, which is higher than many traditional banks.
- High-Interest Savings: KOHO pays competitive interest rates on savings, helping your money grow faster.
- Instant Access: Get a virtual card immediately after signing up, so you can start spending right away.
- Credit Building Program: Unique for a prepaid card, KOHO offers a way to build or improve your credit score.
- No NSF Fees: KOHO does not charge overdraft or non-sufficient funds fees, reducing the risk of unexpected costs.
- Flexible Plans: Multiple account options let you choose features and pricing that suit your lifestyle.
- Good Security: KOHO uses strong encryption and security measures to protect your data and funds.
Cons of KOHO
- ATM Fees: KOHO charges fees for ATM withdrawals, which can add up if you use cash often.
- No Physical Branches: Being fully digital means no in-person support or branch visits, which might not suit everyone.
- Limited Credit Options: KOHO Cover and KOHO line of credit are helpful, but may not replace traditional personal loans for larger borrowing needs.
- Foreign Transaction Fees on Basic Plans: Some plans still charge foreign transaction fees, which can be a downside for frequent travellers.
- Waiting Time for Physical Card: While the virtual card is instant, the physical KOHO Mastercard can take several days to arrive by mail.
- Not a Full Bank Yet: KOHO operates through partnerships and is not a fully licensed bank, which may concern some users about deposit insurance and services.
KOHO reviews and ratings
KOHO has built a strong reputation among Canadians for its user-friendly app, flexible features, and focus on helping users manage their money better. In this section of our KOHO cover review, we’ll look at what real users and experts are saying, and how KOHO stacks up in ratings across the country.
User ratings and expert scores
- KOHO consistently earns high marks on app stores, with a 4.6/5 rating on the App Store and 4.7/5 on Google Play, from over ten thousand reviews. Most users praise the app’s ease of use, budgeting tools, and the ability to earn cash back and interest on their balance.
- Expert reviewers also rate KOHO positively. Monito’s experts rate KOHO at 8.3/10 overall, with a 9.7/10 for customer satisfaction, highlighting its money-saving features, credit-building tools, and low fees.
- KOHO has over 800,000 active users and is recognized as a top Canadian financial app, reflecting its growing popularity and trust in the market.
Positive customer feedback
- Many Canadians appreciate KOHO for helping them raise their credit score, set savings aside, and manage their everyday spending with ease. Many users point out the app’s simplicity, early payroll access, and the helpfulness of features like cash back, credit building, and round-up savings.
- Customers also enjoy the flexibility of both virtual and physical cards, and the ability to track spending in real time, making it easier to stay on budget.
Common complaints and criticisms
- Some users have reported issues with customer service, such as slow response times or difficulty in reaching customer support after hours. There are also occasional complaints about accounts being locked or cards being declined unexpectedly, and some users mention minor fees that aren’t always obvious at first.
- A few expert reviewers have noted that KOHO’s card acceptance can be limited at smaller merchants, and that the customer service chatbot can be less helpful than a live agent.
Reviews and ratings summary
Overall, KOHO gets favourable ratings and mostly positive reviews from both users and experts in Canada.
Users appreciate its simple app interface and useful saving tools paired with credit-building features, as well as money-saving options.
However, like any financial product, it has its own drawbacks, especially in terms of customer service and occasional fee surprises.
Having evaluated all the available information about KOHO, this KOHO cover review concludes that Canadian users can trust KOHO as a valuable solution for their everyday financial management needs.
KOHO Details
KOHO Contact Info
+1 855-564-6999
Mon - Fri, 9:00am - 5:00pm EST
67 Mowat Ave, Ste 200 Toronto Ontario, M6K 3E3 CA
team@koho.ca
FAQs about our KOHO Cover review
What is KOHO Cover, and how does it work?
KOHO Cover is an overdraft protection feature that acts like a safety net when your KOHO account balance goes below zero. Instead of declined transactions or overdraft fees, KOHO Cover covers the shortfall up to a certain limit, giving you extra flexibility. You repay the amount automatically when you add funds to your account. This feature is designed to help avoid the stress of bounced payments and unexpected fees.
How do I get a KOHO cash advance?
To get a KOHO cash advance, you need to have KOHO Cover enabled on your account. When your balance is low, KOHO Cover automatically advances you funds up to your approved limit. You don’t need to apply separately. The advance is repaid once you deposit money into your KOHO account. For details on how much is KOHO cash advance is and the terms, check your KOHO app under the Cover section.
Is the KOHO line of credit legit, and how does it work?
Yes, KOHO’s line of credit is legit and regulated in Canada. It works like a flexible borrowing option linked to your KOHO account, letting you borrow money up to your approved credit limit. You can use it to cover expenses or emergencies and repay it over time with interest. The KOHO line of credit interest rate is competitive, and you can manage everything through the KOHO app.
How much does KOHO charge for cash advances and lines of credit?
KOHO cash advances through KOHO Cover usually come with no interest if repaid quickly, but terms can vary. The KOHO cash advance interest rate and term details are available in your app. For the KOHO line of credit, interest rates are typically lower than traditional credit cards, but exact rates depend on your creditworthiness. There are no hidden fees, and KOHO is transparent about all charges.
How does KOHO compare to other lenders like Nyble and Bree?
KOHO vs Nyble and KOHO vs Bree comparisons show that KOHO offers a broader range of financial services, including prepaid cards, budgeting tools, and credit-building programs. Nyble and Bree focus more on short-term loans or payday advances, often with higher fees. KOHO’s digital-first approach, transparent fees, and added benefits like cash back and savings make it a more versatile choice for everyday banking and credit needs in Canada.
KOHO Community Reviews
Would you recommend KOHO to your friends?
BestMoney.ca User Rating
BestMoney users do not recommend this product giving it a score of -34, or 2.2 stars.
The recommendation score shows how satisfied customers are with a provider. A perfect +100 means all customers recommend it, while -100 means no one does. These ratings come solely from community votes and are never affected by partner payments. BestMoney also monitors and removes fraudulent reviews once identified.
