Get an instant, interest-free cash advance of up to $500—but watch out for the monthly fee.
Borrowing money via a cash advance doesn't come free. You'll need to pay a monthly KOHO plan fee as well as a monthly Cover subscription fee, so take this into account when calculating the cost of borrowing. Consider other options if you need a larger loan amount.
KOHO Cover is an interest-free cash advance of up to $500. You can use the money to cover emergency expenses and avoid being charged an overdraft fee from your bank.
There are no interest charges on the money you borrow. However, there are two KOHO Cover fees you’ll need to consider:
Yes. KOHO Financial is a Toronto-based fintech company founded in 2014, and it is currently pursuing a Schedule 1 banking licence. It offers a hybrid chequing/savings account and money management app. KOHO also offers a prepaid credit card that lets you earn cash back on your purchases.
No, it is not a payday loan, though it’s designed for the same customers—those who need a small loan fast, regardless of credit score. Payday loans cost $14 for every $100 borrowed and must be repaid on your next day, while the KOHO Cover has a monthly fee from $2 and can be repaid any time.
Sign up for a KOHO account to access Cover. Read our KOHO review for more information about KOHO account features and available plans.
You can sign up for KOHO Cover through the KOHO app. No credit check is required. On the Spend page, select Unlock Now and Get Cover. Your cash advance will be instantly available through the KOHO app, or you can withdraw it in cash from an ATM.
You can then use the money to cover your expenses and repay what you borrow at any time.
Must read: Cash advance apps guide
7.8 Great
APR Range
Up to 30.40%
Loan Amount
$100 - $1,500
Loan Term
Next pay cycle
In September 2026, KOHO increased the maximum amount a person can borrow from $250 to $500. This places it below Bree, whose limit is $750, and above Nyble, whose limit is $250.
| Site | Details |
|---|---|
| Trustpilot | 3.3/5 stars, based on 2,599+ reviews |
| BBB accreditation | No |
| BBB rating | C- |
| BBB reviews | 1.05/5 stars, based on 40+ KOHO reviews |
| Reviews accurate as of | September 22, 2026 |
There are limited online customer reviews for KOHO’s Cover feature. However, there are plenty of reviews for KOHO as a whole. Most of them are positive.
People said they had great experiences managing their money and building their credit through KOHO. Complaints, on the other hand, were about poor customer service.
We found a thread on the PersonalFinanceCanada Reddit complaining about a change to KOHO Cover that makes it impossible for customers to send e-Transfers using their Cover balances. There are also other negative KOHO threads on Reddit, in which account issues and customer service problems are commonly mentioned.
| Google Play reviews | 4.8/5 stars based on 66,074+ KOHO reviews |
| Apple App Store reviews | 4.8/5 stars based on 78,090+ KOHO reviews |
To sign up for a KOHO account, you will need to be:
The KOHO website states that all account holders are eligible for Cover.
You can sign up online or through the KOHO app by entering your name, address, date of birth and contact details. You’ll also need to provide photo ID to verify your identity, or you can confirm your ID by connecting your bank account online.
Once you’ve created a KOHO account, you can register for Cover through the app. From the main Spend page, select Unlock Now and Get Cover.
Once you’ve been approved for a cash advance, the money will be added to your total KOHO balance. You can use the money however you want, but your Cover balance is displayed separately from your Spendable balance. When you make a purchase, money will first be withdrawn from your Spendable balance until it hits $0, then funds will be taken from your Cover balance.
You can repay your cash advance at any time. You’ll also need to keep paying a monthly subscription fee to maintain your access to Cover. If you miss a monthly fee payment, your Cover will be cancelled, and you’ll lose access to cash advances.
It’s possible for Cover users to access a higher KOHO Cover limit. But you can’t simply apply for a higher limit. KOHO’s system determines the amount you qualify for.
However, you can increase your chances of getting a higher limit by using KOHO for everyday spending, paying your monthly subscription fee on time, paying bills from your account balance and using features like KOHO Credit Building.
There are no details available online confirming the maximum possible Cover amount.
KOHO Cover offers a simple and convenient way to access interest-free cash advances for short-term cash shortages. There are no credit checks and it’s easy to apply, but just be aware that you’ll need to pay an ongoing monthly subscription fee. If you need more than $500, compare other personal loans to find the right option for your needs.
