Payday & Personal Loans That Accept KOHO

When you apply online for a payday or personal loan, many lenders use instant bank verification to verify your income and assess whether you can afford a loan. Unfortunately, platforms that most commonly handle bank verification duties for subprime lenders, such as Flinks or Plaid, may not currently support KOHO. So if you have a KOHO account, you’ll need to look for a lender that offers manual income verification, like the providers listed below.

Compare personal loans that accept KOHO

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Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted 8.5 Great Spring Financial Personal Loan	8.5 Great	9.99% - 35%	$500 - $35,000	6 - 84 months	Key features: Fast online personal loans	Go to site View details Compare product selection Compare	loading
Promoted 8.6 Great Loans Canada Installment Loan	8.6 Great	8.99% - 35.00%	$500 - $50,000	4 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform, largest lender network	Go to site View details Compare product selection Compare	loading
Promoted 8.8 Great LoanConnect Personal Loan	8.8 Great	8.99% - 35.00%	$500 - $60,000	3 - 120 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Key features: Loan search platform for all credit scores	Go to site View details Compare product selection Compare	loading

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How we picked these

Finder Score for personal loans

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

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Compare payday loans that accept KOHO

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Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
Money Mart Payday Loan	$14 per $100 borrowed	$100 - $1,500	1 - 62 days	AB, BC, NS, ON, SK and MB	Key features: In-store and online no credit check loans, accepts many income types	ContinueView details Compare product selection Compare	loading
Loan Express Payday Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	ON, NB, NS, MB, SK, AB, BC, NL	Key features: Instant loans 24/7, no credit check	ContinueView details Compare product selection Compare	loading

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Did you know KOHO has a cash advance called Cover?

KOHO is a legit option to consider because it offers interest-free cash advances of up to $500 through its Cover service. It doesn’t have any job or income requirements; all it requires is a KOHO account, which you already have.

Keep in mind there is a subscription fee for this service starting at $2. Learn more about KOHO Cover.

What to expect from lenders that accept KOHO

Lenders need to assess your income to determine whether you can afford to repay a loan. But if instant bank verification is not an option for KOHO account holders, the lender will need to manually verify your income.

In most cases, you’ll be asked to provide your last two or three bank statements. And if you’re self-employed, you may be asked to provide your last two tax returns.

You’ll need to email or upload copies of the relevant documents for the lender to review. This means that it may take slightly longer for your application to be processed and for you to receive your funds.

Documents you’ll need to prepare

The required paperwork will vary among lenders, but to keep things smooth for you, prepare these in advance:

• Proof of ID. Provide a valid, government-issued form of photo ID, such as your driver’s licence.
• Proof of address. The lender may ask for a recent utility bill or tax return.
• Proof of income and employment. You may be asked to provide recent bank statement or your two most recent pay stubs. If you’re self-employed, you may need to supply your last two Notices of Assessment.
• Latest mortgage or rent statement. You may need to provide this to show the lender what existing financial commitments you have. Some lenders may also require a statement of your assets and liabilities.
• Your KOHO account details. The lender will need to know your account details so they can deposit the loan into your account.

How to apply

It’s easy to apply for online loans that accept KOHO. Here’s what you need to do:

1. Choose a lender. Compare lenders to find a reputable provider who can offer the loan you need.
2. Fill out an online application. You’ll need to provide your name, date of birth, SIN and contact information. You’ll also need to provide income and employment details and specify the amount you want to borrow.
3. Upload documents. Upload any supporting paperwork requested by the lender, including a government-issued ID, proof of address and proof of income.
4. Get funded. Once your application has been processed and approved, the funds will typically be sent to your KOHO account via e-Transfer.

Lenders that don’t accept KOHO

We reached out to the following lenders’ customer service teams, who confirmed they don’t accept KOHO so it’s best to avoid them:

• Magical Credit (lender of payday loans and installment loans)
• iCash (payday lender)
• Wagepay (payday lender)

How long does approval and funding take?

Online loans that accept KOHO will take longer to process than instant bank verification loans. This is simply due to the fact that the lender will need to manually verify your income from bank statements or pay stubs, so you’ll need to allow extra time for your application to be processed.

So while some lenders may offer loans in as little as an hour with instant bank verification, it may take 24 to 72 hours to get approved and have funds deposited into your KOHO account.

Tips to increase your chances of approval

Boost your chances of getting a loan with these simple tips.

• Steady employment. If you’ve been steadily employed for an extended period, you’ll be more likely to be approved than someone who has just started a new job.
• No NSF transactions. If you can show the lender that there have been no NSF transactions on your account in the last 90 days, they’ll be more confident that you can afford to make on-time loan payments.
• Pay off existing debts. Paying off your credit card and other debts will reduce your debt-to-income ratio. This will help convince the lender that you will have enough income to afford your loan payments.
• Offer collateral. You can increase your chances of approval and potentially get a better rate if you provide collateral and apply for a secured personal loan.

Payday vs. personal loans

Payday loans in Canada are short-term loans of up to $1,500 that are designed to be repaid by your next payday. They’re extremely expensive too—lenders can charge you up to $14 for every $100 borrowed. Combined with their short repayment periods, this results in triple-digit APRs and makes them difficult to repay on time.

But the advantage of payday loans is that they offer fast access to funds and lenient eligibility criteria. You can typically get funded instantly, and bad credit won’t necessarily prevent you from getting a loan.

Personal loans offer larger loan amounts and longer loan terms. You can borrow up to $50,000 from some lenders, with repayment periods commonly ranging from 6 to 60 months, making them easier to budget for. Loan APRs are also limited to a maximum of 35%.

Personal loans tend to have stricter eligibility criteria, and many lenders will require you to meet a credit score requirement to qualify. But some lenders offer bad credit personal loans—they will look at factors like your income and existing debts when deciding whether to approve your loan.

Bottom line

While instant bank verification may not support KOHO accounts, it’s still easy to apply and get approved for personal and payday loans. Just be aware that you’ll need to upload paperwork to prove your income and that it might take a little longer to get approved and funded.

Frequently asked questions

• Are there any online loans that accept KOHO with no credit check?

  Yes, there are several lenders that offer online loans with no credit check and that also accept KOHO. You could apply for a payday loan from a provider like iCash, Loan Express or Money Mart, apply for a personal loan from Spring Financial, or find a personal loan through a loan search platform like Loans Canada or LoanConnect.

• Does iCash accept KOHO?

  No. We reached out to iCash and can confirm that it doesn’t accept KOHO.

• Does KOHO lend money?

  Yes, KOHO lends money (up to $500) through Cover, its cash advance service.

• Does KOHO have a line of credit?

  KOHO offers a line of credit through a third-party lender called Fora. It also offers a cash advance service called Cover, which gives you flexible repayments. You can repay the advance any time with no late fees, making it similar to a line of credit.

• What is instant bank verification?

  Instant bank verification is a service that allows you to verify your income when applying for a loan online. It allows you to connect your bank account so that the lender can view an electronic copy of your bank statement. This allows for quicker processing of loan applications and removes the need for you to physically upload copies of your bank statements. Learn more in our guide to instant bank verification.

• What is Flinks?

  Flinks is a financial data connectivity company that offers instant bank verification services. Flinks was founded in 2016, is based in Montreal and is now owned by the National Bank of Canada. Learn more in our Flinks review.

• Why do lenders need to check my income when I apply for a loan?

  The lender needs to confirm that you have sufficient income to be able to afford your loan payments. They will check your income, employment situation and existing debts before deciding whether or not to approve your loan application.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Tim Falk

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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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