In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Woveo review

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Our verdict

Use a unique group savings model to access an interest-free loan and build your credit history, but watch out for a monthly fee.

Woveo is a community wallet designed to help non-prime Canadian borrowers access credit. It allows communities to pool funds with a group savings plan to help you reach savings goals. You can then access an interest-free line of credit of up to $500 based on your group payout, and when you make on-time repayments towards the credit facility, you can improve your credit score.

Woveo offers an interesting way for newcomers to Canada to build their Canadian credit history. However, you'll need to pay a $10 monthly fee if you want to access credit, and Woveo is a new-ish provider with minimal reviews so far.


  • No credit history is OK
  • Interest-free lines of credit
  • Helps you build your credit


  • $10 monthly fee for Premium
  • Relatively new service
  • Limited customer reviews

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Woveo?

Woveo is a Canadian fintech that offers a range of community-based banking services to promote financial inclusion. It specializes in offering access to low-cost, short-term credit options to non-prime Canadian borrowers.

Woveo offers a community wallet where users can pool funds as part of a group savings plan. The funds in the wallet can be used to provide an interest-free line of credit. When you make timely payments to pay back the funds you borrow, Woveo reports those payments to the credit bureaus so you can build your credit score.

Is Woveo legit?

Woveo was founded in 2020 and is headquartered in Calgary. It is a member of the Canadian Lenders Association and maintains active social media profiles, while its website features an office address, phone number and terms of service.

In December 2023, Woveo announced that it had secured $2.3 million in seed funding from investors including BKR Capital, Relay Ventures and Northpine Foundation. It also won the Digital Commerce Calgary Fintech Award in 2022.

What services does Woveo provide?

Group savings

How it works: Once you create an account with Woveo, you can invite your social network to sign up too. You can then create a savings group with a fixed recurring amount, pooling funds with other people in the group. Each group member can then take turns accessing interest-free credit of up to $500 from the savings pool.

Credit building

How it works: When you participate in a group savings plan and access an interest-free line of credit from the savings pool, it’s up to you to make on-time repayments. Woveo then reports your repayments to the credit bureaus, helping you build your credit score.

Credit score monitoring

How it works: Woveo partners with Equifax to provide credit score monitoring services. You can check your credit score for free using the Woveo app, plus get tips on how to improve your credit score.

Cash advance

How it works: Woveo offers small cash advances to help you cover the cost of unexpected expenses. These are short-term loans without the added burden of high interest charges. However, as of December 14, 2023, this feature was listed as “coming soon” on the Woveo website.

What we like about Woveo

  • No credit is OK. If you’re a newcomer with no credit history or your credit score is less than perfect, you can still use Woveo.
  • Interest-free loans. Woveo lines of credit are interest-free, which helps keep the cost of borrowing down.
  • Borrow up to $500. You can access a credit line of up to $500 based on the payout of your group savings plan.
  • Free plan available. You can use a Woveo Freemium plan to check your credit score and set up a group savings plan.
  • Build your credit. Woveo reports your repayment history to the credit bureaus, helping you build a credit history and boost your credit score.

What to watch out for

  • New service. Woveo is quite a new app, so it doesn’t yet have a long track record as a lender.
  • Limited reviews. Because it’s such a new service, there are minimal customer reviews available for Woveo.
  • Limited information. The information provided on the Woveo website is a little sparse. We’d like to see some more detailed explanations of the services it provides.
  • Cash advances not yet available. Woveo’s cash advance service is still listed as “coming soon”.
  • You’ll need to pay a monthly fee to access credit. If you want to borrow money through Woveo, you’ll need to sign up to a Premium plan and pay the $10 monthly fee.

Cash advance alternatives to Woveo

1 - 3 of 3
Name Product Loan Amount Loan Term Fees Offer
Bree Early Pay
$20 - $350
Next pay cycle
No interest or fees to access cash advance, fee for express funding (varies based on advance)
Access up to $350 with no interest or mandatory fees. No credit check required. Pay a fee to get instant funding.
Nyble Credit Line
$30 - $150
30 days, extendable
No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Use code CFIND1J to get 500 extra points and a $5 higher approval. Conditions apply.
Get a credit line with no interest or fees. Pay an optional membership fee to access premium services such as instant funding.
KOHO Cover
$20 - $250
subscription fee starting at $2/month
Sign up for a KOHO account and access a zero-interest cash advance. Repay anytime. No credit check required.

How much does Woveo cost?

Wove offers a free plan and a Premium plan that costs $10 per month. Check the table below for details of what each plan includes.

Freemium PlanPremium Services
Cost$0$10 a month
  • One group savings plan
  • Credit score monitoring
  • Virtual pockets
  • Instant transfers for $2
  • Referral rewards of $5 per successful referral
  • Unlimited group savings plans
  • Credit score monitoring
  • Virtual pockets
  • Free instant transfers
  • Credit building
  • Cash advances
  • Default protection
  • Referral rewards of $10 per successful referral

Does Woveo have an app?

Yes. The Woveo app is available on Android and iOS devices. It’s free to download from Google Play and Apple’s App Store.

iOS4.9 out of 5Not yet available
AndroidNot yet available100+

Summary of Woveo reviews

As Woveo is a new app, there are minimal user reviews online.

TrustpilotNo Woveo reviews available
GoogleNo Woveo reviews available
BBB accreditationNo
BBB ratingN/A
BBB reviewsNo Woveo reviews available
Reviews as ofDecember 14, 2023

Am I eligible?

You must be the age of majority in your province or territory and a Canadian resident to join Woveo.

If you want to apply for a cash advance with a Premium plan, Woveo’s terms of service state that eligibility requirements primarily based on your payment history will apply. Woveo may also obtain your credit score or credit report in connection with providing a cash advance.

How to access Woveo’s services

If you want to access Woveo’s credit services, you’ll need to sign up to a Premium plan and pay the $10 monthly fee. You can sign up on the website or by downloading the Woveo app for free from Google Play.

You’ll need to provide your name and email address before creating a password. You’ll then need to provide your mobile number and verify your identity, and provide your banking details.

What providers are similar to Woveo?

Searching for Woveo alternatives? You may like to consider the options below:

  • Nyble. Nyble offers interest-free loans of up to $150 with no late fees. It also lets you check your credit score, build credit and earn reward points for good money habits. Read our full Nyble review.
  • Bree. Bree offers interest-free cash advances of up to $350 to help you avoid overdraft and NSF fees. Read our full Bree review.
  • KOHO. KOHO is an alternative banking provider that offers a reloadable prepaid Mastercard with a range of spending accounts. It allows you to earn interest on your balance and cash back on your spending, plus check your credit score and build your credit history. Read our full KOHO review here.

Bottom line

Woveo is worth checking out if you’re searching for a short-term interest-free loan. It’s also suitable if you’re trying to build your Canadian credit history. However, Woveo is a relatively new provider, so it’s important to compare a range of lenders and short-term credit solutions before deciding where to borrow money.

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