Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply For KOHO

Advertiser Disclosure

How to apply for a loan?

As KOHO is not a bank or lender but a fintech company, requesting a loan is a straightforward procedure. It is required to open an account and get the crediting program. KOHO Credit Building Line requires a subscription to be done, while KOHO Advance needs operating Payroll Direct loads.

Requirements

To open an account, the customer's identity should be adequately verified by KOHO. The company does it online. The potential customer is expected to take a selfie which will be verified with a valid government-issued photo ID and have a working camera on their mobile device.

KOHO accepts the documents as follows to be verified with a selfie:

  • Passport, or

  • Driver's License, or

  • National Identity Card, including provincial Photo ID cards

  • Residence Permit Card.

Such documents as citizen cards, health cards, or Indian Status cards can be uploaded separately. However, for identity verification purposes, the front and back sides of the document should be uploaded.

Two documents will be reviewed manually if KOHO can’t verify the identity automatically.

KOHO may require several additional documents, such as:

  • A complete picture of a valid work or study permit issued by the Canadian government.

  • A complete picture or PDF of a recent monthly statement: utility/hydro bill, phone bill, internet bill, bank/financial institution statement, insurance policy/statement, etc.

  • A picture or PDF of a recent monthly bank statement. This can also be a credit card statement.

  • A complete picture or PDF of a CPA document downloaded from the CRA website (i.e., Notice of assessment, T4, etc.).

  • Social insurance number (SIN).

The question of what you need to apply for a loan is not so crucial within KOHO. An open, active account with funds enough to pay for subscription and activation of KOHO Credit Building Bundle Terms and Conditionsare mostly sufficient to activate the Building Credit Line program. While for the KOHO Advance credit line, apart from an active KOHO account, a Payroll Direct load is required.

Application details

The application to open an account is considered within 1 or 2 business days since the complete set of documents is submitted. But the documents should be valid and submitted in good quality, and the same applies to the client’s selfies, as verification is done automatically. Manual verification takes more time.

To clear some details, e-mail [email protected]or chart via the KOHO app. The company says the staff is available seven days a week.

Reasons for rejection

Individuals may be rejected if they fail to meet the qualification criteria. However, like any commercial company, KOHO may refuse to render services according to its internal decisions.

Sign up for KOHO

FAQ

How long does it take to get approved by KOHO?

KOHO approval mostly depends on the quality of the submitted documents and photos; usually, it takes one or two business days.

How trustworthy is KOHO?

The company following its website with service description and list of partners looks like a trustworthy one. But there are many negative reviews about KOHO operations on the Internet on Trustpilot. For example, people complain about unreasonable account blocking, fraudulent charges, money disappearing, and poor client support.

Does KOHO verify income?

No, KOHO does not verify its clients’ income. The customer keeps as much money funds as they consider convenient in their account, but the funds are subject to monthly limits allowed by KOHO’s rules and regulations.

Does KOHO hurt your credit score?

KOHO has relations with credit bureaus within its program, aiming at credit history building. Therefore, if you have signed up for the program, your payment records will be submitted to such bureaus, affecting your credit score.

Records on one more credit line available – KOHO Advance – belongs to the client and may be sent to the credit bureau upon the client's decision.

Financial products
KOHO
Advance credit line
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
KOHO
Credit Building
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Similar products
Best Quick Loan Today 16.07.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $10.000
Coast Capital Savings
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

7.5%
Term
i

Loan term for the financial product

60 months
Mogo
Personal Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500-$15,000
Rate
i

Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

up to 60 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
1000.00 – 7500.00 C$
Rate
i

Effective interest rate on the product

12.99 – 29.99 %
Term
i

Loan term for the financial product

2 years – 5 years
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000 - $25,000
Rate
i

Effective interest rate on the product

up to 33.92%
Term
i

Loan term for the financial product

up to 60 months
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All KOHO’s reviews by july 2024
Leave feedback
Similar companies
Simple Credit
2001 boul. Robert-Bourassa, suite 1700, Montréal (Québec) H3A 2A6
+1 (514) 904-40-28
Micro Click Loans
-
+1 (800) 933-09-60
Loonie Financial
1329-B Arena Road, Lot 110, Kahnawake Mohawk Territory Via:Quebec, Canada J0L 1B0
+1 (833) 423-22-08
Magik Cash
4180 Boul Henri-Bourassa E, Montreal, QC, H1H1L3
Prêt en ligne
-