Repayment of loan
KOHO offers three ways to transfer money to its account:
E-Transfer from anyoutside bank account, including the accounts of the third parties.
Debit card loading. KOHO offers to add a debit card of Visa or Mastercard in the KOHO app and loads funds from that card to the KOHO account whenever needed. The loaded debit card should not be expired; it should be issued to the customer’s name and registered to their home address. It is possible to scan the card or just manually enter the details, and the card may also be loaded via the Apple Pay service. A $0.75 fee per load is usually applied. The card itself and transmission amount have limitations.
Direct deposit. Koho welcomes direct deposits, including payrolls and Canada Revenue Agency’s deposits. Direct deposit may take 1-2 business days, while CRA deposits may come within five business days.
Both credit programs KOHO offers must be paid off in accordance with the repayment period established in terms and conditions for each program.
Requesting any KOHO Line of Credit, the customer agrees to repay the applicable minimum payment amount on each payment due date. Repayment is made by pre-authorized debit (PAD) from the KOHO account on each payment due date, and this is a personal PAD. If there are insufficient funds that do not cover the minimum payments on the payment due date, KOHO may disable the client’s card. KOHO also reserves the right to demand repayment of any outstanding balance upon notice to the client.
The customer is entitled to prepay the full outstanding balance of any KOHO Line of Credit at any time without any prepayment charge or penalty.
Conditions of loan extension
KOHO does not offer any option to prolong the current credit obligations. Therefore, the loan amounts for both credit programs are insignificant, and the client must meet the requirements by making payments of at least the minimum amount on each payment due date.
The credit line is refilled upon every payment if the requirements are met.
Early payoff
The amounts KOHO offers for credit are relatively small, and paying off your debt to KOHO should not become a financial burden. But, anyhow, you have a right to prepay the full outstanding balance of any KOHO Line of Credit at any time without any prepayment charge or penalty.