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KOHO review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

KOHO suits Canadian members in several provinces who want spending, saving and a credit line in one app, with an annual fee of CAD 0 and borrowing at 19.9% to 34.9%. The trade-off is that it is a broker, so terms depend on the partner lender.

Key facts

Best for
A fee free spending and saving account paired with a flexible Canadian credit line.
APR
19.9% to 34.9%↗
Loan amount
CA$1,000 to CA$15,000↗
Credit check
Soft prequal↗
Funding time
Funds deposited into your bank account the same business day↗
Rate type
Variable↗
Lender type
Broker↗
Eligibility
KOHO members residing in Alberta, Ontario, New Brunswick, Saskatchewan, Nova Scotia and British Columbia; Government ID and bank account information required to verify income↗
Loan types
Personal, Credit-line, BNPL↗
Use cases
Home-improvement↗
Legal entity
KOHO Financial Inc.↗
Headquarters
Canada↗
Founded
2014↗
Support channels
Chat, Phone, Help-centre↗
Pricing model
No annual fee
Features
Same-day funding, Credit line
Official website
koho.ca

Credit cards

Annual fee
CA$0↗
Currency conversion fee
0%↗
Rewards type
Cashback↗
Rewards rate
up to 5% cashback on debit purchases; 3.5% high-interest savings↗
Perks
No e-transfer fees, No ATM withdrawal fees, No hidden fees, Virtual card instant issuance, Credit building tools↗
Cashback rate
5%↗
Card kind
Credit↗

Savings

Headline rate
2%↗
Minimum deposit
CA$0↗
Access terms
On-demand access any time; free, unlimited Interac e-Transfers; no transaction or inactivity fees↗
Monthly fee
CA$0↗
Account kind
Easy access↗

Debit cards

Card type
Prepaid↗
Card network
Mastercard↗

Facts checked September 26, 2026, 8 sources

Apps and profiles

Elsewhere
TrustpilotLinkedInX

Pros and cons

Pros

  • No monthly charge, with a CAD 0 monthly fee and a CAD 0 annual fee on the card account
  • Spending earns 5% cashback, and virtual cards issue instantly
  • The credit check is soft prequal, so prequalification does not need a full credit file
  • Savings is easy access with a variable rate of 2% and a CAD 0 minimum deposit

Cons

  • Lending runs through partners, so the rate sits inside 19.9% to 34.9%
  • Loan amounts run CAD 1,000 to CAD 15,000, so a large renovation loan sits outside the range
  • Support runs on chat, phone and help centre only
KOHO

Ready to try KOHO?

Scored 8.8 / 10 by SumCue.

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Who it suits

  • Members resident in Alberta, Ontario, New Brunswick, Saskatchewan, Nova Scotia or British Columbia
  • People who want spending, saving and borrowing in a single app without a monthly charge
  • Borrowers planning home improvement who need a revolving credit line rather than a fixed loan

Who should look elsewhere

  • Anyone outside those Canadian provinces, since eligibility is limited by province
  • Borrowers who need a larger loan, since amounts run CAD 1,000 to CAD 15,000
  • Readers after a long fixed term loan rather than a revolving line for home improvement

The company behind it

KOHO is run by KOHO Financial Inc., a Canadian company headquartered in Canada and founded in 2014. The brand pairs a revolving credit line with a savings account and a prepaid card, so borrowing and everyday spending sit in one app rather than two. Members are supported through chat, phone and help centre, with help available in app and by phone.

How KOHO compares

Where KOHO is available

Available
Canada

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does KOHO cost to hold?+

Nothing to hold it. The card account carries a CAD 0 annual fee and a CAD 0 monthly fee, and there is no charge for holding the account. Spending on the card earns 5% cashback rather than a points scheme, with cashback as the cashback.

Is there a foreign transaction fee on the KOHO card?+

No. The currency conversion fee is 0%, so spending abroad costs nothing beyond the card network's own exchange rate. Interac e-Transfers are free and unlimited, and the account adds no transaction or inactivity fees.

How does the KOHO credit line work?+

KOHO is a broker, so an approved line is arranged with a partner lender rather than held by KOHO itself. Loan amounts run CAD 1,000 to CAD 15,000 with an APR of 19.9% to 34.9%, and approved funds land in your bank account the same business day.

Does applying affect my credit score?+

The credit check is soft prequal, so checking eligibility does not need a hard credit file search. Members also get credit building tools, and government ID plus bank details are needed to verify income before a line is offered.

What do I earn on KOHO savings?+

The savings balance earns a variable rate of 2%, and the account is easy access, so money moves on demand. The minimum deposit is CAD 0, Interac e-Transfers are free and unlimited, and there is no transaction or inactivity fee.

Who can open a KOHO account?+

Eligibility is limited to members residing in Alberta, Ontario, New Brunswick, Saskatchewan, Nova Scotia and British Columbia. KOHO asks for government ID and bank account information to verify your income before opening the account.

What can I use a KOHO credit line for?+

The listed use case is home improvement, so a planned renovation is the main scenario the line is built around. Because it is a revolving credit line, you can also carry a balance across billing periods rather than repaying a fixed loan on a set schedule.

How do I get help if something goes wrong?+

Support runs through chat, phone and help centre, covering chat, phone and a help centre. The same channels cover the prepaid card, the savings account and the credit building tools, so questions can be handled in app or by phone.

Sources

  • ca.linkedin.com/company/koho checked September 26, 2026

    Backs: Founded

    “founded in 2014 as a forward-thinking fintech company”

  • koho.ca checked September 26, 2026

    Backs: Annual fee, Card kind, Legal entity, Pricing model

    “KOHO Essential plan offered at $0/month”

  • koho.ca/accounts checked September 26, 2026

    Backs: Headline rate

    “You can get the monthly Essential plan for free by depositing money into your KOHO account... 2% interest on your entire balance”

  • koho.ca/save checked September 26, 2026

    Backs: Access terms, Account kind, Minimum deposit, Rate type

    “Access your money whenever you need it; Interac e-Transfer Free, Unlimited; Transaction fees $0; Account Inactivity fee $0”

  • play.google.com/store/apps/details checked September 26, 2026

    Backs: Cashback rate, Perks, Rewards rate, Rewards type

    “Earn up to 5% unlimited cash back on debit purchases”

  • koho.ca/accounts checked September 26, 2026

    Backs: Card type, Currency conversion fee, Monthly fee, Card network

    “Your everyday prepaid Mastercard - Essential plan”

  • koho.ca/line-of-credit checked September 26, 2026

    Backs: Loan amount, APR, Credit check, Eligibility, Features, Funding time, Headquarters, Lender type, Loan types, Use cases

    “Apply to get between $1,000-$15,000 with interest rates as low as 19.9%”

  • koho.ca/pay-later checked September 26, 2026

    Backs: Support channels

    “Can't find the answer you're looking for? Please chat to our friendly team. Visit our FAQs”

Compiled from 8 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Term, Arrangement fee, Representative example.

KOHO

KOHO

A fee free spending and saving account paired with a flexible Canadian credit line.

8.8/10See alternatives