Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
KOHO is a Fintech company founded in Toronto Canada. They offer three types of spending and saving accounts, based on the idea that Canadians should have access to easy-to-manage and simple financial products.
KOHO offers three types of accounts, each comes with a prepaid credit card which works like a hybrid debit/credit card. While this product allows users to make purchases with their own money, like a debit card, they also are able to earn cash back rewards like a credit card. Furthermore, account holders can earn interest on the balance they hold in their accounts and use their KOHO app to track their spending, set budgets, and receive balance updates.
The KOHO Easy Account is KOHO’s original account. It has no annual fee and no account fees including no transaction, NSF, or e-transfer fees. The only exception is the foreign transaction fees, which will cost you 1.5% per transaction.
With the KOHO Easy Account, you can earn 1% cash back on groceries and bills and services. When you make a purchase from select merchants, you can earn up to 5% cash back. You’ll also earn 0.5% interest on the entire balance in your account, with no minimum balance required.
Additionally, for all account types, if you refer a friend to KOHO you and your friend will get $20. To qualify for this bonus, your friend must sign up and make a purchase within 30 days of registering. Moreover, if you ever lose your card or suspect any fraudulent activity, you can use your KOHO app to freeze your account.
KOHO’s Essential Account is similar to its Easy Account, but with a few added benefits. The Essential Account comes with a fee of $4 a month or $48 a year, users can also get a 30-day free trial.
With the KOHO Essential Account, you can earn 1% cash back on groceries, bills and services, and eating and drinking. You’ll also earn 0.25% cash back on all other categories. When you make a purchase from select merchants, you can earn up to 5% cash back.
Essential Account holders earn 1.5% interest on the entire balance in their account.
With a fee of $9 a month or $84 a year, you can gain access to KOHO’s most prestigious account, the KOHO Premium Account. While this card may have a significant fee, users can try out the premium version for free using the 30-day free trial. Plus, it comes with a number of perks that may be worth the cost. This card provides a higher cash back rate of 2% for groceries, transportation, and eating and drinking. Plus 0.50% for all other categories.
You can also earn up to 6% cash back when you make purchases with merchants that are partnered with KOHO.
Moreover, unlike its other two cards, this one comes with no foreign transaction fees, which will help you avoid around 2.5% in FX fees for each withdrawal. If you travel outside of Canada, you can take advantage of one free international ATM withdrawal a month.
Premium Account holders earn 1.2% interest on the entire balance in their account.
First, you’ll have to create an account by signing up online. Once you have your account set up you can add money to your account in the KOHO app via Interac e-Transfer or through automatic payroll deposits. Once you have money in your account you can use your virtual KOHO prepaid credit card through the KOHO app as you would a debit or credit card.
You can use your digital KOHO card to make purchases online and even in-store if they have the payment system to accept virtual prepaid cards. You could also link your virtual KOHO card to your digital wallet like Apple Pay or Samsung Pay.
KOHOs prepaid credit card offers a balance between the accessibilities of a debit card and the rewards of a credit card. Moreover, with KOHO you can use its app to track your spending, check your balance, and stay on track to meet your financial goals.
Depending on the type of account you choose it can cost you anywhere between 0$ and 9$ a month. While KOHO’s Easy Account is free, its Essential Account costs $4 monthly or $48 yearly and its Premium account costs $9 monthly or $84 yearly.
KOHO Easy Account | KOHO Essential Account | KOHO Premium Account | |
Account Fee | $0 | – $4/ month – $48/ year | – $9/ month – $84/ year |
Foreign Transaction Fees | 1.5% | 1.5% | 0% |
Cost Per Transaction | $0 | $0 | $0 |
NSF Fee | $0 | $0 | $0 |
E-transfer Fees | $0 | $0 | $0 |
Cash Back Rewards | – Earn 1% on groceries, bills and services. – Earn up to 5% extra with select merchants. | – Earn 1% cash back on groceries, bills and services, and eating and drinking. – Earn 0.25% on all other categories. – Earn up to 5% extra with select merchants. | – Earn 2% on groceries, transportation, and eating and drinking. – Earn 0.5% on all other purchases. – Earn up to 6% extra with select merchants. |
Budgeting and Tracking Tool | Yes | Yes | Yes |
App Accessibility | Yes | Yes | Yes |
When you sign-up for a KOHO account, you’ll notice the pros far outweigh the cons. Below, we’ve listed the benefits and drawbacks of using KOHO.
If you have trouble accessing affordable credit due to bad credit, KOHO can help you build your credit history through its Credit Building Program. Their credit building program is a credit-building line of credit with a monthly subscription fee. $10 a month for the Easy Account or $7 a month for the Essential and Premium accounts.
You can renew every 6 months depending on your credit goals or cancel at any time. When you subscribe, KOHO will automatically deduct the subscription fee from your account each month and report these “payments” to a credit bureau. There’s no hard credit check.
Moreover, when you subscribe to KOHO’s Credit Building services, you’ll get your credit score for free and have access to their Credit Building page on the KOHO app. This page allows you to track the changes to your credit score each month. If you’d like to take advantage of this low-cost credit building service, simply register through the KOHO app to get started.
To create an account with KOHO, you’ll have to fill out an online application with a few details. It’s a 5 step process that’ll take you as little as 5 minutes to complete.
When you fill out your online application, make sure you have a copy of any 2 of the following documents to verify your identity.
While there are many prepaid credit cards available on the market, the KOHO card comes with a number of perks including the ability to earn cash back, budget, and track spending. If you’re in the market for a prepaid credit card, check out KOHO, it literally costs you nothing.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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With KOHO’s prepaid card you can build a better credit score for just $10/month.
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