Vancouver-based fintech KOHO has doubled the maximum limit for its Cover cash advance feature in Canada, increasing it from $250 to $500.
The fintech offers a prepaid Mastercard and app-based financial services, including spending, savings, credit-building tools and short-term cash advances.
The change comes just days after KOHO was still promoting Cover with a maximum advance of $250. In an email sent to customers three days ago, the company described Cover as an interest-free cash advance of up to $250, with access based on eligibility. But as of today, that ceiling has now increased to $500.
KOHO Cover gives eligible customers access to a cash advance through the KOHO app. The company says there are no credit checks or traditional application process, and advances do not carry interest. Customers can access the funds directly through the app once subscribed. KOHO currently says Cover starts at $2 per month, with the amount available depending on eligibility.
Aside from the higher $500 maximum, the rest of the Cover product remains unchanged. KOHO supports mobile wallets such as Apple Pay.
The increase effectively doubles the amount of short-term cash eligible KOHO customers may be able to access through the feature. You can click here to sign up for KOHO and get a free $20 bonus. The service looks to offer an alternative to big banks, like Wealthsimple.
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