Canadian challenger bank KOHO continues to disrupt the personal finance space, announcing today the launch of their first Credit Building product. KOHO Credit Building reports all activity to TransUnion®, one of the two major reporting bureaus in Canada.
For many Canadians, the current credit building marketplace is comprised of expensive products that lack transparency. KOHO’s Credit Building is a simple and affordable solution that helps users take control of their credit narrative for only $7/month.
A small instalment loan is issued and reported monthly, generating a positive credit history. There are no additional fees, no compounding debt and no gimmicks – just another KOHO product built on user feedback.
“Historically, the options for building credit are expensive, murky or both, especially for middle-class Canadians,” stated CEO of KOHO, Daniel Eberhard. “We think our approach to credit building is a new form factor. It’s simple, affordable and transparent. We’re really proud of it.”
KOHO has experienced amazing growth over the past year as more Canadians turn to more transparent banking tools amidst global economic challenges. KOHO’s attention to their users’ financial needs has helped them create a product roadmap that continues to deliver on their promise to make banking simple and accessible for everyone.