KOHO is enhancing the financial wellbeing of Canadian renters by introducing innovative features that aim to boost their financial health.
With a commitment to helping Canadians make financial strides, KOHO has unveiled Rent Reporting—a new service designed to make healthy credit more accessible. Rent payments made through KOHO will now be reported directly to the credit bureau, enabling renters to build a credit history, which is crucial for financial stability.
Moreover, KOHO is addressing renter’s needs comprehensively by offering Tenant Insurance for emergencies and an enticing cash back program. Eligible members on the Everything plan who opt for Tenant Insurance will receive a bonus 0.25% cash back automatically on every rent payment processed through KOHO. This integration within the KOHO app equips members with robust tools to enhance their financial status, positioning KOHO as the premier account choice for Canadian renters.
Daniel Eberhard, founder and CEO of KOHO, emphasizes the importance of this initiative. “Roughly 40% of Canadians rent. The idea that paying a mortgage counts towards building credit, but paying rent doesn’t, is an outdated view of the world. We’re thrilled to bring Rent Reporting to our users. More than that, we’re adding Tenant Insurance and the first cash back on rent program in Canadian history.
“Newcomers, younger Canadians and all renters deserve equal opportunities at building wealth. We’re so excited to play a small role in that.”
The Rent Reporting feature by KOHO is a pioneering way for Canadians to improve their credit profiles. Unlike traditional systems where rent payments are not automatically reported, KOHO ensures these payments are recorded on the credit bureau reports at no additional cost. This service not only simplifies credit building for renters but also includes functionalities for automatic payment processing and tracking of historical rent payments. Each month, members just need to log their payment details in the app and execute the transaction to their landlord via their KOHO account.
In a bid to financially empower Canadians, KOHO now also offers a 0.25% cash back on every rent payment made through the platform, on top of an industry-leading 5% interest rate. These features are designed to help Canadians realize their financial aspirations more effectively.
In partnership with Walnut Insurance, KOHO offers competitively priced Tenant Insurance in Alberta, British Columbia, Manitoba, Nova Scotia, and Ontario. This coverage allows renters to protect themselves and their properties against unforeseen damages at a starting cost of just $22 per month. By making insurance more accessible, KOHO provides renters peace of mind and potential savings on future unexpected costs.
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