Pay Later: Revolutionizing How Canadians Manage Payments

In a world where financial flexibility is increasingly valued, Pay Later is reshaping how Canadians approach purchases. Unlike traditional Buy Now, Pay Later options, Pay Later allows KOHO users to decide on payment plans after purchasing, ensuring financial decisions align with their current needs and future goals. This means you can make a purchase now and decide later how to pay for it, whether that's over 3, 6, or 9 months.

Key Features of KOHO Pay Later

• Interest-Free Advantage: Unlike credit cards or traditional loans, where interest can quickly add up, Pay Later ensures you only repay the principal amount over time.

• Transparent Fees: Pay Later has a modest monthly fee, without any hidden charge. This transparency is crucial for users looking to manage their finances without surprises.

• Flexibility: Whether it's unexpected car repairs or other sudden expenses, Pay Later offers the flexibility to redistribute your budget. If you've saved up for a big purchase and then face an unforeseen financial setback, Pay Later can refund the cost of that purchase to your account, allowing you to use that money immediately and repay it in manageable amounts.

How does Pay Later work? 

Here’s how easy it is to use Pay Later:

1. Select Purchases: Navigate to the Spend tab in the app, where you can select Pay Later and choose the purchases you'd like to include in a payment plan. You can select multiple purchases totaling up to $1,000.

2. Choose Payment Plan Duration: Decide on a repayment period that suits your financial situation—3, 6, or 9 months.

3. Fast Approval and Deposit: Once your plan is set, expect swift approval and funds deposited directly into your account, usually within 24 hours.

4. Track Your Progress: Stay informed by monitoring your payment plan's progress. Track upcoming payments, view paid amounts, and manage remaining payments—all conveniently accessible from within the app.

Why Choose Pay Later?

For Canadians seeking a faster, more accessible, and affordable way to manage their finances, Pay Later stands out as a convenient option. By eliminating the pressure to make immediate payment decisions and offering transparent terms, Pay Later empowers users to navigate their finances with confidence.

Steps to Improve Underwriting and Eligibility For Pay Later

While Pay Later offers flexibility and convenience, users can enhance their financial standing and maximize their loan amounts by taking proactive steps:

• Set up Direct Deposit: Establishing direct deposit ensures a steady flow of income into your account, which can strengthen your financial profile.

• Adopt Additional Products: Consider utilizing complementary services like Cover, Credit Building, and signing up for a paid tier to unlock additional features and benefits.

• Pay on Time: Consistently meeting payment deadlines improves your creditworthiness and enhances your overall financial discipline.

• Add Money to Your KOHO Account: Boosting your KOHO account balance provides a buffer for unexpected expenses and demonstrates responsible financial management.

• Pay Bills with KOHO: Using KOHO for bill payments not only centralizes your financial activities but also consolidates your financial footprint, benefiting your credit score.

By incorporating these practices into your financial routine, you can leverage Pay Later to its fullest potential and achieve greater stability and control over your finances.

Embracing a New Era of Financial Freedom

Pay Later represents a significant step forward in consumer finance, offering Canadians a modern, flexible, and transparent alternative to traditional credit options. Whether it's for managing unexpected expenses or simply spreading out the cost of larger purchases, Pay Later provides the tools needed to navigate financial decisions with ease.

If you’d like to sign up for the Pay Later waitlist, you can do so by clicking here.