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When you start building credit, it can be difficult to know where to begin. You'll need a service that will report to all three of the major credit bureaus, doesn't require a credit check, and doesn't shake up your monthly expenditures too heavily.
Kovo Review
Cost:
Kovo is a public benefit corporation that aims to help its users build credit. You pay a monthly $10 for 24 months, all of which Kovo reports to the credit bureaus. In exchange for the $240 you give Kovo, you'll gain access to interactive educational resources.
With $10 monthly payments,
That brings us to Kovo's biggest downside: You don't get your money back. When you finish your payments with Self, you get most of your money back, minus interest. Its $25 monthly plan ends up costing you $89 total.
However, if your priority is a credit builder account with low monthly payments, Kovo can be a very good option.
How Does Kovo Work?
Typically, a credit-builder account acts like a savings account. You make monthly payments to your creditor, and they report your monthly payments to the credit bureaus. Once your payment is settled, you get a portion of your money back minus any interest they charged on the account.
Kovo works more like a buy now, pay later product than a credit-builder loan. Signing up for Kovo gives you access to a library of interactive educational resources that range from building your personal brand to Google Sheets tutorials, which Kovo claims are worth $400. You're essentially buying this library of content on credit for $240, which you pay back in $10 installments.
Kovo does provide an opportunity to earn some of that money back through its rewards program. Whenever you apply for credit among the offers on Kovo's website, it rewards you through gift cards. The offers vary by state, which you can peruse before you sign up for the service. The amount you can earn comes out to 1% of the loan's value. The max amount you can earn depends on the type of loan:
- Personal loan: $500 maximum
- Student loan: $250 maximum
- Auto loan: $150 maximum
- Credit card: Flat $75
Kovo Pros and Cons
Kovo has some features we like. Crucially, it reports payments to all three credit bureaus, and applying does not trigger a hard inquiry on your credit report. That said, Kovo is not without its downsides.
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How to Sign Up for Kovo
With no credit checks and instant approval decisions, Kovo is a very easy sign-up. You'll need to be prepared to provide your social security number, address, birthday, and your monthly income. While Kovo doesn't require a credit check, there is a monthly income requirement.
Once approved, which should happen in seconds to minutes, you'll be presented with a contract stipulating that you agree to pay the full $240 in $10 installments over 24 months. The contract is relatively short and includes important information to understand. Make sure you read through it before agreeing to the terms and conditions.
Kovo Frequently Asked Questions
Do you get your money back with Kovo?
No, you don't get your money back. Kovo is more of a subscription service than a traditional credit-builder loan. The $10 per month is being used to pay for the educational resources that Kovo provides.
How to contact Kovo customer support
You can contact Kovo customer support at support@kovocredit.com. You can also call or text 855-965-5686.
Can you cancel Kovo?
You can cancel Kovo and get a full refund within 30 days of purchase. Send an email to Kovo at support@kovocredit.com with your name, address, and account number to cancel your account.