What is Kovo Grow?

Kovo Grow is financial wellness education designed to help you achieve your life goals. This includes a comprehensive collection of helpful guides on topics such as buying a car, owning a home, building a business, doing contract work, among other things.

What is Kovo Credit?

Kovo Credit is our financing option to purchase Kovo Grow with an installment plan. Kovo Grow is typically available for an upfront payment of $240, but with Kovo Credit you can finance the purchase with monthly payments of $10/month over the course of 24 months.

With Kovo Credit, your account and payment performance are typically reported to one or more consumer reporting agencies.

Is Kovo Credit a contract?

Yes. Kovo Credit is an installment contract. In exchange for receiving Kovo Grow, a promise is made to pay $10/month over the course of 24 months.

How does Kovo Credit compare to a cash loan or savings account?

Kovo is not providing a cash loan or savings account, which means cash isn’t provided at the beginning or end of your plan. This allows us to offer a low monthly commitment with no setup fee, no late fees, no prepayment fees, and no interest charges - which means we don’t make money on hidden finance charges.

Our installment plan has a transparent and flat rate of $10/month so you don’t have to worry about any surprises.

Will it require a hard credit check to apply for Kovo Credit?

Nope. We believe everyone deserves fair access to credit, so we don’t check your credit score or credit report when you apply.

Will I be charged any fees for Kovo Credit?

Nope. We don’t charge hidden fees: no setup fees, annual fees, maintenance fees, late fees, or prepayment fees. No interest charges either.

Does Kovo report to the consumer reporting agencies?

Yes. We typically report your account to one or more consumer reporting agencies on a monthly basis. This means your account and payment performance may appear on your credit report and may impact your credit scores.

Typically, your account and payment performance will appear on your credit report 30 to 90 days after you make your first payment.

How does my payment performance factor in my credit report?

Your credit score is calculated using the information on your credit report and indicates the likelihood that you’ll pay what you owe. There are a few things that get factored into your credit score: payment history, amounts owed, length of credit history, amount of new credit, and credit mix.

Consistent monthly payments towards Kovo Credit builds your payment history, increases the length of your credit history over time, and has the potential to balance out your credit mix. In total, these factors can account for the majority of your credit score.

What happens if I miss a payment?

If you miss a payment, we’ll reach out and remind you to pay your overdue balance.

If your balance due isn’t paid in full after 30 days, we are still required to report payment performance to the consumer reporting agencies. Late payments, missed payments, or other defaults on your account may be reflected on your credit report.