Rates and fees
The complete cost of the Kovo Credit Builder, which charges no interest and no fees of any kind. Partner loans are priced by the lender, not by us, and are covered separately at the end.
Cost summary — Credit Builder
Every charge that can arise on a Credit Builder account, including the ones that are zero. If a charge is not on this list it does not exist — there is no clause elsewhere that adds one.
Every figure above applies to the Credit Builder only. Partner loans carry the lender’s own APR and fees — see the section near the end of this page.
Plan amounts and monthly payments
| Tier | Amount and term | From |
|---|---|---|
| Starter | $200 – $800 over 12 months | about $17 / month |
| Builder | $900 – $2,500 over 24 months | about $38 / month |
| Accelerator | $2,600 – $5,000 over 36 months | about $73 / month |
“From” figures use the lowest amount in each band. Your exact monthly payment is shown before you sign and is the plan amount divided by the number of months, with no rounding in our favour.
What is not returned to you
No portion of your payments is returned at the end of the term. This is the single most important line on this page. Savings-linked credit builders hold your payments in a locked account and release them at maturity; we do not. Your payments purchase the service.
If a payout at the end matters to you, compare us against Self or against CreditStrong before signing. Both usually cost less per tradeline once the returned principal is counted.
What happens if you pay late
No fee is charged, ever. The cost of a late payment here is not money — it is what gets reported, and that is worth understanding precisely, because the threshold is further away than most people assume.
Nothing is reported
The payment is late in our records and we will contact you, but nothing is sent to any bureau and your score is unaffected. There is no fee either.
It is reported
A 30-day delinquency is furnished to all four bureaus. This is the point where lasting damage begins, and it stays on your report for seven years.
It gets worse
Each further 30-day stage is reported separately and weighs more heavily than the last. A 90-day mark reads very differently to a lender than a 30-day one.
The gap between day 1 and day 30 is where the whole thing is decided. If a payment is going to be missed, contact [email protected] before day 30. Deferrals are available in qualifying cases, and a deferral arranged in advance is not a delinquency. After day 30 the report has already been made and cannot be withdrawn.
The breadth of our reporting works against you here exactly as it works for you when payments are on time — four bureaus receive the good months and the bad ones alike.
Paying off early
Permitted at any time with no penalty and no charge. Note that a completed term is worth more to your credit file than the same account closed early, because length of history is part of the calculation. Early payoff is allowed; it is not always optimal.
Rewards and partner offers
Rewards are issued as gift cards from participating retailers, not cash. The $1,225 figure is an aggregate maximum across all categories, requires four on-time payments plus activation of qualifying partner offers, and is not a typical outcome. Full conditions are on the rewards page.
Partner loans are priced by the lender
The loan side of this site introduces you to third-party lenders. Kovo Financial, Inc. does not lend, does not set rates and does not charge you anything for the introduction. Nothing above applies to those loans.
| Item | Credit Builder | Partner loans |
|---|---|---|
| Who you contract with | Kovo Financial, Inc. | The lender |
| APR | 0% | Set by the lender; typically 6% to 36% across our network |
| Origination fee | None | Charged by some lenders, commonly 0% to 8% |
| Late fee | None | Set by the lender |
| Cost to use this site | $0 | $0 |
| Money paid to you | None | The loan amount, less any origination fee |
Your rate is quoted by the lender before you commit, and their Truth in Lending disclosure governs. We are paid a fee by the lender on completed loans, which is set out in full on our advertiser disclosure page. See our lending partners.
What governs
For the Credit Builder, your executed retail installment agreement and the state-specific disclosures provided with it govern in all cases. Where this page and that agreement differ, the agreement applies.
For a partner loan, the lender’s own agreement and Truth in Lending disclosure govern. Kovo is not a party to it, and nothing on this page varies its terms.
Retail installment contracts are regulated at state level, and several states require specific disclosure language, notice periods or contract formatting. Where your state imposes such requirements, the additional disclosures are presented to you during the application and reproduced in the agreement you sign.
The state schedule showing which requirements apply where is maintained on the licenses and disclosures page. If you want to see the disclosures that will apply to you before starting an application, ask us at [email protected] and we will send them.
Want your exact figure?
The eligibility check takes about a minute, runs no credit inquiry, and shows the precise monthly payment and term before anything is signed.
For the disclosures that will apply in your state, ask [email protected] before you start.