Overdraft Protection

Back to learn

Living paycheque to paycheque? How Canadians get by

Rounding it up

  • 47% of Candadians live paycheque to paycheque, many of whom resort to overdraft protection or some type of loan to get by.

  • Access to loans, however, is rife with inequalities. If you earn middle to high income and have good credit, you’ll be approved for decent lending products like lines of credit.

  • If you earn low income or have bad credit, you’re often stuck with predatory payday lending.

  • A better alternative? Seek lending from a credit union (they tend to be more community-driven) or use KOHO’s Early Payroll feature.

8 min read

Ayaz Virani
#loan#overdraft#early payroll#paycheque

Recent Articles

How to open a bank account as an international student

4 Personal finance tips for international students

How much money do you need to move to Canada?

Is cryptocurrency taxable in Canada?

What are the different types of earned wage access?

What credit score do new Canadians start with?

Related articles

What are the different types of earned wage access?

6 mins

Dan Bucherer

We live in an on-demand world, so why not get your pay on-demand too? That’s the question Earned Wage Access aims to answer.

What are the different types of earned wage access?

6 mins

Dan Bucherer

We live in an on-demand world, so why not get your pay on-demand too? That’s the question Earned Wage Access aims to answer.

#earned wage access

#EWA

#instant pay

#early payroll

Company

AboutCareersCultureLearnPartnersStatus

Connect

The KOHO Visa* Prepaid card is issued by Peoples Trust Company pursuant to license by Visa Int. *Trademark of Visa Int., used under license. **These services are provided by Service Providers, including Visa, Peoples Trust Company and Galileo Processing. Learn more about your finances with Visa Practical Money Skills.