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Kikoff is a San Francisco-based lender founded in 2019. It provides an easily accessible line of credit for consumers who want to build a stronger credit history and improve their score.

Consumers have access to a line of credit of up to $ 500 to purchase items from the Kikoff online store. They repay the loan in small increments while Kikoff brings back the loan and payments to two of the three credit bureaus.

Best features

  • Kikoff payments are designed to be minimal.
  • There is no interest on the line of credit and there are no fees associated with it.
  • No credit check is required to open a Kikoff account.

Disadvantages

  • Kikoff Credit is only available in the company’s store, which offers e-books and online financial literacy courses.
  • Kikoff does not report to TransUnion, one of the three credit bureaus.

What can a Kikoff credit account be used for?

The money you borrow from Kikoff can purchase items from the company’s online store. Kikoff’s goal, however, is not to spend most of your $ 500 line of credit.

Kikoff is set up to directly improve your credit score. The Kikoff Payment Plan will help you build a credit history. Items for sale in the store are only $ 10 to $ 20, so you’ll be using a small portion of your $ 500 line of credit. This low rate of credit utilization also improves your credit score.

How does a Kikoff credit account work?

First, sign up with Kikoff and access your $ 500 line of credit. Then purchase an item on credit from the Kikoff Store. After making a purchase, Kikoff sets up a minimum payment schedule and offers you the option to enable automatic payment. The company will alert two of the three credit bureaus (Equifax and Experian) about your loan and report your payment history.

Since Kikoff does not charge fees or interest on your line of credit, there is no reason to prepay your loan. The lengthening of payments makes them affordable and helps to increase the age of your account. Once you’ve paid for your first purchase, make another on credit and start the process again.

Payment history, credit usage rate, and credit account age are all part of your credit rating that the Kikoff line of credit can help improve.

What are the Kikoff terms, fees and conditions?

There is no interest on the Kikoff line of credit, which can remain open indefinitely. The minimum payment is $ 2 or 10% of your loan balance, whichever is lower.

How do you qualify for a Kikoff line of credit?

There are no minimum qualifications for the Kikoff Line of Credit – you get instant approval.

What credit score do you need for a Kikoff line of credit?

You don’t need a credit score to successfully apply for a Kikoff line of credit, and your credit is not checked when you apply.

Where does Kikoff operate?

Kikoff is available in all states except Delaware, Indiana, Nevada, North Dakota, Rhode Island, and South Dakota.

Is Kikoff famous?

Kikoff is not accredited by the Better Business Bureau and has an F. Kikoff has a score of 3.2 (out of five) on Trustpilot. The Consumer Financial Protection Bureau received a complaint about Kikoff in 2020, and the company responded quickly.

How is Kikoff’s customer service?

You can contact Kikoff through the app or the online portal, which requires login. There is no customer service email address or phone number listed on the Kikoff website. Some customers have complained that it is difficult to contact the company to resolve issues.

What are some of the online features of Kikoff?

Kikoff offers instant online approval for their line of credit. Buy from the Kikoff store and track your payments through the Kikoff app.

Kikoff credit accounts are best for:

  • People who have no credit and want to build up a credit history.
  • People who don’t want to use a credit institution loan or secured credit card to build credit.
  • People who have hurt their credit score and want to improve it immediately.

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