KoverlyPay is line of financing that works within the Koverly platform. Koverly underwrites every business individually and will provide a line of credit that. you may use for payments to businesses in 128 currencies around the world. Applying for KoverlyPay does not impact your credit score and applications are typically processed within 24 hours.

Once approved, you will have the option to use KoverlyPay in checkout for any bill that can be fully covered by your available line of credit.

Koverly will pay your bill when you checkout and your vendor will receive the funds within 2 days. You will then select an installment plan to auto-pay Koverly back at a fixed weekly rate.

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To apply for KoverlyPay, your business must be based in the United States and have a US bank account. You will also need to create and activate a free Koverly account.

All new accounts must conduct a KYC/KUB process for entity identify verification. These procedures involve necessary actions to comply with financial regulations and prevent money laundering, terrorism financing, and other illegal corruption schemes and must be completed to activate a Koverly account and before any bank accounts, loans, or transfers can be created. Learn more about our account verification requirements.

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Account activation typically occurs within 24 hours, after which you may begin your KoverlyPay application.

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To apply for KoverlyPay, you may login and navigate to your primary dashboard where there will be a promp to apply for KoverlyPay. Alternatively, you may select "Pay Weekly" in a bill checkout to begin an application.

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This application does not impact your credit score.

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Here are the steps. If any of this information has been provided to us during your account creation, the fields may be auto populated to streamline the application process.

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1) Check credit offer

To begin the application, you will need to provide the following:

• Legal business name
• Annual revenue
• Time in business

This information will enable us to determine an initial estimate for your credit offering.

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2) Banking details

For this, you can connect with Plaid, a trusted banking partner of Koverly's. Plaid is a fintech company that safely and securely verifies bank accounts, analyzes categorized transaction data, and verifies assets for lending. Making it easy for users to connect their bank account to Koverly.

Scroll or use the search bar at the top to find your bank.

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If you can not find your bank in Plaid's directory click the "X" in the top right-hand corner. You will be redirected back to Koverly and asked to upload the company's last 3 bank statements.

Please title the statement files as such:

Name of company_bank name_Statement_Month(3 letter abbreviation)_Year (4 digits)

Example: koverly_bankofamerica_statement_nov_2022

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2) Business details

Provide basic information about the business, including address, business type, website URL and Employer ID number (EIN)

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3) Ownership details

Per US regulations, we require details for any individuals that own more than 25% of the company. This includes their SS# if they are a US citizen, or passport photo images if they are not citizen of the United States. It also includes information like their personal address and phone number. The information entered into this part of the form is encrypted and stored securely.

There is also an option to send the ownership form to the owner, so that they can securely complete it themselves.

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4) Sign agreement

After reading the agreement, check the box and click "agree and continue" Once you have completed these steps you will get an email confirming the submitted application.

In many cases, your credit line will be determined and provided and used immediately.

If your application requires further review you will receive an email within 24-48 hours with your credit line determination.

In some instances, we are unable to provide a credit line. This is often due to a lack of information for the underwriting process.

If you have any questions, please contact our support team at support@koverly.com.

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