Customers who operate salary accounts at Co-operative bank can get an MCo-op Cash salary advance loan directly from the phone via MCo-op Cash app.
With Mco-op Cash, you can access the following services;
- Deposit or save money
- Apply and pay for a loan
- Send money to another MCo-op Cash Account, Co-op Bank Account or SACCO Account
- Send money to other mobile money services, for example, M-PESA
- Withdraw money at a Co-op Agent or Co-op ATM
- Transfer money to and from your Co-op Account or SACCO Account
- Buy airtime for any mobile number
- Pay bills, for example, KPLC, DStv, KRA Tax and Insurance
- Pay for goods and services
- Pay fees, for example, school fees or rent
- Check your account balance or get a statement
- Buy, sell or transfer shares
- Activate SMS alerts for debits and credits
The MCo-op Cash Salary Loan is available to those who receive their Salary through their Co-op Bank account.
1. Signing up
To get a loan, you need to be a Co-op Bank customer and you have to have the MCo-op Cash app on either the Google Play Store or the iOS App Store or dial *667# on your phone then ;
- Register for MCo-op Cash (free of charge)
- Link your salary account at the nearest branch
- Apply for a loan
The money is deposited in the customer account once approved.
2. Loans
Customers can apply for up to 1.5 times of their net salary as received in their Co-op Bank account up to a maximum of Ksh. 200,000.
3. Loan interest
The charges on the loans are 8% and are deducted up-front before the loan is deposited into your account.
4. Repayment period
The repayment for Mco-op cash loan is 1 month or 3 months and you have to choose when applying. Either way, you will only be charged the one-off fee of 8% of the loan amount.
