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How To Get Advance Salary Loan Via Co-operative Bank On Your Phone

Kenyan Business Feed by Kenyan Business Feed
How To Get Advance Salary Loan Via Co-operative Bank On Your Phone
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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;

  1. Deposit or save money
  2. Apply and pay for a loan
  3. Send money to another MCo-op Cash Account, Co-op Bank Account or SACCO Account
  4. Send money to other mobile money services, for example, M-PESA
  5. Withdraw money at a Co-op Agent or Co-op ATM
  6. Transfer money to and from your Co-op Account or SACCO Account
  7. Buy airtime for any mobile number
  8. Pay bills, for example, KPLC, DStv, KRA Tax and Insurance
  9. Pay for goods and services
  10. Pay fees, for example, school fees or rent
  11. Check your account balance or get a statement
  12. Buy, sell or transfer shares
  13. 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.

Table of Contents

Toggle
  • 1. Signing up
  • 2. Loans
  • 3. Loan interest
  • 4. Repayment period

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 ;

  1. Register for MCo-op Cash (free of charge)
  2. Link your salary account at the nearest branch
  3. 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.


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