Mco-op cash salary loan app from the Co-operative Bank of Kenya, also known as, Co-op bank is the newest revolutionary lending finance app in Kenya. Unlike other mobile loan apps we have reviewed in Kenya, Mco-op cash salary loan app is a game-changer when it comes to mobile borrowing.
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Unfortunately, you have to be a Co-op bank customer in order to access the salary loans from Co-op bank.
Which services can I Get with Mco-op cash app?
With Mco-op Cash, you can access a wide range of services which include:
- Salary loans
- Apply and pay for a loan
- Deposit or save money
- Send money to other mobile money services, for example, M-PESA
- Send money to another MCoop Cash Account,
- Withdraw money at a Co-op Agent or Co-op ATM
- Transfer money to and from your Co-op Account or SACCO Account
- Pay for goods and services
- Send money to Co-op Bank Account or SACCO Account
- Activate SMS alerts for debits and credits
- Buy airtime for any mobile number
- Pay bills including KPLC, DStv, KRA Tax and Insurance
- Check your account balance or get a statement
- Pay fees, for example, school fees or rent
MCoop Cash salary loan is a service that is available to all Co-op bank customers who receive their salaries through co-op bank.
How to Access Mco-op Cash salary loan
First things first, you have to be a registered co-op bank customer in order to qualify for Mco-op cash salary loans. Still, you should be receiving your salary through Co-op bank in order to qualify for the loans.
If you meet these minimum requirements, go ahead and download the Mcoop cash mobile app from Google play store or from the Apple store.
The Mcoop cash services can also be accessed through USSD by dialing *667# on your phone
Mco-op cash loans and loan limits
With the Mco-op cash mobile loan app, you can apply for mobile loans of up to 1.5 times your salary. The maximum amount you can borrow from the app is Ksh 200000.
With the app, Coop bank customers can access their bank balances and withdraw their money via the phone unlike the traditional over the counter method of withdrawal.
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This has significantly improved service delivery and customer service considering Co-op bank is the biggest bank in Kenya by customer metrics.
The Mco-op mobile app offers three types of loans to its customers as explained below.
Secured Personal Loans
This is an interesting type of loan facility offered by the Co-op bank. The loan limit is up to Ksh 200000 and any customer with savings in Co-op bank qualifies for this loan.
Interestingly, you can open a coop bank account today, deposit some money and qualify for an instant secured personal loan.
All you need is to save some money into your Co-op bank account, download the Mco-op cash and apply for a loan not exceeding Ksh 200000.
The most interesting loan package offered by Mco-op mobile loan app is the Salary advance loan.
This loan is only available to Co-op bank customers who receive their salaries through Co-op bank.
If you are late on your salary and have urgent things to settle, you can apply for a salary advance loan from Mco-op cash mobile app. Salary advance loans have a limit of up to Ksh 100000
Are you a business man or woman? This might just be the loan offer for you. Business owners can apply for business loans of up to Ksh 50000 via the Mco-op cash and get the money almost instantly.
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How to withdraw money from Mco-op cash
This is a simple and straight forward way of withdrawing money from your Mco-op cash app to M-Pesa.
- Launch the application.
- Log in using your PIN.
- Select Mobile Money.
- Select M-Pesa.
- Enter the mobile number that will receive the money
- Select the account you want to withdraw money from.
- Enter the amount to withdraw
- Confirm the transaction
Mco-op cash Loan interest rates
For all mobile loans, Mco-op cash deducts a fee of 8% of the total loan amount upfront. The loan is followed by other charges as indicated below:
- Business Loan 1.166%
- 1 Month individual loans 1.166%
- 3 Month individual loans 3.498%
- Insurance on 3 Month Loan 0.102%
Mco-op Cash loan Repayment period
While applying for Mco-op cash loans, you can only choose to repay the loan in 1 month or 3 months.
Regardless of the repayment period you choose, the interest rate remains constant at 8%. The 3 months loan will, however, attract an insurance fee of 0.102%.