In 2016, Co-operative Bank launched a new mobile banking application that revolutionized the way people bank.
The mobile app dubbed MCoop Cash effectively saw the transfer of services such as access to account balances and transfer of cash from the traditional over-the-counter banking to personal mobile phones.
However, apart from being able to check account balances, transfer cash or make utility payments, customers who have downloaded the MCoop Cash can now access three types of loans.
Coop mobile loans
Here are the three types of co-operative bank mobile loans:
1. Secured Personal Loans
“These loans go to a limit of up to Sh. 200,000 for any customer with savings in MCoop Cash based on their amount of savings,” says the bank in a statement.
Interestingly, this means that all you need to do is download the mobile app, deposit money and apply for the loan through your smart mobile phone. The loan you apply for will be processed and tendered to you immediately.
2. Salary Advance
The mobile app also provides for salary advances to customers who hold a proven record of paying their advances efficiently. The bank offers salary advances to a higher limit of up to Sh. 100,000.
3. Business Loan
For those in business, the mobile app might just prove to be your saving grace. Currently, the app allows for loans of up to Sh. 50,000 for customers with an existing Coop Bank loan.
Dial *667# to apply for any of the above MCoop Cash loans.
Other interesting services available on the mobile platform include:
- Send money to other mobile money services such as Safaricom’s M-Pesa, Orange Money, and Airtel Money.
- Withdraw money at any Co-operative Bank Agent or Co-operative Bank ATM.
- Pay for goods and services,and other bills using Lipa Na M-pesa, or settle for fees such as school fees or rent.
- Apply and pay for a Co-operative Bank loan.
- Check Co-op account balance and get a bank statement.
- Activate SMS alerts for bank debits and credits.
- Purchase Airtime for any mobile number in Kenya.
How to increase MCoop cash loan limit
MCoop Cash loan is capped at Sh. 200,000. You can increase your MCoop cash loan limit by growing the amount of savings in your MCoop Cash.