Thursday, September 28, 2023

3 types of mobile loans you can get on MCoop Cash

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.

RELATED: Most expensive and cheap mobile loans in Kenya

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.

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  1. I applied for a business Loan of 13,000/- and cleared all my outstanding debts but am denied another Loan. Please assist

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