MCo-opCash Loan is the fastest way to acquire a loan for twice your net salary without any guarantors or paperwork.
To qualify for this product, you must be an active account holder at Cooperative Bank. Thereafter, register for MCo-op Cash and link your account for mobile banking by visiting your nearest Co-operative Bank branch.
Alternatively, you can also register by simply dialing *667# on your Safaricom line and following the prompts given.
How to Apply for a MCo-op Cash Loan
Cooperative Bank allows you to apply for a 1-3 month salary advance loan (1, 2, or 3 Flexi) or a 6-month business loan using the USSD code *667# or the mobile app.
If you’re a salaried employee with a salary account at Coop Bank, then you can borrow from 1,000 up to a maximum of KES 500,000 (depending on your net salary).
Once your account is linked with Mobile Banking, you can follow the steps below to request the loan.
- Either use your mobile line and dial *667#
- Or use the app by entering your Mco-op Cash PIN.
- Next, tap on the option “Loans” and choose “Apply for a Loan.”
- You’ll see an option to either choose “Salary Loan” or “Business Plus Loan.”
- Once you select your loan option, you can enter the amount you want to borrow and select the loan duration (from 1 to 3 months).
- Verify whether your details are correct and complete the process.
Once you complete the application process, you’ll also receive a text message indicating a successful loan that you borrowed. Money will then be deposited into your MCo-op Cash account.
You’re now free to send the money straight to your Mpesa account or withdraw at any Co-op Bank ATM or agent near you. Consequently, if you have an existing MCoop cash loan, you can still top up after repaying at least a 1-month installment. And, if you wish to extend your loan period, you can use the Refinance menu to do so.
How do you repay a MCo-op Cash Loan?
When your loan is due, the Co-operative Bank will automatically deduct the repayments from your salary account or business account.
However, if you wish to repay early before the due date, simply dial *667# and select “loans,” then choose “repay loan,” or use the MCo-opCash app.
Keep in mind that the repayment period depends on your choice. It can either be a 1 month period, 2 months or 3 months. While the interest rates will vary depending on the loan term you choose to repay your loan,
What is a MCo-opCash Salary Loan?
Anyone who receives their salary through Co-op Bank is eligible for a MCo-opCash Salary Loan. The best thing is that you don’t have to involve your employer to sign anything with the bank. Consequently, you qualify for a salary loan after receiving at least one salary credit in your account.
Having said that, you’ll receive the loan amount in your MCo-op cash account, less the upfront fee of 8% for a one-month loan, 10% for a two-month loan, and 12% for a three-month loan.
Can you apply for a MCo-op Cash Salary loan if you have a personal loan with Co-op Bank?
Yes. You can apply for MCo-op Cash Salary loan if you have another loan with the bank. Additionally, you are allowed to top up if you have an existing MCoopcash loan after repaying at least one installment.
What happens if you lose your job and you have an existing loan?
Such a situation is common and normal.
Simply notify the bank through customer support about your job situation. Afterwards, make arrangements on how you intend to repay the loan to avoid penalties.
What if your application is declined?
Sometimes, the bank may decline your loan application. In this case just visit the nearest Co-op Bank branch, or call the customer service at 020 2776000, 0736 690101, or 0703 027000, or email customerservice@co-opbank.co.ke.
Why your loan application may be declined
- When you have a negative credit score
- If your salary account is overdrawn
- Loan arrears at Cooperative Bank including Mco-op Cash.
