It is human nature to anticipate compensation of any nature especially when participating in reward driven initiatives, that offer redeemable prizes achieved through accumulation of points earned while utilizing a particular service.
Such rewards may include cash prizes, vouchers, airtime or any other item allocated by the service provider.
However, the financial value of the prize is usually determined by the number of points accumulated meaning that lower accumulated points, attract lower prize values and vice versa.
In digital loans, not very many loan apps offer such kind of reward systems.
For the basis of this article, we will focus on Mokash loan app. The general outline of how Mokash cashout point system works, is that points are awarded based on loan amount and repayment date.
This implies that the higher the loan amount, the higher the points awarded upon successful repayment before or on the due date.
However, if you are late on repayment or apply for a loan extension, you will NOT be awarded any points.
Below, is a tutorial on how you can earn and redeem Mokash cashout points.
For new applicants, you need to download and install the Mokash loan app from the Playstore and complete the registration process.
Upon opening the app, you will be able to view your allocated loan limit as well as loan details in terms of loan tenure, origination fees, cash back bonus, amount to be disbursed, total repayment amount, due date and loan purpose.
Once you agree to the loan details, proceed and click on Apply Now tab.
You will be directed to the next page informing you that your loan is being reviewed and will be disbursed in a few minutes.
Once the approval has been made, you will be directed to the next screen confirming that your amount has been deposited to your Mpesa account.
Upon successful repayment of the loan amount, you will be awarded with points as indicated in below sample SMS confirmation received from Mokash.
In order to keep tabs on your accumulated points, you are required to click on the yellow stacked coins symbol located at the top right which will eventually show you your current balance.
Currently, you can only redeem when your cash balance is at Ksh400 or Ksh1,000 by clicking on the cashout tab alongside each amount.
Once you have redeemed, you can check the status by tapping on the clock icon at the top right.
Points to note
- You can only cash out the bonus once every 30 days.
- The cash out bonus money will be added to the total amount of your next requested loan.