Mcoop cash is a mobile loan facility provided by Co-operative bank that advances mobiloans to its salary account holders whose accounts have been active for up-to 3 months.
The loan limits assigned are dependent on one’s salary amount and are repayable within a duration of 3 months.
Unlike other bank loan apps, Mcoop cash does not rely on CRB when approving loans and also provides a top-up facility only applicable upon payment of one of the installments.
The loans advanced are deducted automatically once an individual’s salary hits the account until the loan is fully repaid.
Once a loan application is approved, you can use the below procedure to withdraw the Mcoop cash loan to your Mpesa.
Via Ussd code
- Dial *266#
- Select Option 1: Co-operative
- Input your Pin
- Select Option 1: Send Money
- Select Option 2: Mpesa
- Select either your mobile number or other mobile numbers to send the funds to
- Select account to send from i.e Mcoop cash
- Enter the amount to transfer. ( Note: You should factor in the transaction charge as well as Excise duty fee )
- Click ‘Confirm’ to finalize the transfer.
You will receive a notification stating that your transaction is successful and has been sent to the Mpesa number provided initially as well as your available/actual balance will also be displayed.
Categories: Loan Apps