Flexi loan is a salary advance product offered by cooperative bank whose service is exclusively available to persons who have held an active salary account for three months with the bank.
Additionally, the loan limit is determined by one’s net salary amount and repayment is usually debited automatically on the 19th day of the month or upon receipt of credited funds to the account.
However, users of the service have decried the persistent stagnant loan limits despite regular use of the service thereby leading one user to ask on the lender’s Facebook page.
It turns out that unlike other digital credit facilities which base future loan increments upon timely repayments, flexi loan increments are system generated based on the average of an individual’s last three months net pay.
Therefore, the maximum that one can access is twice the average of one’s last three month’s net pay.
Below is a screenshot of the response regarding the same.
Categories: MCoop Cash