MCo-op Cash is a mobile banking service from Co-operative bank that provides accessibility to various banking services such as money transfer, payments, balance enquiries as well as loan facilities.
In this article, we will focus on its mobile loan product popularly referred to as MCo-op cash loan that can be accessed via the bank’s ussd code *667# or downloadable app through the Playstore or App Store.
MCo-op cash loans, also known as salary advance loans are flexible mobile loans pegged on one’s salary that are repayable up-to a maximum of three months.
To access the service, you need to first meet the eligibility requirements and then proceed to the application process via the two options highlighted below.
Via MCo-op cash app
Download, install and launch the app.
Once logged into the app, click on ‘Loans’ menu followed by ‘Apply loan’
On the next screen, use the drop down menu to select the loan type as ‘Salary loan (1,2 or 3 Months Flexi)
You will then receive a screen notification indicating your minimum and maximum loan amount limits. Enter your amount followed by your preferred repayment duration of either 1,2 or 3 months.
Once done, you will receive another notification indicating the repayment installments as well as the loan processing fee.
Click ‘Ok’ to accept the loan details and await feedback on loan approval.
Upon successful approval, you will receive an SMS notification and your funds will be deposited into your MCo-op cash account.
Note: The deposited funds will be less due to the deduction of the loan processing fee.
To access the cash, you will need to withdraw to Mpesa.
Via ussd *667#
Choose option 3: Loans
Choose option 2: Apply loan
Choose option 1: Salary loan (1,2,3 Months Flexi)
Enter the loan amount that is within the displayed loan limits as well as preferred loan repayment duration and wait for loan approval.
Categories: Loan Articles