Commercial Bank of Africa (CBA) launched their digital banking service Loop in March 2017. They recently updated it to include loans and overdrafts.
To get a loan from Loop, you need to do the following:
1. Register for the service
To register for an account, you need to download the Android app , iOS app or go to their website cbaloop.com.
2. Creating a Loop account
To create an account you need a phone number and your ID number. You will be sent a PIN to activate the service to access your account.
3. Applying for a loan
Once you have successfully created an account, you can be able to apply for a loan.
Loop customers can access loans of up to Ksh. 3 million and overdraft of upto Ksh. 100,000. Loan repayment period is between 6-36 months. Interest rates will vary depending on the customer.