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How get a salary loan from MCo-op Cash by Co-op Bank

Staff WriterApril 30, 2019
1 min read
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MCo-op Cash is a product of the Co-operative Bank of Kenya (Co-op Bank). It is a service that allows Co-op Bank customers to access banking services and also loans.

With Mco-op Cash, you can access the following services;

  1. Deposit or save money
  2. Apply and pay for a loan
  3. Send money to another MCo-op Cash Account, Co-op Bank Account or SACCO Account
  4. Send money to other mobile money services, for example, M-PESA
  5. Withdraw money at a Co-op Agent or Co-op ATM
  6. Transfer money to and from your Co-op Account or SACCO Account
  7. Buy airtime for any mobile number
  8. Pay bills, for example, KPLC, DStv, KRA Tax and Insurance
  9. Pay for goods and services
  10. Pay fees, for example, school fees or rent
  11. Check your account balance or get a statement
  12. Buy, sell or transfer shares
  13. Activate SMS alerts for debits and credits

MCo-op Cash is now offering salary loans to customers that receive their salary through their Co-op bank accounts. The MCo-op Cash Salary Loan is available to those who receive their Salary through their Co-op Bank account.

1. Signing up

To get a loan, you need to be a Co-op Bank customer and you have to have the MCo-op Cash app on either the Google Play Store or the iOS App Store. You can also access it by dialing *667# on your phone.

2. Loans

Customers can apply for up to 1.5 times of their net salary as received in their Co-op Bank account up to a maximum of Ksh. 200,000.

3. Loan interest

The charges on the loans are 8% and are deducted up-front before the loan is deposited into your account.

4. Repayment period

The repayment for Mco-op cash loan is 1 month or 3 months and you have to choose when applying. Either way, you will only be charged the one-off fee of 8% of the loan amount.

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