Co-operative Bank’s Mco-op cash mobile banking platform, allows customers to apply for MCo-op cash mobile loan, deposit cash to an account, send money to any Mpesa or bank account, withdraw cash at Co-op bank ATMs or agents as well as pay for utility bills.
You can get all these services at the touch of a finger just with the Cooperative Bank’s USSD code *667# and *266# or the mobile loan app which can be downloaded from Google Play Store.
Your salary should be passing through your Co-operative bank account for you to be eligible for a Mco-op cash loan.
How to Apply for MCo-op Cash Loan
You can apply for a 1 to 3 months salary advance loan (1,2,3 Flexi) or a 6 months business loan using the Co-op bank USSD *667# or mobile App.
With the salary loan, you can borrow between 3,000 to 100,000 shillings (according to your limit) instantly without any security required.
Furthermore, there is no facilitation fee if you apply through MCo-op Cash. However, you need a salary account with the Co-op bank to enjoy the salary advance loan.
Once your salary or business account is linked with Mco-op cash, you can follow these steps to get a loan:
- Dial *667# or use the App
- Enter your Mco-op Cash PIN
- Choose the option Loans
- Select Apply Loan
- Next choose the type of loan, either Salary Loan or Business plus loan
- Follow through with the steps by keying in the amount you want to borrow and then select the loan duration
- Confirm your details are correct and complete the transaction
- After a short while, you will receive a message confirming that the loan amount you applied for has been deposited into your Mco-op cash account
You can withdraw your MCo-op cash money at any Co-op bank ATM or agent near you, or you can send it straight to your MPesa account.
If you have an existing MCoop cash loan, you can still top-up after repaying at least a 1-month installment. You can also use the Refinance menu to extend your loan amount and period.
Mco-op Cash Loan Interest Rate and Other Charges
MCo-op cash charges a one-off fee of 8% for 1 month loan, 10% for 2 months loan, and 12% for 3 months loan, deducted upfront and the loan amount is distributed equally to the period chosen.
The bank will also deduct an upfront insurance fee of 0.0034% in addition to the above charges.
For example, if you borrow a loan of Ksh. 10,000 you will be charged as follows:
|Fee for 1 month loan||Insurance||Total cost||Amount send to your account|
|Ksh. 800 (8% of 10,000)||Ksh. 3.4 (0.034% of 10,000)||Ksh. 803.4||Ksh. 9,196.60|
How to Repay Your Loan
Co-operative Bank will automatically deduct the loan repayments from your salary account when they’re due. Loans taken between 1st and 10th fall are due on the 19th of the same month.
On the other hand, loans that are taken between the 11th and 31st are due on the 19th of the following (consecutive) month.
You can repay the loan through the MCo-op cash USSD *667# or the free USSD code*266#, or using the MCo-opCash app. You can also repay the loan via MPesa by following very simple steps.
Reasons Why Your Application May Fail
Your Co-op bank mobile loan may fail to be approved if any of your accounts in Co-op bank is reading negative (overdraft), you have loan arrears or you have a Negative CRB score.
If your loan application is declined, you can visit the nearest Co-op Bank branch or call customer service at 020 2776000 / 0736 690101 / 0703 027000.