Mco-op cash loans, how to apply

How to Register and Apply for Mco-op Cash Loan

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Co-operative Bank’s Mco-op cash mobile banking platform, allows customers to apply for a 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# or *266# or the mobile loan app which can be downloaded from Play Store.

Your salary must be passing through Co-operative bank for you to be eligible for an Mco-op cash loan.

How to Register for MCo-op Cash Mobile Banking

Register at your Nearest Co-op Bank Branch

Before applying for an MCo-op cash loan, you must first register and link your account for mobile banking.

You can register for MCo-op cash mobile banking by visiting your nearest Co-operative bank branch and linking your Safaricom phone number to your account.

See also: USSD Codes for Mobile Loans Apps in Kenya

Register Using the USSD Code *667#

  1. Dial *667# on your Safaricom line
  2. Select a language,  English or Swahili
  3. Enter your Surname as it appears on your ID or Passport
  4. Enter other names as they appear on your ID or Passport
  5. Enter your ID or Passport Number then Press OK
  6. Select ‘Yes’  if you have an account with Cooperative Bank
  7. Accept the MCo-op Cash terms and conditions and finish your registration
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An SMS with your pin will be sent to your phone indicating that you have been partially registered. Another SMS will follow shortly confirming your full registration.

You will then need to deposit some money into your Mco-op cash to activate the mobile banking account.

You may need to visit your nearest Co-operative bank branch if you want to link your Mco-op cash to your savings, business, or salary account.

Mcoop cash mobile app transactions

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:

  1. Dial *667# or use the App
  2. Enter your Mco-op Cash PIN
  3. Choose the option Loans
  4. Select Apply Loan
  5. Next choose the type of loan, either Salary Loan or Business plus loan
  6. follow through with the steps by keying in the amount you want to borrow and select the loan duration
  7. Confirm your details are correct and finish.
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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 Interest Rate and 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 MCo-op Cash 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.

Read Also:   USSD Codes for Mobile Loan Apps in Kenya

On the other hand, loans that are taken between 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.

For easy and complete steps on how to repay your MCo-op cash loan, check this article: How to Repay Mco-op Cash Loan Via MPesa.

Reasons Why Mco-op Cash Loan 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 Mco-op Cash loan arrears or you have a Negative CRB score.

If your loan mobile loan application is declined, you can visit the nearest Co-op Bank branch or call customer service on 020 2776000 / 0736 690101 / 0703 027000.