Cooperative bank’s mobile loan facility MCoop cash is available to the bank’s customers who channel their salaries through Co-op bank salary account. Mcoop cash mobile loans are very affordable compared to other mobile loan apps in Kenya which cost an arm and a leg to access their overcharged loans. It is easy to pay back the MCoop cash loan using MPesa.
There are several methods of repaying your Mcoop cash loan after applying for the mobile e-loan.
The bank can automatically deduct the loan repayments once they are due each month. You might also want to pay your remaining mobile loan balance by depositing using your MPesa account directly into your Co-op bank account.
How to Pay Mcoop Cash Loan by MPesa
STEP 1: Deposit money into the Salary Account:
- Go to MPesa menu or dial *334#
- Select Lipa na M-PESA
- Select Pay Bill
- Enter the business number: 400200
- Enter your Co-op bank salary account number as the account number
- Enter the amount you want to send
- Enter your MPesa PIN and press OK
- You will receive an SMS from Co-operative bank and an SMS from MPesa confirming the transaction.
STEP 2: Use Mcoop cash USSD to ask Co-op bank to repay from your Salary account:
- Dial *667# from MPesa line linked to your Cooperative account
- Enter your Mco-op Cash PIN
- Choose the option E-Loans
- Select Repay Loan
- Select either Pay full or Partial Amount
- If you Selected partial, you will be asked to key in the amount you wish to pay
- Select account to debit
- Confirm the amount you wish to repay and select Proceed
- You will receive a notification from Co-op bank confirming your transaction
- After a short while, you will receive a message from Cooperative bank confirming the repayment.