2 Types of MCo-op Cash Loans Offered by Co-operative Bank

co-operative bank of kenya, MCo-op Cash Loans, MCo-op cash loan app, mcoop cash app
mco-op cash loan app

Today, we are going to share 2 types of MCo-op cash loans that may be of help to you when in a financial fix.

The app is a mobile banking service by Co-operative Bank of Kenya that offer different services to its customers.

They include:

  • Saving and depositing of money
  • Application and repayment of loans
  • Sending money from one Mcoop cash account to another, SACCO account or Co-operative Bank Account.
  • Sending money to other mobile services, eg: M-Pesa and Airtel money.
  • Withdrawal of money from Co-operative agent or ATM.
  • Transfer of money to and from your Co-operative account or SACCO account.
  • Purchase airtime for Safaricom, Airtel, Orange or Telkom subscribers.
  • Pay different bills. Eg: KRA,DSTV and KPLC.
  • Pay for goods and services.
  • Pay school fees or rent.
  • Check account balance or get mini statement.
  • Buy, sell or transfer of shares.
  • Turn on SMS alerts for credits and debits.

MCo-op Cash Loans

1. MCo-op Cash Business Plus Loan

This type of loan is normally given to clients with Co-operative Bank business account that has been in operation for at least 6 months.

Loan Features:

1. The minimum amount of money one can apply is Ksh. 100 and maximum Ksh. 500,000. This depends with your CRB score and turnover.

2. To apply for Mco-op Cash Business Plus loan:

  • Dial *667# or download Mco-op cash app on Google Play Store.
  • Register using either your National ID or Passport.
  • Link your business account. This can be done at any Co-operative Bank branch in Kenya.
  • Log in to your Mco-op cash app and apply for loan.
READ :  How to Pay MCo-op Loan Through M-Pesa

3. If successful, the loan amount will be deposited in to your MCo-op cash account. The money can be withdrawn at any Co-operative Bank ATM, Co-op Kwa Jirani Agent or M-Pesa.

NB: Co-operative Bank will be charge you 1.083% of the loan amount applied.

2. MCo-op Flexible Cash Salary Advance

This type of loan is short term and is given to clients who will repay next day.

Loan Features:

  • One can borrow for as low as Ksh. 3,000 and maximum Ksh. 100,000.
  • Recovery of the loan can be done within 1 to 3 months.
  • No security is needed.
  • Instant processing of loan.
  • If you apply via MCo-op Cash loan app, you will not pay any facilitation fee.

How to Check Your MCo-op Cash Loan Balance

  1. Log in to MCo-op Cash app using the app or by dialling *667#.
  2. Choose “Loans”.
  3. Choose “Loan Enquiries”.
  4. Choose “Loan Balance” and follow the instructions.

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