Sometimes, your employer may fail to credit your salary into your account in time. This forces you to look for other ways of paying the rent, utility bills, monthly repayments and what have you.
Gone are the days when people would panic because of delayed salaries. It’s no longer a cause for alarm thanks to Co-operative Bank’s MCo-op Cash Salary Loan.
You can go about your business and take care of what you need to without having to worry about when your salary will be paid into your account. It gives you some peace of mind.
What is the MCo-op Cash Salary Loan? What are the terms, and how can you access it? Well, let me explain. MCo-op Cash Salary Loan is a service by Co-operative Bank that allows customers to access loans of up to Ksh 200,000 – a maximum of 1.5 times of one’s net salary.
The loan is repayable in one month or you can spread it over three months and pay a small bit each month, depending on what works for you. This way, you can sort a few bills and live a stress-free life as you wait for your salary to check in.
You can access the MCo-op Cash Salary loan by following these 4 simple steps:
1. Dial *667# and enter your PIN (or open the MCo-op Cash app and enter your PIN)
2. Select “Loans” on the main menu an then select “Apply Loan” and then you pick the type of loan that you want for example “Business Loan”.
3. Enter the amount that you would like to borrow and confirm the transaction by pressing “Ok”
4. Accept the MCo-op Cash terms and conditions to complete your application.
You’ll receive a text informing you that your request has been received. After a short while, you’ll receive another message confirming that your loan application was successful and the amount that you requested for has been deposited into your account.
Yes, it’s that simple. What’s even more is that the loans have a one-off fee of 8% of the amount that you have borrowed.
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