This archive report was first published on 26 August 2019.
As the economy continues to struggle, many Kenyans are facing financial difficulties. However, Co-op Bank has come to the rescue with its salary advance and business loans.
According to Co-op Bank, customers can access a salary advance or business loan by opening a banking account at a Co-op Bank branch. This is a stress-free credit facility that does not require paperwork or collateral.
The maximum repayment period for the loans is three months, and the maximum amount applicable is 150% of the net salary. The application process is easy and can be done using the MCo-op Cash app or by dialing the USSD code 667#.
Co-op Bank's MCo-op Cash app also allows customers to pay for goods and services, send money, and access their accounts for free.
With Co-op Bank's salary advance, customers can borrow up to KSh 200,000, while business account holders can secure a loan of up to KSh 500,000 to pay staff or restock their stores.
Both salary advance and business loans can be applied for via mobile phone using the MCo-op Cash app, available on the Google Play Store.
After downloading and installing the app, customers will need to dial 667# to register for MCo-op Cash and link their salary or business account at their nearest Co-op Bank branch.
Published on August 26, 2019 by Tuko Kenya.
