The MCo-op Cash Business Plus Loan is a loan of up to Ksh 1 million, payable in up to 6 months, available to Co-op customers who have an active Co-op Bank Business account for at least six months. The loan is suitable for individuals, registered partnerships, business enterprises, limited companies, and private schools.
The MCo-op Cash Business Plus Loan is divided into three offers:
- Business Plus Loan: The Business Plus Loan is available to both first-time borrowers and returning borrowers who have fully repaid their previous loan(s) and wish to take out a new one.
- Business Plus Top-Up: The Business Plus Top-Up loan is available to customers who have taken out a 1-month loan but have not yet utilized their full loan limit. For example, if you are eligible for a loan with a limit of Ksh 50,000 and borrow Ksh 30,000, you can request a top-up loan of up to Ksh 20,000 within the same month if needed. Please note that appraisal fees and interest will be calculated based on the top-up amount, and the total loan due will still be Ksh 50,000, repayable by the original due date.
- Refinance: Refinance is available to customers with active loans ranging from 2 to 6 months, provided they have paid at least one installment. For example, if you take a Ksh 50,000 loan payable over 3 months and make the first payment, the bank may reassess your limit in the second month based on your turnover and repayment history. This could allow you to borrow more, depending on the new limit. If you choose to take a higher loan, such as Ksh 100,000, the new loan will first cover the remaining balance of the original loan and any associated fees, with the remaining funds deposited into your Co-op Bank account.
NOTE: The loan fees are determined by the new loan limit, and your loan term may be extended.
You can apply for the MCo-op Cash Business Plus Loan through the USSD *667#, the web, or the MCo-op Cash App available on the Google Play Store or App Store.
Borrowers can apply for the loan as many times as possible but can only qualify for one MCo-op loan at a time. Additionally, borrowers who have accessed the loan with a repayment term of 2 months or more can top up after repaying at least 1 installment. If they have already accessed a one-month loan, they can top up within their one-month limit.
Users can maintain and grow their MCo-op Cash Business Plus Loan limit by borrowing and repaying loans on schedule. Borrowers can also sign up for a Co-op Till to receive payments, which enhances their scores, increasing their Business Plus loan limit.
Read: How to Borrow with the I&M Bank Buy Now Pay Later Loan
To check your MCo-op Business Plus Mobile Loan Balance:
- Log into MCo-op Cash by dialing *667# or through the MCo-op Cash app.
- Select ‘LOANS’.
- Select ‘LOAN ENQUIRIES’.
- Select ‘LOAN BALANCE’.
- Follow the instructions.
To repay your MCo-op Business Plus Mobile Loan:
- Log into MCo-op Cash by dialing *667# or through the MCo-op Cash app.
- Select ‘LOANS’.
- Select ‘PAY LOAN’.
- Follow the instructions to repay your loan.