
Are you facing unexpected expenses like urgent bills, medical costs, or school fees? Co-op Bank Flexi Plus Salary Advance is here to help! This quick and convenient salary advance loan in Kenya lets you borrow up to 1.5 times your net salary, with funds sent directly to your MCo-opCash account. The Co-op Bank Flexi Plus Salary Advance limit ranges from Ksh 10,000 to a maximum of Ksh 500,000, making it ideal for diverse financial needs.
Why Choose the Co-op Bank Flexi Plus Salary Advance Loan?
Benefits of Co-op Bank Flexi Plus Salary Advance include:
- Fast and Easy Application: Apply directly via the MCo-opCash app or by dialing the Coop Bank salary advance USSD code (*667#). No branch visits required!
- Flexible Loan Amounts: Borrow between Ksh 10,000 and Ksh 500,000 depending on your eligibility.
- Customizable Repayment Terms: Repayment periods range from 4 to 12 months, ensuring manageable installments.
Key Features of Coop Bank Flexi Plus Salary Advance Loan
- Loan amount: Ksh 10,000 – Ksh 500,000
- Repayment period: 4 – 12 months
- Minimum net salary requirement (for a maximum loan): Your net salary should be at least 1.5 times the requested loan amount.
- Two guarantors required (at least one must be a colleague)
- Maintain a Co-op Bank salary account for at least three months.
- Includes a 3% negotiation fee, competitive interest rates, and government levies.
Read Also : How to Apply for KCB Salary Advance
Eligibility and Requirements of Coop Bank Flexi Plus Salary Advance Loan
To qualify for coop bank flexi plus salary advance:
- Open or maintain a salary account with Co-op Bank for at least 3 months.
- Possess a valid Kenyan ID and KRA PIN Certificate.
- Employer consent letter (may be required).
How to Apply for Co-op Bank Flexi Plus Salary Advance Loan
Follow these steps to apply for the Co-op bank salary advance loan:
- Open the MCo-opCash app or dial the USSD code (*667#).
- Select “CHECK LOAN LIMIT” to view your eligibility for the Coop Bank Flexi Plus Salary Advance.
- If eligible, proceed with the application.
- Receive your loan instantly in your MCo-opCash account.
Once you are qualified, it is just a matter of minutes to have your e-loan processed and credited to your bank account. Also, all account holders at Co-op Bank will be able to use Pesalink, a service that allows inter-bank money transfers internationally.
The bank has already incorporated Pesalink in its services, and can be accessed on MCo-op Cash via *667# or the MCo-op Cash app. Linking the accounts to Pesalink is free of charge.
To link your account and phone number to Pesalink through ATM
- Insert the Co-op Bank Visa Card and input the PIN.
- Select ‘Other Transactions’.
- Select ‘PESALINK’.
- Select ‘Link Phone’.
- Input the phone number to be linked.
- Confirm to make the account the primary account.
- Receive a confirmation message.
- Select the option of doing another transaction.
- Select ‘Primary Account Option’ on the upper right-hand side of the screen.
- Input the phone number to be linked to the account.
- Confirm that you wish to make that account the ‘Primary Account’ by clicking the ‘Okay’ button.
- Receive a confirmation message on the screen that the linking was successful.
The service is also accessible through Co-op Kwa Jirani Agents, Co-op Bank ATMs, Co-op Bank Mobile Banking (MCo-op Cash), and all Co-op branches. PesaLink services are available to customers 24/7, allowing you to receive money into your Co-op Bank account at any time of the day.
Read Also : Everything You Need to Know About The Equity Bank Salary Advance
Coop Bank Flexi Plus Salary Advance Loan Fees and Charges
When applying for the Co-op Bank Flexi Plus Salary Advance loan, the following fees apply:
- Processing fee: 8% of the loan amount
- Excise duty: 20% of the processing fee
- Loan insurance: 0.034% of the loan value
Important Note: The processing fee, excise duty, and insurance for the coop bank flexi plus salary advance are deducted upfront from the loan amount you receive, with 8% for a 1-month loan, 10% for a 2-month loan, and 12% for a 3-month loan.
How do I check my Coop Bank Flexi Plus Salary Advance loan balance?
To check for your coop bank flexi plus salary advance balance:
- Dial *667# or open the MCo-opCash app.
- Select “LOANS”.
- Select “LOAN ENQUIRIES”.
- Select “LOAN BALANCE”.
- Follow any on-screen instructions.
Coop Bank Flexi Plus Salary Advance Loan Repayment
Repay your coop bank flexi plus salary advance loan conveniently through your MCo-opCash account. The coop bank flexi plus salary advance loan can be repaid in one month or three months depending on what period suits you. The repayment will be automatically deducted from your salary credited to Co-op Bank.