A Guide to the Coop Bank Salary Advance Loan
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Are you facing unexpected expenses like urgent bills, medical costs, or school fees? Co-op Bank’s Flexi Plus Salary Advance can help! This convenient loan enables you to borrow against your salary and receive the funds directly into your MCo-opCash account.
The Co-op Bank Salary Advance allows you to borrow up to 1.5 times your net salary, from a minimum of Ksh 1,000 up to a maximum of Ksh 500,000. The Flexi Plus Salary Advance limit ranges from a minimum of Ksh 10,000 up to Ksh 500,000.
How the Coop Bank Flexi Plus Salary Advance benefits you:
- Fast and Easy Access: Apply for the loan directly through the MCo-opCash app or by dialing the coop bank flexi plus salary advance ussd code *667#. No need to visit a branch!
- Flexible Loan Amounts: Borrow between Ksh 10,000 and Ksh 500,000, depending on your needs.
- Tailored Repayment: Choose a repayment period of 4 to 12 months to fit your budget.
Key Features of Coop Bank Flexi Plus Salary Advance:
- The loan amount for Coop Bank Salary Advance is from Ksh 10,000 to Ksh 500,000.
- The repayment period ranges from 4 to 12 months.
- The minimum net salary requirement to qualify for the maximum loan is 1.5 times the loan amount.
- Two guarantors are required for a Coop Bank Salary Advance, with at least one being a colleague.
- The minimum account operation period for Coop Bank Salary Advance is 3 months.
- Fees for the Coop Bank Salary Advance include a 3% negotiation fee, a competitive interest rate, and applicable government levies.
Read: How to Apply for KCB Salary Advance
Eligibility and Requirements of Coop Bank Flexi Plus Salary Advance:
To qualify for the 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).
Applying for the Coop Bank Flexi Plus Salary Advance Loan:
To apply for the coop bank flexi plus salary advance :
- Open the MCo-opCash app or dial the coop bank salary advance ussd code *667#.
- Go to the “CHECK LOAN LIMIT” option.
- This will display your eligibility for a Flexi Plus Salary Advance.
- If eligible, proceed with the application process within the app.
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: Everything You Need to Know About The Equity Bank Salary Advance
Coop Bank Flexi Plus Salary Advance Loan Fees and Charges:
The loan charges for the coop bank flexi plus salary advance include:
- 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:
You can repay your coop bank flexi plus salary advance loan through your MCo-opCash account. The 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.
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