A Complete Guide to the M-Co-opCash Salary Loan for Co-operative Bank Customers
The M-Co-opCash Salary Loan is a mobile-based, short-term credit facility offered by Co-operative Bank of Kenya for salaried customers. It allows users to access funds instantly without visiting a branch, making it one of the leading salary advance apps in Kenya.
Understanding the M-Co-opCash Salary Loan
The M-Co-opCash Salary Loan is unsecured and specifically designed for clients who receive their salary through Co-operative Bank accounts. Unlike some salary advance services, it does not require your employer to have an MOU with the bank.
The facility is integrated with both USSD (*667#) and the M-Co-opCash app, allowing instant loan access.
Borrowing Limits and Repayment
Customers can borrow amounts ranging from KSh 1,000 to KSh 500,000. Typically, the M-Co-opCash Salary Loan borrowing limit is capped at 1.5 to 2 times the borrower’s net salary, depending on account history and repayment behavior.
The M-Co-opCash Salary Loan repayment period can be chosen at application:
- 1 month
- 2 months
- 3 months
Repayments are automatically deducted from the borrower’s salary account on the 19th of the month. Timing depends on when the loan was taken:
- Loans taken between the 1st and 10th: repayment on the 19th of the same month
- Loans taken between the 11th and 31st: repayment on the 19th of the following month
Automatic recovery simplifies repayment and reduces the risk of late fees.
Fees and Charges
The M-Co-opCash Salary Loan interest rate is applied through upfront fees:
- Appraisal Fee
- 8% for a 1-month loan
- 10% for a 2-month loan
- 12% for a 3-month loan
- Excise Duty: 20% of the appraisal fee
- Insurance Fee: 0.034% of the loan amount
These costs are deducted from the disbursed funds before you receive them.
Eligibility Requirements
To qualify for the M-Co-opCash Salary Loan, borrowers must meet the following conditions:
- Salary credited to a Co-operative Bank account (excluding Hekima savings accounts)
- At least one salary payment received
- No employer MOU required
- Good account standing and credit history
Overdrawn accounts or irregular repayment history may affect eligibility.
How to Apply for the M-Co-opCash Salary Loan
Applications can be completed in a few steps using the USSD code or the M-Co-opCash app:
- Register or Download: Dial *667# or download the M-Co-opCash app from the Play Store or App Store.
- Login: Enter your PIN to access the main menu.
- Select Loans: Navigate to “LOANS” and select “Salary Loan.”
- Confirm Details: Enter the loan amount and repayment period (1–3 months).
- Disbursement: Funds are instantly transferred to your M-Co-opCash wallet. You can send the money to M-Pesa or withdraw via an ATM.
Why Use M-Co-opCash Salary Loan
As one of the growing salary advance apps in Kenya, M-Co-opCash offers:
- Instant access to cash without visiting a bank
- Flexible short-term repayment periods
- Automatic deduction for timely repayment
- Higher borrowing limits compared to other mobile salary loans
The app is designed for convenience and aligns with the increasing demand for digital lending solutions in Kenya.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
