The procedure for borrowing a m-coop cash loan in Kenya seems to be
easy and straightforward. You just dial *667# on your mobile phone. Then you
enter your 4-digit pin and then select 'loans'. After that, you select ‘apply
loan’ then indicate the type of loan you want to apply, and finally the loan
amount.
That is easy enough.
But what some people find challenging is the mcoop
cash loan repayment. I once almost ended up with a delayed payment, when I
couldn’t just figure out how to go about doing it! The challenge, for most of
us, seems to be in transferring the funds to the mcoop cash account, after
which one can then use them to pay the mcoop cash loan. (In actual fact, apparently you can still pay mcoop cash loan with funds that are still in your main coop account, without having to transfer them to mcoop cash. But that s just my individual experience).
The approach I normally use, to repay my coop cash loan, is
simple. First I deposit funds into my cooperative bank account, at a
cooperative bank of Kenya branch, or at a cooperative bank of Kenya agent (coop
kwa Jirani agent). Then, with the funds in my account, I dial *667# on my
phone, enter my pin, select bank transfer, select to ‘my own coop accounts’,
select my mcoop cash account phone number, then select the coop bank account I
am transferring funds from, then enter the amount to complete that transaction.
Once I have transferred the funds from my coop bank account
to mcoop cash, I go back to *667#, then enter pin, then select loans (3), then
select pay loan, then select my mcoop cash account phone number as the account
to transact from and enter repayment amount to complete the transaction.
Oddly, I have noticed that if I am paying, say, a 6-month mcoop cash loan all at once,
the system will generate 6 different repayment messages, apparently for each of
the installments I would have paid otherwise. All in all, it is a fairly
straightforward system, once you get used to it. I definitely find it to be more straightforward than, say kenya birth certificate online application or even helb loan kenya application.
