Get loans of upto Sh. 3 million now!

CBA Loop App: Commercial Bank of Africa (CBA) customers can now borrow upto Sh. 3 million on their mobile phones. This follows the launching of a digital banking platform that allows its customers to borrow the amount for a period of three years. This is the highest mobile phone loan in Kenya.

customers can also access overdrafts of up to Sh. 100,000 based on their financial track record. Loop service charges have been revised downwards, with some transaction fees removed to attract more customers.

Loop-to-Loop transactions and purchase of airtime will be free, payments through Safaricom’s Pay Bill and Buy Goods, will attract no additional bank charges, while the transaction charges for Loop to M-Pesa and ATM withdrawals have been reduced by 44 and 40 per cent respectively.

To get a loan from Loop, you need to do the following:

1. Register for the service

To register for a CBA Loop account, you need to download the Android app , iOS app or go to their website cbaloop.com.

2. Creating an account

To create an account you need a phone number and your ID number. You will be sent a PIN to activate the service to access your account.

3. Applying for a loan

Once you have successfully created an account, you can be able to apply for a loan. CBA Loop App customers can access loans of up to Ksh. 3 million and overdraft of upto Ksh. 100,000. Loan repayment period is between 6-36 months. Interest rates will vary depending on the customer.