In March 2017, Commercial Bank of Africa (CBA) launched the CBA Loop App. The CBA Loop App is an online platform that allows customers to access banking services at the comfort of their mobile phones.
The app has features that facilitate transactions such as payment of bills and money transfers. Also, this app records your transactions for financial management purposes. When using the app, you can set goals and save to achieve the amount you need within a period you have specified.
Recently, an upgrade to the CBA Loop App added a feature that allows borrowing from the app. The app acts like a virtual bank account where you can make deposits and withdrawals. Also, the app has been linked with MasterCard services which means you can pay with your card if you have money in your Loop account.
In this article, I have stated procedures that you need to follow when applying for a loan from the CBA Loop App.
Registering on CBA Loop App
To log on the app, you need to download the app and install it on your device. After you install the app on your device, create a user’s account where you will be accessing services from.
The application is available in both Android and iOS versions. Therefore, when downloading the app, you should choose the version that is compatible with your device.
The procedure of downloading the app as well as creating an account on the app is outlined below.
Downloading the CBA loop App
- Go to google play store or App store.
- In the search box, type “CBA Loop.”
- Once the app is located click “Install.”
You can also get the app by visiting their website at cbaloop.com
Creating a user’s account on the App
- Open the App n your device
- Click “Sign up”
- Enter your details as instructed on the app. (Includes name, ID number as well as your phone number)
- Using the code sent to you via SMS, verify your phone number
- The account is activated upon verification
After the online registration, you will be required to go and collect your card physically at the nearest CBA office. Here, your picture and biometrics will be taken before you get the card. Your account will be unlocked then, and you will be free to transact with the app.
The CBA Loop App allows loans of up to Ksh.3 million and overdrafts of up to Ksh.100,000. The interest rates are charged depending on the customer. The loan repayment period is between 6months and 36 months.
To borrow from the App, follow the procedure listed below.
Borrowing from CBA Loop App
- Open the app on your phone
- Log in to your account
- Select loans
- Select apply loan
- Enter the amount you want
- Submit application
You can only access money as much as your loan limit is. Therefore, when applying, ensure the amount you apply for is either equal to or less than your loan limit.
The loan you apply for should be repaid within the specified time. This not only protects you from negative credit reports by the CRB but also increases your loan limit. The more you borrow and repay n time, the higher your loan limit grows.
To repay your loan, follow the procedure below.
Repaying a loan from CBA Loop App
The loan is repaid from the CBA loop account. This means that you have to deposit funds into your account before starting the repayment process. To deposit funds into your CBA loop account, follow the procedure below.
How to deposit funds to CBA loop account
- Go to Mpesa menu
- Select lipa na Mpesa
- Select PayBil
- Enter 714777 as PayBil number
- Enter Account number (The phone number you used to register the account with)
- Input the Amount you want to deposit
- Enter Mpesa Pin
Once the transfer is successful, you will receive a notification message from both Loop and Mpesa showing details of the transfer. Once the money is in your Loop account, you can proceed to repay using the procedure below.
Repaying the loan
- Log in to your CBA loop account
- Select loans
- Click repay loan
- Enter the amount due
After the payment, you will be notified that the repayment of the loan was successful.
You can choose loans from loop whenever you qualify for one now that you have all the procedures. However, it is not advisable to borrow more than you can repay on time. There are other applications also that offer quick loans in case you find the CBA Loop app not suitable for you.