The first time this was revealed, it felt like the most strange occurrence because this is a game changer. 3 million shilling loan, without visiting the bank? Sounds impossible until you understand how exactly it works and how you can get it.
Loans have been very difficult to obtain and a bank or a SACCO is probably the first place you think about when getting a loan. Whether for your business or for your personal use. Most of the time, these institutions usually require a strong credit scores, a personal guarantee, collateral, and healthy financials. Applying also takes serious effort and time. The whole process lasts about two weeks to three months.
Not any more with this digital banking solution that is changing the way Kenyans do their banking.
LOOP has made loans in Kenya quick and accessible. This is a digital banking service that helps you manage your money better right from your phone. No fuss, no queues, no red tape.
Anyone can open an account in minutes with LOOP. All that’s needed is to download the app on Google play store (android) or App store (IOS), follow the simple steps and start transacting immediately. The service can also be accessed via web on www.cbaloop.com
Watch this video to see how to open an account on LOOP
You can then begin transacting immediately as you plan to collect your debit card from ANY of the LOOP stores. The debit card is issued in 10 minutes as you wait. This is different from most banks where you have to wait up to 2 weeks for your card to be ready.
How to get the LOOP loan
LOOP allows you to get a personal loan of up to sh.3 million and an overdraft of up to Kes.100,000 without the process or paperwork.
Simply apply in the app!
All you need to do is make LOOP your primary account. You will start with a lower limit and with time, improve your chance of qualifying for a higher limit.
No other service in Kenya allows you to access a personal loan of up to sh.3 million