How to open a CBA loop account and get a loan

Publish date: 2024-08-16

The videotapes had compact disks; the compact discs had flash drives, flash drives have online streaming and online storage. The traditional taxis have uber; print media has social media. Are you getting my point? Everything that used to be essential to our parents and grandparents is slowly being replaced by better things. With that said, gone are the days when people had to queue in lines for hours just to deposit money in banks, withdraw or even request for a loan. The age of internet banking is upon us, and an example of such a service is CBA loop.

What is CBA loop? CBA loop is a fully-fledged digital bank that gives you the control to bank anywhere and at any time. Loop is a CBA internet banking platform. The Central Bank of Africa wanted to create banking with ease or rather comfort where one can do all their banking without leaving their house, and that is how they came up with loop. This service is gaining popularity really fast since we millennials love the easy way out.

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How does CBA loop work?

For one to use loop, he or she must have a CBA loop account. You get the account by signing up through the Android app, the iOS app or through their website. Once you open the CBA app or the website, the option to either log-in or sign up for an account will present itself. If you already have an account, I am sure you already know your way around the app. For those without, the option to choose is, sign up for an account.

The process of signing up for an account is as follows:

  • The first step is to fill the personal details that you are asked. The details include first name, last name, date of birth, phone number, ID type, ID number, nationality and the rest.
  • After filling all the required information, read and understand the terms and conditions carefully before you accept them.
  • To complete the signup process, you need to place an order for your loop card. When placing an order for it, you will be asked to select the region, the loop store and the location where you want to pick the loop card from.
  • You will then receive a confirmation message with a code. Do not delete that code as you will be required to present it when picking your loop card.
  • Now your account is ready, and you can proceed to login.

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    How to request for a CBA loop loan

    For one to request for a loop loan, they need to have an account. That does, however, not guarantee you a loan. For you to have access to a loan, you have to be eligible. How does one become eligible for a loop loan you may ask? Eligibility is achieved through your loop activity. The more active you are involved with loop, the higher your chances of getting a loan. How do you become active on loop? You do this by using loop for almost everything; paying bills, banking, sending money to others all through your loop account. Once you are qualified for one, these are the steps to follow.

  • Click on “request loan” and choose the amount of money you would want to ask for and you also choose the repayment period. The minimum one can request for is Kshs.50,000 while the maximum is Kshs. 3,000,000. The repayment period is anywhere between 6 months and 36 months.
  • The next step is to verify your loan application and then confirm it. Loop will then immediately email you a loan offer. Make sure you read the loan offer and comprehend it before going to the next step.
  • To accept or reject the loan offer presented, log in to the loop app and click the loop loan option. Follow the prompts and then enter the loop loan offer reference number.
  • If you end up accepting the loan offer the amount will be deposited into your loop account.

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    How to withdraw money from CBA loop account to your M-pesa

    To withdraw money from your loop account to your M-pesa, you proceed as follows:

  • The first thing to do is to open the CBA loop app and click on payment.
  • Secondly, select the send money option.
  • From the drop options that appear, choose “to mobile”
  • Then select “Mobile Money” and then enter the M-pesa number where you want to send the money. Eg. Your phone number.
  • Enter the amount you want then click proceed.

    • How to send money from M-pesa to your CBA loop account

    You may want to do this so that you can pay for a loan you had requested, or you want to add to your savings. The CBA loop paybill number is 714777. Here is how you send money from your M-pesa to your loop account.

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  • The first thing to do is to go to M-pesa menu on your phone and select “Lipa na M-pesa.”
  • Select the paybill option from the new menu.
  • The next step is to select, “enter business no” and enter the number 714777 as the business number and then press “OK.”
  • Enter your mobile number as the account number and press OK.
  • Enter the amount of money you wish to send to your CBA loop account.
  • The next step is to enter the M-pesa pin and click OK.
  • Confirm the details are all correct and press OK. You will receive a confirmation message from M-pesa notifying you of the transaction. Loop will also send you a notification to show that you have deposited money to your loop account. You can check your loop account just to be sure.

    • What else can the loop account be used for?

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    You can use the loop account to send money to other loop accounts. You can also use it to send money to other bank accounts. Loop can still be used to paybills like DSTV, electricity, etc.

    What have you learned about CBA loop? Is it the next era of banking? Do you have a loop account? If so, how do you find loop so far? Would you recommend it to others? Leave your views and comments about the matter in the comments section.

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    Source: TUKO.co.ke

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