In this article we will be exploring M-Kopa cash loan types, eligibility requirements ,how to check your limit as a customer and make an application.
M-Kopa Cash Loans
M-Kopa has four credit services out of which two are cash loans.
Originally,M-Kopa used to give solar panels,radio, torches, feature phones, chargers and television sets on credit.
Today,the company is giving smartphone device loans, cash loans and Solapesa loans.
For the purpose of this article, we'll look at M-Kopa cash loans and Solapesa loans.
M-Kopa Cash Loans For Solar Customers
The M-Kopa cash loans is the first of the cash loans provided by the solar company.
A customer who has paid for a solar product for over 6 months or half the solar panel price is eligible for a cash loan.
The cash loan limits ranges from KES 3,000 to KES 15,000 and is based on the price of the solar product a customer is financing.
A customer paying for an expensive solar product will have a higher loan limit than a customer paying for a low price product.
M-Kopa SolaPesa Loans
Solapesa is the second M-Kopa cash loan product.
Loans range from KES 5,000 to KES 7,000
The Solapesa product is available to customers who took M-Kopa phones on credit.
A customer who is paying for an M-Kopa smartphone will be eligible when he or she meets the following;
Pay for over 6 months for the smartphone taken from M-Kopa.
Or pay half the required total amount to purchase the smartphone.
Once a Solapesa loan is approved,the amount is disbursed directly to the customers' Mpesa account.
How to Apply for M-Kopa Cash Loans, Solapesa
Whether you are an M-Kopa Cash Loans or a Solapesa customer, these are the recommended ways to apply for cash loans from M-Kopa;
M-Kopa SMS Number
A customer can send the word 'Loan' to M-Kopa SMS number 22624. Once received,a loan officer will get back to the customer to inform him or her about his loan status.
If a customer qualifies for a cash loan, the officer will tell him or her to proceed with the loan application.
But if the customer doesn't qualify for a loan at the moment,the officer will communicate the way forward.
M-Kopa USSD
The other way to apply for M-Kopa cash loans or SolaPesa loans is via USSD code *685#
A customer will use his or her M-Kopa account linked safaricom line to access the loan services via the M-Kopa Ussd code.
Eligible customers will get the loan amount sent directly to thier Mpesa accounts.
M-Kopa App
The third way to apply for M-Kopa cash loans is via the app.
M-Kopa app is available on Google play store. Customers can download and install the app into their M-Kopa smartphones.
To get M-Kopa cash loans, a customer will login, confirm his or her loan limit then submit a loan application.
As usual, approved loan amounts will be deposited into the customers Mpesa wallets.
Conclusion
M-Kopa Cash loans and Solapesa loans are available to existing customers and serve as a good way to keep the customers going with their daily activities knowing that they have cash at hand.
The loans which can go up to KES 15,000 for M-Kopa cash loans for solar product customers can serve as a good alternative to bank loans,chama loans or even loans from mobile loan apps.