LOOP is a unique app that simplifies financial management by combining banking, transactions, budgeting and savings in one place.
It’s also a hassle-free solution that helps you streamline your finances. Whether you need a loan, an overdraft, or any other financial service, just take out your phone, open the LOOP app, and LOOP IT!
According to the Kenya National Bureau of Standards, the increase in the CBK lending rate, the inflation rate and the high cost of living have seen the rate of loan intakes reduce as Kenyans struggle with defaults.
LOOP saves it all, offering customers flexibility in repaying loans, affordable interest rates, flexible loan periods and a variety of loan offers.
With LOOP, you can unlock fast overdrafts of up to Ksh100,000 and personal loans of up to Ksh3 million, making financial management simpler than ever.
LOANS
Available Facility Options
What LOOP Loans are available to customers?
The following LOOP Credit facilities are accessible to all registered customers:
The LOOP Loan: This is an unsecured loan that is offered based on your Loop account activity and credit history through a convenient and simplified loan application process; simply apply in the app!
LOOP Overdraft: Access up to Ksh100,000 with a LOOP Overdraft whenever you need to access more than you have in your Loop Account.
- The LOOP Loan
What are the features of the LOOP Loan?
With the LOOP Loan, your loan limit is all data-driven and is fully dependent on your LOOP Activity as well as your credit history.
The application process is simple and hassle-free, with no paperwork, no red tape—and is instant!
LOOP-term loans will extend unsecured credit from Ksh50,000 to Ksh3,000,000.
The repayment period will range from 6 to 36 months.
The applicable interest rate on LOOP Loans differs from customer to customer and is determined by an individual’s credit history rating and the term of the loan.
What do I need to do to access a LOOP Loan?
It is quite simple.
Complete your registration on LOOP.
Make LOOP your primary account, channel your salary or proceeds from your business (other earnings) through LOOP, and transact for at least 3 months.
If you have a good credit history and we are happy with your transaction activity on LOOP, we will assign you a loan limit.
How do I qualify for a LOOP loan?
Make LOOP your primary account, channel your salary or proceeds from your business through LOOP, and transact for at least 3 months.
If you have a good credit history and we are happy with your transaction activity on LOOP, we will assign you a loan limit.
- Overdraft
What is an overdraft facility?
This short-term credit facility allows you to complete your LOOP transactions even when you have insufficient funds in your account.
What are the features of the LOOP Overdraft facility?
Pre-approved and advised limit based on activity and utilisation of LOOP services
Repayable monthly
Fully automated and instant lending process
All applicable fees for facility, credit insurance and excise duty shall be collected upfront on disbursement.
How do I qualify for a LOOP Overdraft?
Complete your registration.
Make LOOP your primary account, channel your business proceeds through LOOP, and transact for at least 3 months.
If you have a good credit history and we are happy with your transaction activity on LOOP, we will communicate to you your LOOP Overdraft limit.
What are the steps for the LOOP Overdraft application?
On the Account page
Click on the ‘Overdraft’ menu.
Accept the terms and conditions.
Click Activate Overdraft.
You will pay Ksh100 to activate your overdraft.
Select the amount you would like to activate.
Input your 4-digit PIN for authorisation.
An overdraft offer letter will be sent to you either via email, SMS or app.
Input the offer ref code and accept.
Input the authorisation PIN.
What is my overdraft limit?
On the Account page
Click on the ‘Overdraft’ menu.
Your available limit will be displayed here.
How do I know my utilised overdraft amount?
On the Account page
Click on the ‘Overdraft’ menu.
The overdraft screen will appear.
You should be able to view the available Overdraft.
How to deactivate Loop Overdraft?
On the Account page
Click on the ‘Overdraft’ menu.
Click on Deactivate Service.
If you have an existing Overdraft, a pop notification will appear requesting to regularise your account. If you have sufficient funds in your wallet, click yes.
It will automatically pay the utilised overdraft amount and deactivate the overdraft.
Input the authorisation PIN; you will receive a notification confirming the overdraft has been deactivated.
Where to Find Us/Download Loop App
The app can be downloaded on the Apple App Store and Google Play Store.
Click here to scan a QR code.
You may also search for LOOP on the Android Playstore or Apple Appstore.
What are you waiting for? Download LOOP now and access affordable loans. Get started and LOOP IT!
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Contacts
Tel: +254709714444
Tel: +254730714444
Email: support@loop.co.ke
Or visit us at our offices.
6th Floor, The Promenade, 19 General Mathenge Drive, Westlands.
Terms and conditions apply.