The NCBA Loop App is an online platform that allows customers to access banking services at their mobile phones’ comfort.
The App has features that facilitate transactions, such as 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 specified period.
Recently, an upgrade to the NCBA Loop App added a feature that allows borrowing from the App. The App acts as a virtual bank account to make deposits and withdrawals. The App has also been linked with MasterCard services, which means you can pay with your card if you have money in your Loop account.
This article has stated procedures that you need to follow when applying for an NCBA Loop App loan.
Registering on NCBA Loop App
To log on to the App, you need to download and install it on your device. After installing the App on your device, create a user’s account from where you will be accessing services.
The application is available in both Android and iOS versions. Therefore, when downloading the App, you should choose the version compatible with your device.
The procedure of downloading the App and creating an account on the App is outlined below.
Downloading the NCBA loop App
- Go to google play store or App store.
- In the search box, type “NCBA 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 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 physically go and collect your card at the nearest NCBA office. Here, your picture and biometrics will be taken before you get the card. They will unlock your account then, and you will be free to transact with the App.
The NCBA Loop App allows loans of up to Ksh.3 million and overdrafts 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 NCBA Loop Loans
- 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 borrow NCBA Loop Loans as much as your loan limit is. Therefore, when applying, ensure the amount you apply for is equal to or less than your loan limit.
You should repay the loan you apply for within the specified time. This not only protects you from adverse 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 NCBA 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 NCBA loop account
- Go to the Mpesa menu.
- Select lipa na Mpesa
- Select Pay Bill
- Enter NCBA loop Paybill Number 714777
- 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 Loop and Mpesa showing the transfer details. Once the money is in your Loop account, you can repay using the procedure below.
Repaying the loan
- Log in to your NCBA Loop account.
- Select loans
- Click repay loan
- Enter the amount due
After the payment, they will notify you 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. Other applications offer quick loans if you find the NCBA Loop app unsuitable for you.