CBA Loop app: What is, how to join, and get a loan

CBA Loop is CBA Bank’s latest eye-catching innovation and I have to admit that they have again done a brilliant job.

Unsurprisingly, the app has already looped in more than 100K users most of whom have given the app an impressive rating of 4+ stars, according to apps review website appsgroove.

The app also commands a massive following on social media and is especially popular on Facebook, where it has amassed about 140,000 followers despite being relatively young.

So, what is CBA loop and how exactly can it help you streamline your money management?

Well, that’s what we will be discussing in this post.

I will also be showing you how to join a CBA loop and how to complete various activities from the app including CBA loop to mpesa transactions.

Let’s dive right in:

What is CBA loop?

Running under the theme of unbanking yourself, CBA loop is an ingenious digital banking app developed and managed by CBA bank, one of Kenya’s largest private banks.

It’s effectively a bank in your hands as you can practically execute all your regular banking transactions from the loop.

Imagine borrowing kshs.999,999 without all the tiring paperwork and annoying red tape?

And can you imagine having an app that reconciles your incoming cash and the payments to help you rein in on your spending?

Well, the CBA loop can do this and much more as you’ll learn next..

 

Who is the app for?

While it’s true that the app was primarily targeted at millennials who abhor banking queues, the app has proven a hit across the board.

And whether you’re a business person, a civil servant, or even a student looking for an easy way of managing your finances, the app got your back.

Why use CBA loop

As I said, Loop is a full-fledged personal digital bank and will give you an awesome banking experience from the comfort of your home.

Let’s look at its salient features for you to understand better…

 

1.   Loop’s Loan center: You can borrow up to shs.3 Million

I had mentioned this….with the app, you can access mobile loans of up to shs.3 million with a flexible repayment period of 6 months-3 years.

Summary of CBA loop loans

Type of loan Max amount Term
Personal loan

(Loop Term Loan)

Shs.50000- Shs.3 M 3 years(36 months) loan period
Overdraft Shs.100000 1 month

All CBA loop loans require no guarantor, collateral, or time wasting.

CBA Loan Fees:

Fee Personal loan Overdraft
Facility fee 2% 2%
Excise Duty 10% 10%
Insurance Premium 0.7%
Interest rate Varies* 0.04% of the daily utilized overdraft

*The interest rate for personal loans depends on your loop transaction history and selected data variables and is different from one looper to another.

How can I access a CBA Loop Loan?

First, you have to join the app and register.

How do I join a CBA loop?

Here is how to join…

Step 1: Download the app from app store/play store.

Step 2: Next, complete your CBA loop online here (you will be asked for details such as your email address).

Once you’re through here, you’ll need to deposit cash to your Loop account by following the steps below.

How to Deposit  Money from MPESA to Loop

  1. Open your MPESA menu (on your phone).
  2. Click Lipa na MPESA.
  3. Click Paybill.
  4. Choose Enter business no. and type 714777(Loop business no) then press OK.
  5. Type your Mobile Telephone Number (it’s Account Number) then press OK.
  6. Type the amount to deposit then press OK
  7. Type your MPESA PINthen press OK.
  8. Confirm everything then press OK.
  9. Unless you cancel the transaction, you will receive a notification of the transaction from MPESA within seconds.

You have now joined the happy Loopers family.

Next, visit the nearest CBA Loop Store (Find the locations below) and ask for your Loop Card. Done? Very well…

Now you remain with steps 10 and 11 below….

  1. Make your CBA Loop your primary bank account and channel all your incomes (salary and proceeds from your side hustle) through Loop.
  2. Keep transacting for at least three (3) months. For an overdraft, you only need to transact for a month to qualify.

That’s how you join and become eligible for a loan from Loop.

Can you be granted a regular loan if you have a pending Overdraft?

Yes provided you haven’t exceeded your credit limit as determined by your loop account movements.

Having said that, you should be cautious since irresponsible borrowing might put a blemish on your credit records if you’re unable to make timely repayments.

Remember the bank also lists defaulters with CRB, an occurrence which will make it difficult for you to secure loans even from other financial institutions.

2.  Loop’s finance manager: An accountant in the palm of your hands

If you have been worrying about where your money goes, worry no more!

Loop’s personalized finance manager keeps an eye on your spending habits and will paint a clear picture of what’s happening to your hard-earned cash.

It actually prints an in-depth graph of how you spend your cash to help you make informed financial decisions.

There is even a budgeting tool to help you plan your finances like a pro.

In short, it has everything you need to take charge of your money.

CBA Loop

3.   Loops payment Assistant: Make payments with just a few taps

This is one of the best Loops features.

Not only can you pay your DSTV, water, or power bills conveniently but you can also pay the greengrocer via his/her till number from the assistant.

What’s more?

You can send cash directly to your looper buddies for free, to MPESA, or even to a chosen Bank account via various platforms at amazing rates.

You can as well automate your regular payments, for example, for an insurance policy by creating a debit order via Loop.

Best of all, Loop remind you about the due amount 3 days before the payment date!

 

4.   Loop Goals Feature: a helping hand in financial goal setting

We all have big dreams, don’t we?

You dream of owning a palatial home, a posh car, maybe a yacht, or to travel the World (Admission: I want to tour 100 countries before I retire), and so forth.

Now, these dreams remain just that- dreams, unless you act. You can start by setting up a goal on Loop and then saving religiously towards it.

Loop keeps you on your toes with constant reminders and will help push you closer to your dream.

Even better, the app pays competitive interest rates on your invested amounts (you can deposit as little as Ksh.1000).

Before we proceed, it’s important that I show you how to withdraw your cash from CBA loop to MPESA.

 

How do I transfer money from CBA loop to MPESA?

  1. Open your CBA Loop App from the phone.
  2. Click Payments.
  3. Click Send Money.
  4. Select To Mobile to transfer to Mpesa.
  5. Choose Mobile Money.
  6. Enter the Mpesa Number you wish to transfer the money to
  7. Type the Amount then select Proceed.

The good news is that CBA loop levies a flat charge of shs.42 for all withdrawals regardless of the amount so it’s quite economical especially with larger transfers.

Let’s now turn our attention to the app’s contact information and where to find the Loop stores nationwide..

 

CBA Loop Store: Location in Nairobi & CBA Loop branches Countrywide

You can go for your card from any of the following CBA Loop Stores.

Loop Store Name

Location

Nairobi

Mama Ngina Loop Store International Life House-Mama Ngina Street
Yaya Center Loop Store Yaya Centre, Kilimani, 1st Floor
Garden City Loop Store Garden City Mall, Thika Road, 2nd Floor
Buru Buru Loop Store The Point Mall, BuruBuru Phase 4, 1st Floor
Ongata Rongai Loop Store Maasai Mall, Ongata Rongai, Ground Floor

Mombasa

Moi Avenue Loop Store CBA Building- Moi Avenue
Nyali Center Loop Store Ground Floor, Nyali Center
Kisumu
Kisumu Loop Store Mega Plaza, Ground Floor (Lower)

Machakos

Loop Desk

 

CBA Branch Machakos, Machakos CBD, Mbolu Malu Road.

Eldoret

Loop Desk

 

CBA Bank Branch, Uganda Rd, Eldoret Zion Mall

Nakuru

Loop Desk CBA Branch, Kenyatta Avenue( Nakuru CBA Center)

CBA loop contacts

You can also call the dedicated CBA loop customer care service team on 0709714000/0709 714 444 / 0730 714 444 for any assistance including resetting your CBA loop login credentials.

 

Other important details

CBA Loop Website: https://www.cbaloop.com/#/home/0

Email: [email protected]

CBA Loop Paybill: 714777

 

Conclusion

CBA loop has a plethora of impressive features and should help you become your own banker, financial manager, accountant, cashier, and more.

Indeed, some of its users have called CBA loop the best digital banking app in Kenya and it’s hard to disagree.

If you would like to try the app, download from Google Play Store (Android) or App store (iPhone).

Good luck.

 

 

 

 

  

  

 

 

 

 

 

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