M-Kopa, primarily known for its innovative solar energy products designed for rural areas with low electricity penetration, has expanded its services to include financial solutions. One such solution is the Mkopa Cash Loans, which aims to provide accessible cash loans to its existing customers. This guide will walk you through how to apply for these loans using the USSD code.
What Are Mkopa Cash Loans? Mkopa Cash Loans are a financial service offered by M-Kopa to customers who have consistently made payments on their solar products for at least 90 days. These loans are designed to provide flexible financial assistance to customers, enabling them to meet various financial needs, including emergencies and opportunities.
Eligibility for Mkopa Cash Loans:
- Must be an existing M-Kopa customer.
- Must have completed at least 90 days of daily payments for any M-Kopa solar product.
- Loan limits and eligibility might vary based on the customer’s payment history and creditworthiness.
Steps to Apply for Mkopa Cash Loans via USSD:
- Ensure Eligibility:
- Before applying, make sure you meet the eligibility criteria mentioned above. Consistent payment history on M-Kopa products is crucial.
- Accessing the USSD Menu:
- On your mobile phone, dial *685# to access the Mkopa USSD menu. This service is available to Kenyan customers with registered mobile numbers.
- Follow USSD Prompts:
- After dialing the USSD code, follow the prompts on your screen to navigate through the loan application process. You will likely need to enter specific details regarding your previous product engagement and the amount of loan you wish to apply for.
- Loan Application:
- Select the option to apply for a cash loan. You might be required to confirm your identity and agree to terms and conditions laid out by M-Kopa.
- Loan Approval and Disbursement:
- Once your application is submitted and processed, if approved, the loan amount will be disbursed directly to your M-Pesa account. Approval times can vary depending on several factors including your credit history with M-Kopa.
Mkopa Products:
- M-Kopa offers a range of products including solar panels, mobile phones, radios, television sets, light bulbs, and charging systems, which can be financed through their payment plans.
Alternative Contact Method:
- If you encounter any issues with the USSD code or require more personalized assistance, you can WhatsApp M-Kopa at +254 799 136761.
Downloading the Mkopa App:
- For a more integrated experience with M-Kopa services, including managing your loan, downloading the Mkopa app from the Google Play Store is recommended.
Conclusion: Mkopa Cash Loans offer a convenient way for M-Kopa’s existing customers to access financial support by leveraging their good payment history on solar products. By using the USSD code *685#, customers can easily apply for loans without needing internet access, making it highly accessible for users in remote areas.
This guide aims to help M-Kopa customers navigate the process of applying for cash loans, ensuring they can continue to benefit from the company’s services beyond solar products.
