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M-KOPA Cash Loan is a financial product offered by M-KOPA to its customers. M-KOPA is a financial technology company operating in several African countries—including Kenya, Nigeria, Uganda, Ghana, and South Africa. The platform is well-known for its “pay-as-you-go” financing for devices-—such as smartphones, solar equipment, e.t.c.—letting low and middle income earners pay small, frequent amounts to own a device.
In addition to that, M-KOPA also offers a Cash Loan to existing customers—not for everyone—who have demonstrated a good repayment histories on their M-KOPA's pay-as-you-go device—like phone or solar—plans. In other words, you must have a track record of making payments on your existing M-KOPA financing to qualify for the cash loan.
The M-Kopa Cash Loan is sometimes called “SolaPesa,” which means—Cash Loan, by Kenyans. However, we are not talking about the company' profile or reputation in this article. The primary reason of this article is to discuss the cash loan limit, loan amount, and what borrowers can do to increase their loan limit.
M-KOPA Cash Loan Limit
M-KOPA offers three types of loans. Among them is Cash Loan, and the cash loan—otherwise known as SOLAPESA— is given to existing customers with a commendable repayment record. Due to this metrics of offering loans, we can say the limits or amounts of loan that'll be disbursed will be based on customer's repayment histories.
For instance, M-KOPA cited on its Nigeria's website that customers can access “better priced digital cash loans after 3 months of on-time payments.” This statement signifies that the M-KOPA Cash Loan Limits are dynamic and depend entirely on individual customer eligibility and repayment history.
The Loan Amounts: The M-KOPA Loan Amounts range depending on customer's region. In Kenya, the loan amount ranges from KES5,000 to KES7,000. Nigerians with good repayment histories can access M-KOPA Cash Loan ranging from N5,000 to N50,000.
But one thing you need to understand, that's certain is that your loan limits—including the loan amounts and repayment tenures—all depend on your credit history with the platform. You will know the amount you are eligible for when you login to M-KOPA account and apply for a loan. M-KOPA's internal system will evaluate your entire credit histories and the limits will be communicated to you before you accept the loan.
How to Check Loan Limit on M-KOPA
Checking your eligibility, loan amount, and loan limit on the M-KOPA app is a straight forward process. But, you need to note that if your M-KOPA app is outdated, you'll need to update it on either iOS app store or Google Play store—depending on the smartphone you're using.
After that, you'll need to login to your M-KOPA account via the app using your username or phone number and unique password. Next, tap on the "Offers" menu on the home screen, and you'll see if a loan offer is available to you. If you've got an offer, the loan amount, limits, interest, and repayment plans will be displayed there.
If no cash loan offer appears in the app, it means the offer is not currently available for you. You'll need to keep committing to the app by consistently making timely payments on your initial M-KOPA product—like a smartphone or other device. Doing that can lead to higher loan offers.
If you’re not currently paying for any M-KOPA product, or you haven’t been given a pay-as-you-go loan, it means your overall creditworthiness with M-KOPA is low. You’ll need to build your credit score outside the app before you can re-apply for an M-KOPA smartphone loan or solar loan. In a nutshell, M-KOPA's pay-as-you-go loan is the gateway to its cash loans.
