LOOP is not just an app… It’s a financial platform in your hands. One that has the DNA of other apps and services that may be familiar to you already but with the added advantage of packing a lot more.
Now that its app has been refreshed, here are five reasons why you should be on LOOP, if you aren’t already. And if you are there, even more reason why you need to stick around or use some, if not all, of these features:
1. Online purchases
Much as LOOP is very much online-focused, once onboarded, you can apply to have a physical card. This physical card’s credentials can be used to make online purchases – on top of it being able to be used like every other card at phyiscal stores to make purchases. From physical products to subscriptions and other services accessible online. It’s Formula One season, for instance, how are you paying for F1 TV? Your LOOP card can come in handy.
Even better, one can create – up to 5 – virtual cards on the LOOP app and use them to make purchases. Normally, this is even a much better way of working since the security risks can be considerably lowered this way. With LOOP, this is just at par with the physical card since, from the app, you can manage the card – including blocking it should your details fall in the wrong hands.
In short, you have all the flexibility you need. And, in the revamped app, this is a lot easier to do than before.
2. Overdraft
If your F1 TV subscription is up for renewal and, for some reason or the other, you don’t have enough to have the automatic deduction go through, you could request for an overdraft in advance. Now, F1 TV here is a placeholder for just about anything you spend your money on. Including physical purchases where you could use your card. Or, on the app, once your overdraft has been approved, you can spend it whichever way you wish. Of course, there are terms and conditions and you need to be approved for the use of the overdraft facility.
3. Investment options
If you’re on X (formerly Twitter) then you’re not a stranger to this discussion that has been buzzing since the start of the year: investing… What investment options are available to you?
Now, I know the kinds of conversations that have been happening on X and the general sentiment towards some of the investment options available out there (note: this does not count as investment advice and should not be treated as such). However, if, like yours truly, you have a few coins to spare that you are comfortable safely keeping away in exchange for a modest return (just over 7% annually) while maintaining access to them (you can request your money and get it in 48 hours), why would you not consider something built right into the financial platform you’re already on?
LOOP Invest gives you a chance to do just that: invest. With as little as Kshs 1,000 and you can set up to 10 different investments. That construction you’re planning on some time next year? You could let the money earn some little interest on the side while you get ready without doing as much as lifting a finger… Being a fixed deposit account, you get to lock your money in a for a period and watch it grow as you work towards whatever your goal for doing so is.
4. Bill payments
For a Nairobi resident, it is possible to pay your water bill, your electricity bill and pay for your shopping using a LOOP till number all from the app. For other people with various life contexts, LOOP should be able to come in and handle a significant portion of the monthly budgeting, spending and saving, including bill payments even on eCitizen, when accessing government services. For regular Expressway users, it provides a very easy way for one to top up their electronic toll collection (ETC) onboard units (OBU).
You can also set these bills to be automatically settled. You know, just like… standing orders?
5. Standing orders
This is one of those features that recently made it to LOOP – was missing for years – that has made it very attractive. Especially for those who prefer order in how they manage their affairs. You can set up recurring payments to your landlord, set up automatic loan repayments, or monthly allowances for whoever you are seeing… The options are seemingly endless. And, all of that, without any paperwork. Just the app.
Bonus: Saving Plans
It’s March and you may be feeling like it’s too late to get started on the 52-week challenge. Or you started then fell off immediately after the first week (life happens, I know).
Here’s the thing: it’s not too late to get on the 52-week challenge bandwagon. And, you don’t need pen and paper or some extra app from parties you’ve never heard or interacted with in order to get started and get going. You could join a 52-week challenge for savings or create your own savings plan. The new LOOP app is such that it will suggest this to you as you navigate it and you can choose, at your own time, when to get started.
