In February last year, LOOP App unveiled a completely new look with even more features and offering solutions for both Buyers (Consumers) and sellers (merchants).
When the app first went live in 2017, it sought to transform banking with a solution that would see those who wanted a financial partner, not a bank. The app targeted the millennials looking for a different way to bank.
Over the years, the app has grown into a fully-fledged one-stop lifestyle shop with different offerings targeting users across different lifestyles. The new relaunch last year came with some pretty interesting features which if you’re already a LOOP user you should try checking out.
For a new user, the LOOP app is available for download for Android devices on the PlayStore and IOS devices on the Apple Store.
Here are three new favourite features.
Expense Tracker
An expense tracker is a crucial tool for maintaining financial health and achieving long-term financial stability. The new LOOP app tracker helps you become aware of where your money is going, making it easier to identify your spending patterns and habits as well as optimize your budget.
This feature also helps you to create a realistic budget. You can compare your actual spending to your planned budget and adjust accordingly.
By tracking your expenses, you’re also less likely to miss bill payments or spend beyond your means. It also helps you in setting and achieving financial goals, especially in these difficult economic times. Whether it’s saving for a vacation, a new hour, or a vacation, knowing your expenses lets you allocate funds more effectively.
Pay by code
This has been one of my favourite features of the LOOP app. The feature makes it easy and convenient for you to pay for goods and services and pay bills directly to different tills and pay bill numbers.
You can do this without having to transfer money to Mobile Money first saving you time and transaction charges.
LOOP Goals and Savings
Saving provides a safety net in case of unexpected expenses, such as medical emergencies, car repairs, or job loss. This ensures you don’t have to rely on credit cards or loans in these situations.
Whether it’s buying a home, a car, or funding education, savings also make these large expenses more manageable without going into debt.
The LOOP GOALS feature offers you the capability to have multiple goal wallets for your savings. These wallets allow for budgeting and planning by offering this separation and tracking capabilities. Unlike other solutions in the market, which require a customer to have multiple savings accounts, this solution is a one-stop shop – you can do everything from just one single app. This feature can be accessed from the Grow Tab on the LOOP app.
Money Pools
A money pool is when a group of individuals (friends, family members, neighbours, or even coworkers) combine their savings into one pot. The purpose of this arrangement is always to leverage each member’s financial resources to save money, reach short-term money goals, or create financial security. They provide an immediate source of funds for someone needing to pay for unexpected expenses.
Now the new LOOP app comes with this feature – LOOP Money Pool, that allows customers to create a funds drive-related group, send invites to members to join the group and provide a wallet for collections to be made. This allows for easy coordination and accounting for the funds transparently.
The feature can also be accessed from the Grow Tab on the LOOP app.
Other new LOOP features include Discover, which highlights the best deals and discounts around, and pay into Mobile Money from your LOOP app or pay using your physical card or up to 5 virtual cards to any merchant easily. We will be highlighting all these other features in a separate article.
The LOOP app is available for download for Android devices on the PlayStore and IOS devices on the Apple Store.
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