At the time of writing, Meta Loan App has a 4.3-start rating, with over 1M+ downloads, and ranks position one(1) in the Google Play store under top free finance apps. But is it worth the hype? Let’s check it out in today’s loan apps review. So what is the Meta loan app, and why is it popular? Let’s find out.
Meta Loan App is a mobile loan service based in Nairobi, Kenya. The app boasts of providing instant and reliable loans to Kenyans by offering competitive interest rates and fast turnaround times. The app also provides an intuitive user interface for customers to apply for a loan and repay it quickly.
The loan app claims to provide an opportunity to apply for loans ranging from Kshs 1000- 80,000, and the repayment period ranges between 91 to 365 days.
The best part is that Meta does not require any collateral when applying for a loan – you can get approved in minutes without worrying about any paperwork.
Related: Kashbean Loan App Download And Application
Who is the Meta Loan App Best for?
Meta is best suited for those who need access to a loan without worrying about paperwork or collateral. It’s also great for those who need quick cash to pay for an emergency or urgent expense.
The app is most suitable for people with a steady income who can repay the loan on time. It’s also ideal for those who cannot get a bank loan due to a lack of credit history or a low credit score.
Who is Meta not suitable for?
Meta isn’t right for those who have been blacklisted on CRB or are in arrears on other loan apps, as they may not be eligible to apply. This app is also unsuitable for those seeking large loans, as the maximum loan limit is Ksh 80,000.
It is also unsuitable for those who don’t have a regular source of income and can’t afford to repay the loan on time. Based on customer reviews, late loan repayment individuals have reported receiving numerous harassment calls and intrusion of privacy.
The eligibility criteria for applying for the Meta loan are straightforward. You must be a Kenyan resident aged between 18 and 60 and have a source of income.
What are the Minimum and maximum loans I can get from the app, and for how long?
The minimum loan amount you can get from Meta is Ksh 500, and the maximum amount you can get is Ksh 80,000. The repayment period ranges between 91 days and 365 days.
See also LendPlus Loan App Download and Application
Interest rates and Fees
Meta Loan App claims to charge a fixed interest rate of 48% per year with no other processing or additional fees.
For example: For loans of Kshs 20,000 with a term of 91 days, the fees charged are as follows:
Monthly interest rate：48% / 12 = 4%
Monthly interest：Ksh 20,000 * 4% = Ksh 800
Total monthly payment： Ksh 20,000 / 3 + Ksh 800 = Ksh 7467
Total repayment bill, including principal and interest, shall be: Ksh 20,000.00 + Ksh 20,000 * 4% * 3 = Ksh 22400
However, this information is not factual; it’s just a marketing gimmick to attract customers.
How Does the Meta Loan App Work?
Meta loan app collects biodata from the user upon downloading and registering on the app. This includes personal details such as name, phone number, email address, and mpesa transaction messages.
The app then uses this information to generate the user’s credit score, which is used to determine the loan limit.
Once your loan has been approved, the Meta app will disburse the funds directly to your M-Pesa account in 1 minute.
In terms of security, your data is safe and secure. How? The data is specially transferred over a secure HTTP connection and it is not shared with anyone else except the Lenders.
How to Repay Meta Loan
Open Mpesa Menu
Select Lipa na Mpesa
Choose PAYBILL option
Then Enter the Business Number (4023507)
Enter the Account Number ( your Safaricom Mpesa Number)
Enter the amount you want to pay
Enter the Mpesa pin and select send
Remember, paying early will increase your credit score, creating a chance to get higher limits.
Users of Meta Loan App seem to be entirely satisfied with the service, citing quick loan disbursement and easy repayment terms. However, some customers have complained about the waste of time, high interest rates, and frequent calls from collection agents when payments are overdue.
Overall, users’ experience of the Meta app has elicited a mixed customer experience, with some expressing satisfaction and others describing it as a predatory loan app.
Methodology Used to Review The Loan App:
We have extensively researched its features to ensure we provide an accurate and unbiased review of the loan app. We also considered customer reviews from Google Play Store and Social media to determine how users perceive the Meta Loan App.
We also compared this app with other popular Kenyan loan apps regarding fees, interest rates, repayment terms, and customer experience.