In today’s fast-paced world, financial needs can arise unexpectedly, requiring immediate access to funds. Meta Loan is a reliable mobile loan service provider catering to customers in Kenya.
With a seamless digital process accessible on your mobile device, Meta Loan offers a convenient solution for your financial requirements. In this article, we will explore the features, eligibility criteria, and repayment process of Meta Loan, highlighting its benefits and reliability.
Loan Features
Meta Loan provides a range of features designed to meet the diverse financial needs of its customers. The key features of Meta Loan include:
Loan Amount: Meta Loan offers loan amounts ranging from KSh 1,000 to KSh 80,000. This wide range ensures that borrowers have access to funds suitable for both small expenses and larger financial obligations.
Loan Tenure: The loan tenure provided by Meta Loan ranges from 91 days to 365 days. Borrowers have the flexibility to choose a repayment period that aligns with their financial capabilities, allowing for comfortable and timely repayments.
Maximum Loan Limit: Meta Loan sets the maximum loan limit at KSh 80,000, providing borrowers with the opportunity to access higher amounts when needed.
Maximum Annual Percentage Rate (APR): Meta Loan’s maximum APR is set at 48% per year. This interest rate ensures that borrowers have access to affordable loans while maintaining transparency in the cost of borrowing.
Loan Example
To illustrate the cost structure of Meta Loan’s loans, let’s consider an example:
Suppose a borrower requires a loan of KSh 20,000 with a repayment tenure of 91 days. With an APR of 48% per year, the monthly interest rate would be 4%.
Monthly Interest Calculation: Monthly interest = KSh 20,000 * 4% = KSh 800
Total Monthly Payment Calculation: Total monthly payment = KSh 20,000 / 3 + KSh 800 = KSh 7,467
Total Repayment Calculation: Total repayment bill = KSh 20,000 + (KSh 20,000 * 4% * 3) = KSh 22,400
In this scenario, the borrower would receive KSh 20,000 and be required to make three monthly payments of KSh 7,467. The total repayment, including the principal and interest, would amount to KSh 22,400.
Eligibility Criteria
To qualify for a loan from Meta Loan, applicants must meet the following eligibility criteria:
Kenya Resident: Meta Loan extends its loan services exclusively to residents of Kenya, ensuring that the loans are accessible to individuals residing within the country.
Age Requirement: Applicants must be between 18 and 60 years old. This age range ensures that both young adults and experienced individuals have the opportunity to benefit from Meta Loan’s financial assistance.
Source of Income and Ability to Repay: Meta Loan requires applicants to have a reliable source of income and the ability to repay the loan within the specified tenure. This criterion ensures that borrowers have the means to meet their repayment obligations and avoid financial strain.
Repayment Process
Meta Loan offers convenient options for loan repayment. Here’s how you can repay your loan:
M-PESA Paybill Method: Repayments can be made through the M-PESA Paybill service. Simply use the Paybill number 4023507 and enter your Meta Loan account number, which is the same as your registered M-PESA phone number. Enter the repayment amount and confirm the transaction by entering your M-PESA PIN.
Meta Loan App M-PESA Express: Alternatively, you can use the Meta Loan mobile app and select the M-PESA Express option for repayment. Enter the repayment amount and authorize the transaction using your M-PESA PIN.
It is crucial to make timely repayments to maintain a good credit score and increase your chances of obtaining higher loan limits in the future. Timely repayments also contribute to strengthening your financial credibility and responsible borrowing habits.
Conclusion
Meta Loan stands as a reliable mobile loan app that provides convenient and accessible financial assistance to customers in Kenya. With features such as a wide range of loan amounts, flexible tenure options, and a user-friendly digital process, Meta Loan offers a seamless borrowing experience.
The absence of collateral requirements, no credit report prerequisites, and direct disbursement to M-PESA further enhance the convenience and reliability of Meta Loan’s services. By adhering to the eligibility criteria and making timely repayments, borrowers can increase their credit score and enjoy access to higher loan limits. Trust Meta Loan to cater to your financial needs with efficiency and convenienc
