iPhone users looking to borrow cash to cover one or two expenses can now explore the Masterplan loan app. Recently launched by Masterplan Consulting and Technology Services Ltd, this app aims to assist Nigerians in managing financial gaps between paychecks and unexpected expenses. In a market flooded with unreliable loan apps, it becomes crucial to scrutinize the legitimacy of the Masterplan loan app. Is it licensed by the Central Bank of Nigeria (CBN)? What are the interest rates offered?

This Masterplan loan app review is dedicated to answering these pressing questions, providing you with the information needed to make an informed borrowing decision.

What is the Masterplan Loan App?

Masterplan is a mobile app that provides quick and convenient access to personal loans ranging from ₦3,500 to ₦80,000 with repayment terms between 7 and 31 days. It boasts an easy application process, and fast approvals, making it an easy choice for those who are seeking short-term financial solutions.

Why Choose Masterplan?

  • Available to iPhone Users: Unlike many loan apps, Masterplan is compatible with iPhone devices, providing convenience for iOS users.
  • Fast and efficient: Your loan application can be approved within minutes if you qualify and you receive the funds directly into your bank account.
  • Flexible: You can choose a loan amount and repayment term that fits your needs and budget.
  • Convenient: Ability to manage your loan application, track repayments, and make payments all within the app.
  • Transparent: Masterplan is clear and upfront about the loan terms, interest rates, and fees before you apply.

Is the Masterplan Loan App Legit?

Whether or not the Masterplan loan app is legit depends on your definition of the word “legit”. If you are asking whether Masterplan truly gives loans, then yes, they do give out short-term loans to users but with high-interest rates.

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However, if you want to know whether they are legit in terms of being licensed by the CBN and the FCCPC, then no! The Masterplan loan app does not have a CBN license to operate as a lender in the country. They were not also found among the list of loan apps approved by the FCCPC. So based on these missing approvals, Masterplan can not be said to be legit.

That said, the fact that the loan app is available on the Apple App Store and has a rating of 4.2 out of 5, indicates that they are doing something right. So you can expect your information as well as the security of your device to be intact.

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Masterplan Loan App User Reviews

There are mixed reviews concerning the Masterplan loan app on the App Store. Some users complained about the exorbitant interest rate charged by the loan company, others said they were disbursed a loan they did not apply for, but some others were happy that their loan expectations were met. Let’s see some of the reviews:

A user Mrmrnetwork said that after paying a loan he previously took from Masterplan, they proceeded to send him another one he didn’t apply for. Here is what he said:

You people are fraud I paid off my loan and you people sent me another loan without my notice. I will not pay back that money of 7k And I have returned your money back to your sterling bank nobody should call me I didn’t ask for loan and you give me loan. Why? They are fraud they keep putting loan in your account with very high interest and threatens to send your pictures

Another user that goes by the username brightbella is grateful to the loan app for coming through for her when the going was tough. In her words: 

This app have helped a lot of people and we’re able to pay back, I just want to thank the community of this great group

Sandra_effinger said that although the loan application process was tough and took her time, she is grateful that in the end, it was all a success. Here’s her own words:

it was a tough time to full compete the details but I need this money that is why I have to try to get it do and am happy all my efforts was not wasted

For another user who goes by the moniker PIO 9, it was a different situation. This user is frustrated to have been told that some money was credited into his account when in fact he didn’t see anything despite being charged a small fee. He is adamant that he isn’t going to pay for money he did not use. Here’s what he said:

I was just told have been given a loan meanwhile I didn’t see any money in my bank account you guys still debited me 20 naira fee and didn’t give me any loan and it says have been given a loan and I should repay am not going to pay any repayment loan when I don’t receive any money in my bank

As we can see from the reviews, there are mixed reactions to the Masterplan loan app. While some users appreciate its promptness and accessibility, others raise concerns about unsolicited loans, high-interest rates, and unclear loan disbursements.

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FAQs about the Masterplan Loan App:

Masterplan Loan App

1. Who is eligible for a Masterplan loan?

  • You must be a Nigerian citizen or resident above 18 years old.
  • You must have a valid Bank Verification Number (BVN).
  • You must have a steady source of income.
  • You must have a good credit history (if applicable).

2. What documents do I need to apply?

  • Your BVN
  • Your bank account details

3. What are the interest rates and fees?

  • Interest rates range from 28% to 35% per week.
  • There may be additional origination fees or late payment charges depending on your loan terms and creditworthiness.

4. How do I repay my loan?

  • You can make repayments directly through the app using your linked bank account.
  • You can also make a transfer directly to their bank account and indicate that you have made the payment.

5. What happens if I miss a payment?

  • Late payments may attract extra fees and could affect your chances of getting loans from other lenders.

6. Is Masterplan safe and secure?

  • Masterplan uses standard security protocols to protect your data.
  • They never share your information with third parties without your consent.

Masterplan Loan App: Final Thoughts

Proceed with caution: While some users have had positive experiences with Masterplan, the app has received its fair share of negative reviews highlighting issues like unsolicited loans, high-interest rates, and unclear loan disbursements. If you’re considering using Masterplan, be sure to thoroughly research the app and its terms and conditions before applying for a loan.

Here are some additional tips for borrowing money from mobile loan apps:

  • Compare interest rates and fees: Make sure you understand the interest rate and any associated fees before you apply for a loan.
  • Read the fine print: Carefully review the loan agreement before you sign it, paying close attention to the repayment terms and potential penalties for late payments.
  • Only borrow what you can afford to repay: Don’t borrow more money than you can comfortably repay within the given timeframe.
  • Be wary of unsolicited loans: If you receive a loan that you didn’t apply for, don’t feel obligated to repay it. Contact the lender and let them know that you didn’t request the loan.
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ALSO READ: Freshmoni Loan App Review: Legit Or Not?

Notice

Many loan apps change their interest rates and repayment terms over time. Always review the terms and conditions carefully before downloading any loan app. B4loan doesn't promote any loan app, we just help you make informed decisions.

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