the Kashkash loan app will ask to see the phone numbers saved on your phone. They might contact your friends or family if you don’t pay back the loan
Introduction
Kashkash is a loan app in Nigeria that gives people instant loans. However, it is known as one of the bad loan apps in the country.
Nigerian authorities even shut it down once because it broke the rules. Many people call it a “loan shark” because of its harsh practices and high-interest rates.
With them, you can borrow between ₦10,000 to ₦100,000. The repayment period is from 91 days to 365 days, but it can be very expensive.
The app says the yearly interest rate is between 12% to 34%. However, many people complain that sometimes the interest rate can go as high as 50%. This makes the loan very costly and risky, and it can be hard for borrowers to pay back the money.
A big problem with them is how they handle loan repayment. If you delay your payment, they will start calling you all the time, and sometimes they even contact your friends, family, and coworkers.
This behavior makes many people feel stressed and embarrassed. It is not a good experience for those who borrow money from this app, and it makes them look like a loan shark.
Another issue is that it is not very clear about the costs. They do not tell you all the charges at the start, so many people find out later that they owe more money than they thought.
For example, they might add extra fees that you didn’t know about, which makes it even harder to repay the loan.
Even though Kashkash has a bad reputation, some people still use it because they need money fast and have no other options. But it is important to be very careful.
The high interest, hidden charges, and the way they chase people for payments can cause a lot of problems. It’s easy to fall into a debt trap where you keep borrowing more money to pay back what you owe.
In conclusion, Kashkash is not a safe choice for borrowing money. If you need a loan, it is better to look for other apps that are fairer and more honest.
Always read the terms carefully and make sure you understand how much you have to pay back before you take a loan. This will help you avoid getting into trouble with high interest and bad practices like those used by Kashkash.
History and overview
Kashkash is a loan app that started in Nigeria in 2022. It quickly became known for offering instant loans to people who needed money.
Users could borrow between ₦10,000 and ₦100,000 and repay the loan over 91 days to 365 days. However, Kashkash became famous for having very high-interest rates and aggressive ways of collecting payments.
There are rumors that it is owned by a company called Credit Wise, but nobody really knows who owns it. This lack of information made many users worried because there is no way to contact the owner.
The app does not have a physical office, which means customers cannot go somewhere to get help or make complaints.
they faced a lot of criticism for its bad practices. Many users reported that the app acted like a loan shark, putting pressure on people to pay back their loans.
Because of this, Nigerian authorities shut down the app for breaking rules. Even after this, Kashkash managed to keep operating, attracting people who needed quick money.
As of now, it is no longer available on the Google Play Store, which means new users cannot download it. This has left many past users confused about their loans and how to pay them back.
The story of Kashkash shows the risks of using loan apps in Nigeria, especially those that are not clear about who owns them and how they operate. People should be careful and look for other, more reliable options when borrowing money.
Requirements
Phone Number
The requirement for a phone number linked to your BVN (Bank Verification Number) means that applicants must provide a phone number that is registered with their bank account.
This is important because it helps verify the applicant’s identity and ensures that they are associated with a legitimate bank account.
Active BVN
This requirement helps the loan app verify the applicant’s identity, prevent fraud, and check their credit history.
It ensures that the person applying for the loan has an existing bank account and helps the app assess their financial credibility. An active BVN makes it easier for Kashkash to confirm that you are a real person with a legitimate banking record.
Access to your phone book
the Kashkash loan app will ask to see the phone numbers saved on your phone. They might contact your friends or family if you don’t pay back the loan. Be careful before allowing this access
Account Number
The requirement “Account Number” means you must provide your bank account number when applying for a loan with Kashkash. This is needed so they can send the loan money directly to your bank account and collect repayments when due. Make sure your account number is correct to avoid any issues with receiving the loan.