Why KashOn Loan App is Legit But Not Good

You won’t get a low interest rate, long loan tenure, and good loan amount from most digital loan apps. So, in this review, we will scrutinize KashOn loans for you to know why it’s legit but not good.

KashOn is a lending app owned by Eric Vsta Limited. It is legit and fully approved by the FCCPC (Federal Competition and Consumer Protection Commission). The address is 350 – 360, Ikorodu Road, Maryland (Ikeja, Lagos). It has a CAC (Corporate Affairs Commission) registration. The website is kashon.ng.

Is KashOn Loan Legit or a Scam?

KashOn loan is fully approved by the FCCPC, however, it’s not a good loan app and you’ll find out why. Eric Vsta Limited, the owner of KashOn is also the owner of LinkCredit, Moniepot, Urkash, and Powerkash. So, if you come across any of these apps, it’s the same lender. Instead of creating so many loan apps, Vsta could focus on making one better. The difference between LinkCredit and KashOn is that the former promises up to 150,000 naira and allows people from 18 years to borrow.

KashOn has a high interest rate of more than 40% and more. You have only 7 days to pay back once you borrow from this app. If you apply for a loan of 14,000, you’ll be shown an interest amount of 4,000 naira. However, the amount KashOn will credit you is 9,800, expecting you to pay back 14,000 in 7 days.

In another scenario, if you apply for 13,000 naira, KashOn will disburse 8,000 naira only and may expect you to pay back 17,000 naira in return. It’s usually different amount for different people but you can see now that the interest rate hovers around 40% to 100%. If you ask why KashOn reduces the loan amount they disburse, they will say, “It’s for service charges, disbursement charges, and audit service fee.”

KashOn also contacts people to borrow with them. After you install this app, you’ll hardly receive response from the customer service if you encounter issues such as rejecting their loan due to the interest rate or getting them to delete your information from their app. The only time KashOn is quickly responsive is when it’s closer to your due date.

Sometimes, an agent from KashOn or Powerkash may send you a message about repaying the money, even before the due date.

KashOn is also poor with records keeping that often leads to repayment history errors. This is the reason many borrowers complain that this lender continues to disturb about repayment even when they no longer owe.

There is no guarantee that you’ll be given this loan after submitting your BVN, NIN, etc. This is the worst app in terms of customer service and borrower harassment concerns.

How Does KashOn Loan Work?

KashOn gives loans from 2,000 naira and up to 50,000 naira. Even if you manage to qualify for 50,000 naira as they promise, you won’t get it because you’ll be under-disbursed in the name of charges. This lender typically gives small loans, and takes credit history very seriously. With KashOn loan, you’ll be charged an interest rate of over 40%. For example, if you apply for 14,000, you’ll be credited 9,800, expecting you to pay back 14,000 in 7 days.

How to Apply for KashOn Loan

1. Download the KashOn app from the Google Play Store
2. Open an account with your personal and bank information
3. Submit your registration information
4. Apply for a loan

If your loan application is approved, the money will be credited to your bank account. As for the eligibility, you have to be a Nigerian and up to 21 years old but not older than 55.

Pros and Cons

Pros

• FCCPC approved
• Has a CAC (Corporate Affairs Commission) profile
• Available on Android

Cons

• A loan shark
• You have only 7 days to pay back
• Not available on iPhone
• Very high interest rate
• Loan amount is typically very small
• Worst customer service
• Has a history of harassing defaulting borrowers
• Contacts borrowers before due date

Is Your Personal and Bank Data Safe with KashOn?

Eric Vsta Limited has not had complaints about customer data abuse. However, this lender has a history of harassing defaulters, and sometimes calling borrowers before the due date. You can submit your personal and bank information to this loan app since it’s fully approved by the FCCPC. However, the experience as discussed in this review is likely what you’ll come across. Note that this app can view any information you share with them, and it’s up to them to treat your information according to their privacy policy.

Personal information collected includes your name, age, email address, phone number, personal description, marital status, photograph, username, NIN, and home address (such as utility bill). Bank information collected by KashOn includes BVN (bank verification number), debit/credit card number, and bank account number.

When you install the KashOn app, information collected from your device, either with your permission or no permission, includes your installed apps, device ID, device type, IMEI, GPS information, device operating system, IP address, personal contact numbers, call logs, SMS logs, Facebook friends and other social media accounts, photos, and videos or other digital content. KashOn can also contact someone in your phone list, SMS, call list, etc.

Verdict

This lender is legit, and that’s because of its FCCPC license. If you can’t afford 40+% interest rate, don’t bother borrowing money from KashOn. In this review, KashOn gets a 2 out of 5 rating because of its high interest rates, 7 days loan tenure, and misleading loan amounts (they underpay the loan in the name of charges) displayed in the app.

Read Also: How to Apply and Get a Loan from ALAT