To survive the current economic realities, many Nigerians now depend on loans. And readily available to meet these rising needs for emergency cash are the loan apps, which against all odds, have continued to serve the growing army of Nigerians in need of loans.
OKash loan app owned by Blue Ridge Microfinance Bank Limited is one of the apps providing quick and collateral-free loans to many Nigerians today.
OKash says it fulfils customers’ financial needs completely online 24/7. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account. This, the app owners, said makes it efficient for its customers to access credit anytime, anywhere.
The app offers loans ranging from N3,000 to N500,000 and repayment plan ranges from 91 days to 365 days. The app claims that its interest rate is within the range of 0.1% to 1%, even though some customers have been allegedly been charged rates higher than that. The company also recently updated the app, noting that the new version offers a better user experience with optimized page design and smooth application operation.
With over 1 million downloads on the Google Play Store, there is no doubt that the app is being used by many Nigerians. But does the app meet the expectation of its users? How has the experience been?
What users are saying
For the majority of OKash loan app customers who reviewed the app on the Google Play Store, one constant complaint is the poor customer service of the app. Here is what the users have to say about their experience:
Esther Olumoye, had an issue with her credit limit on the app, but her disappointment was the poor response by the app owners. “My experience with this app has been great. Repayment is easy to make with immediate account updates. But why the sudden drop in credit limit? This has been happening about 3 times now. I pay before the due dates. I’ve called customer care severally; nothing has been done to fix this. This is discouraging,” she said.
The experience was not different for James Martins, who had enjoyed using the app. For him, getting and repaying loans on the app was quite easy, but the customer service has been poor, which prompted him to uninstall the app. He said: “Prompt payment, easy registration, and loan application is simple. Payback is also easy and sometimes, you get stages of payment cleared when you meet up with the deadlines of previous stages. My disgust and the major reason for uninstalling was the rudeness of the customer service agents. Sometimes, you get a call on or before the due date, and the folks aren’t afraid to talk trash. Worse off, they would hang up on you. The interest rate is also outrageous.”
Another user of the app, Animashaun Blessing has this to say: “My experience with this app has been great. Easy registration and the loan application is simple, and repayment is also easy and simple but why the drop on credit limit? It happens all the time when someone’s about to reapply for a loan. I always pay before due dates but my credit limit always drops even lower than the previous amount I have requested for. This is discouraging.”
Using the OKash loan app wasn’t all rosy for Jamiu Abiona, but his experience was worsened by the app’s customer service. “My experience with this loan app has been a very bad one. I made payments over the due amount with the intention of using it in the wallet for other services. It’s been two weeks now and my wallet is yet to be credited with the excess amount. They are also not responding to my complaints at all, very unprofessional in their approach as the customer care agent hang up on me while laying a complaint about the issue. This is the worst loan app I have ever used,” he said.
Another user, who identified himself as Umar said: “You guys are now making false promises. Your agents will call and say one should pay now even when it is not yet the due date, with a promise that there will be an increase in the loan amount, at a reduced interest rate and longer duration. Immediately after the payment is made, the amount is reduced to less than 30k. This is false information and a trick on your customers. It’s very very bad and not a best practice for an organisation like yours. It simply means one can not trust your app. l have never defaulted but not sure to use you again.”
Apparently confirming that the reduction in credit limit for users is a deliberate ploy by the app, another user, Kelechi Joshua Nwankwo expressed disappointment about this same issue that other users have complained about. “I am so disappointed in you OKash. You reduced my credit to almost nothing. I paid so early, 2 weeks early before my loan due date and instead of increasing my credit, you reduced it. I paid earlier even with the first loan too. Why this?? This is so messed up. Am utterly disappointed and won’t use your app again,” he said.
While there are no complaints whatsoever about the functionalities of the OKash loan app, unlike others, the owners of the app are losing the trust of their customers due to failed promises. This is worsened by poor customer service, which is pushing many to uninstall the app.
Obviously, meeting the customers’ needs is not just about having the perfect technology. OKash will need to improve on its customer service and keep to its promises to win the trust of its customers.
Based on users’ experience and our analysis of the app, we rate OKash app 5 out of 10.