Are you considering taking a loan from Okash? As with any financial institution, it is important to ensure that they are legitimate and registered with the appropriate authorities. In this blog post, we will discuss whether Okash is registered with the Central Bank of Nigeria (CBN) and if it is a legitimate loan provider.
We will also address the concern of whether Okash calls your contacts or borrowers who default on their loans. Let’s dive in and find out the truth about Okash.
What Are The Features Of Okash
Are you curious about the features of Okash? Let’s dive in and explore what this loan provider has to offer.
- Instant loans: Okash provides quick and convenient access to loans, allowing you to meet your financial needs promptly.
- Flexible repayment options: With Okash, you have the flexibility to choose repayment periods that suit your financial situation.
- User-friendly mobile app: Okash’s mobile app makes it easy to apply for a loan and manage your repayment schedule, right from the palm of your hand.
- Competitive interest rates: Okash offers competitive interest rates, ensuring that you can borrow money at a reasonable cost.
- Personalized loan limits: Okash considers various factors to determine your loan limit, ensuring that you can access the amount you need.
- Transparent process: Okash provides clear and transparent information about their loan terms, fees, and charges, ensuring that you have a full understanding of your obligations.
These are just a few of the features that make Okash a popular choice among borrowers. Now, let’s move on to the next section and explore whether Okash is registered with the Central Bank of Nigeria and if it is a legitimate loan provider.
Is Okash Registered With CBN and Legit?
Yes, Okash is registered with the Central Bank of Nigeria (CBN) and is a legitimate mobile loan company. It is operated by Blue Ridge Microfinance Bank Limited, a CBN-licensed microfinance bank. Okash is subject to CBN regulations and must adhere to its consumer protection guidelines.
Does Okash Call your Contacts
Yes, Okash may call your contacts if you default on your loan. This is one of the ways that Okash collects debts from defaulters. Okash may also send SMS messages to your contacts, or even post on your social media accounts, to alert them that you are in debt.
What Happens To Okash Loan Defaulters
If you find yourself unable to repay your Okash loan, you may be wondering what consequences you could face. While each case is unique and can vary depending on factors such as the loan amount and duration, here are some possible outcomes for Okash loan defaulters:
- Increased interest rates: Okash may impose higher interest rates on defaulting borrowers, making it even more challenging to repay the loan.
- Late payment fees: You could be charged additional fees for late payments, further increasing your overall debt.
- Negative credit report: Defaulting on your Okash loan could result in a negative entry on your credit report, making it harder for you to access credit in the future.
- Collection calls and messages: Okash may reach out to you via calls and messages to remind you of your outstanding loan. These contacts can become more frequent if you fail to make payments.
- Legal action: In extreme cases, Okash may take legal action against defaulting borrowers, which could result in wage garnishment or asset seizure.
Remember, it is crucial to communicate with Okash if you are facing financial difficulties. They may be able to provide alternative repayment options or work out a repayment plan that suits your situation. It is always better to address the issue head-on rather than ignore it, as this can help prevent further consequences.
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FAQS
Does OKash call your contacts in Nigeria?
Yes, OKash may call your contacts in Nigeria if you default on your loan. This is one of the ways that OKash collects debts from defaulters. OKash may also send SMS messages to your contacts, or even post on your social media accounts, to alert them that you are in debt.
Can loan apps access my contacts?
Yes, loan apps can access your contacts if you permit them. However, you are not required to permit loan apps to access your contacts. If you do not permit them, they will not be able to access your contacts.
What does OKash do to defaulters?
If you default on an OKash loan, you may face several consequences, including:
- Late fees: OKash charges late fees for overdue payments. The late fee is 2% of the unpaid principal amount per day.
- Interest charges: OKash also charges interest on overdue loans. The interest rate is 20% per annum.
- Damage to credit score: Defaulting on an OKash loan can damage your credit score. This can make it difficult to borrow money in the future.
- Legal action: OKash may take legal action against defaulters. This could involve sending a demand letter, filing a lawsuit, or garnishing your wages.
- Public shaming: OKash has been known to publicly shame loan defaulters on social media. This can be very embarrassing and damaging to your reputation.
- Collection calls: OKash may send collection agents to your home or workplace to collect the debt. This can be very stressful and disruptive to your life.
How do I remove my information from the loan app?
To remove your information from a loan app, you can contact the app’s customer service and ask them to delete your account. However, it is important to note that loan apps may not always delete your information completely. They may still retain some of your information for their own records.
Is OKash registered with CBN?
Yes, OKash is registered with the Central Bank of Nigeria (CBN) and is a legitimate mobile loan company. It is operated by Blue Ridge Microfinance Bank Limited, a CBN-licensed microfinance bank. OKash is subject to CBN regulations and must adhere to its consumer protection guidelines.
Conclusion
In conclusion, Okash is a popular loan provider with various features that make it appealing to borrowers. While it is not yet clear whether Okash is registered with the Central Bank of Nigeria, it is essential to do thorough research before taking out a loan. Okash does have a legitimate loan collection practice of contacting borrowers’ contacts in certain situations, but this is not unique to Okash. If you find yourself unable to repay your Okash loan, there can be consequences such as increased interest rates, late payment fees, negative credit reports, collection calls, and even legal action. It is important to communicate with Okash and address any financial difficulties promptly to avoid further consequences.
