Finance apps

Is Okash Registered With CBN And Legit? Does Okash Call Your Contacts, Okash Loan Defaulters

Is Okash Registered With CBN And Legit? Does Okash Call Your Contacts, Okash Loan Defaulters

Okash is known as a lending service provided by Opay in Nigeria. It is an automated lending platform that aims to increase access to credit for financially underserved individuals. With Okash, you can apply for loans for both personal and business purposes, with loan amounts of up to N500,000. 

The repayment period or tenure for Okash loans ranges from 91 days to 365 days. 

In this article, I’ll be providing answers to the questions (Is okash registered with CBN and Legit? does okash call your contacts, okash loan defaulters). Also, there are some helpful questions included at the end of the article which can enable you to make an informed decision.

Let’s kindly join me in exploring answers to the questions “is okash registered with CBN and Legit? does okash call your contacts, okash loan defaulters”.

Is Okash Registered With CBN And Legit?

Is Okash Registered With CBN And Legit? Does Okash Call Your Contacts, Okash Loan Defaulters
Is Okash Registered With CBN And Legit? Does Okash Call Your Contacts, Okash Loan Defaulters

The answer to “Is Okash registered with CBN” is Yes. it is.

Okash is registered with the Central Bank of Nigeria (CBN). 

It is presented by Blue Ridge Microfinance Bank Limited, which is duly licensed by the CBN. 

Okash fulfills customers’ financial needs by providing a safe and reliable loan service. The CBN regulates and oversees the operations of financial institutions in Nigeria, ensuring that they comply with the necessary regulations and guidelines.

Being registered with the CBN adds an extra guarantee of credibility and trustworthiness to Okash as a lending platform.

Is Okash legit?

Yes, Okash is a legitimate lending service provided by Opay in Nigeria. As mentioned earlier, It is an automated lending platform that aims to increase access to credit for financially underserved individuals. 

Okash is presented by Blue Ridge Microfinance Bank Limited, which is duly licensed by the Central Bank of Nigeria (CBN).

Being registered with the CBN adds an extra credibility and trustworthiness to Okash as a lending platform.

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Being approved by the central bank alone with positive user reviews on stores like the Google play store and apple app store is enough proof to say Okash loan is legit. 

That aside, Okash is a tested and trusted loan app. This isn’t a cajole, but the fact. They also have a better and fair loan interest rate if compared with Fairmoney. 

Does Okash Call Contacts?

Yes, Okash has been known to contact the contacts of borrowers who have refused to make repayments. 

According to the information available, Okash, a popular fintech app in Kenya and Nigeria, threatens users to notify everyone on their contact list when they fall behind on their loan payments. 

This practice is seen as a way to put pressure on borrowers to fulfill their repayment obligations.

There have been instances where borrowers have reported that Okash contacted their contacts and defamed them, even when they were not overdue on their payments.

However, I’ll encourage you. If you find yourself in a situation where you are unable to make a repayment to Okash, it is advisable to communicate with them directly and discuss your situation.  

Okash Loan Defaulters 

Okash loan defaulters refer to individuals who have borrowed money from Okash, a popular fintech app in Kenya and Nigeria, but have failed to repay their loans within the prescribed time period. 

When borrowers default on their Okash loans, they are considered loan defaulters. Below are things to give you a better insight into who Okash loan defaulters are:

Consequences of Defaulting

When borrowers fail to repay their Okash loans, they may face various consequences, including but not limited to:

Default Status: Defaulting on an Okash loan means that the borrower has failed to fulfill their repayment obligations within the agreed-upon timeframe. 

This can negatively impact the borrower’s credit history and future borrowing opportunities.

Penalties and Fees: Okash may impose penalties and additional fees on borrowers who default on their loans. 

These charges can increase the overall amount owed and make it more difficult for borrowers to repay their debts.

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Collection Efforts: Okash may use various collection methods to recover the outstanding loan amount. 

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This can include contacting the borrower directly, sending reminders, or even involving debt collection agencies.

Legal Action: In extreme cases, Okash may take legal action against loan defaulters to recover the outstanding debt. This can result in further financial and legal consequences for the borrower.

Public Shaming: It is worth noting that Okash has been known to publicly shame borrowers who fail to repay their loans. The app threatens to notify everyone on the borrower’s contact list when they fall behind on their loan payments. 

This practice is seen as a way to put pressure on borrowers to fulfill their repayment obligations. 

FAQs On Is Okash Registered With CBN And Legit? Does Okash Call Your Contacts, Okash Loan Defaulters?

Here are some helpful frequently asked questions on Is Okash Registered With CBN And Legit? Does Okash Call Your Contacts, Okash Loan Defaulters with answers:

What happens if you don’t pay the okash loan?

If you don’t pay an Okash loan, there can be several consequences. Here is some information regarding the consequences of not paying an Okash loan:

Interest Accrual: If you fail to repay the loan within the prescribed time period, interest will begin to accrue at a daily rate. This means that the amount you owe will increase over time.

Default Status: If you still have not repaid the loan amount and fees by the end of the rollover period, you will be considered in default. 

Being in default can have negative implications for your credit history and future borrowing opportunities.

Penalties and Fees: Okash may impose penalties and additional fees on borrowers who default on their loans. 

These charges can increase the overall amount owed and make it more difficult for you to repay your debt.

Collection Efforts: Okash may employ various collection methods to recover the outstanding loan amount. This can include contacting you directly, sending reminders, or even involving debt collection agencies.

Public Shaming: Okash has been known to publicly shame borrowers who fail to repay their loans. 

The app threatens to notify everyone on the borrower’s contact list when they fall behind on their loan payments. This practice is seen as a way to put pressure on borrowers to fulfill their repayment obligations.

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Is the Okash loan legit?

Yes, Okash loan is very legit and approved by the central bank of Nigeria (CBN).

Why is okash declining my loan?

Certain reasons can affect and hinder you from getting a loan from Okash. 

Some of them are the following:

Outstanding loans: If you have existing loans that are not yet paid off, Okash may decline your loan application. 

Lenders have the ability to determine if an applicant has outstanding loans.

Insufficient income: If your income is too low for the loan amount you are requesting, Okash may decline your loan application. 

Lenders usually assess your income to ensure that you have the means to repay the loan.

Short job tenure: If you haven’t been at your current job for a sufficient amount of time, Okash may decline your loan application. 

Lenders often consider job stability as a factor in loan approval.

Credit problems: Problems with your credit history or credit score can also lead to loan application rejection. 

If Okash identifies issues with your credit, such as a low credit score or a history of late payments, they may decline your loan application. 

Is okash still giving loans?

Yes, Okash is still giving loans. Okash is a micro-lending product provided by Blue Ridge Microfinance bank. 

Users can download the Okash app from Google Play and set up their loan account. The app allows users to apply for loans, receive the loan amount, and repay the loan.  

What is okash loan interest rate?

The interest rate for Okash loans is calculated on a daily basis. 

The Annual Percentage Rate (APR) for Okash loans ranges from 36.5% to 360%.

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How do I check my okash loan balance?

To check your Okash loan balance, you can follow these steps:

  • Open the Okash loan app on your mobile device.
  • Sign in to your Okash account using your registered credentials.
  • Once you are logged in, you will be taken to the main screen of the app.
  • On the main screen, you will be able to see your loan balance displayed prominently.

The loan balance will show you the amount you have borrowed and the remaining balance to be repaid.

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