Is Okash Registered With Cbn And Legit? Does Okash Call Your Contacts, Okash Loan Defaulters
Okash is a mobile loan app operated by Blue Ridge Microfinance Bank, offering short-term loans to individuals in Nigeria. Loan amounts range from NGN 1,000 to NGN 1,000,000, depending on your creditworthiness and repayment history. Loans have repayment terms of 14 to 91 days, with daily interest rates applied.
Okash has emerged as a prominent player in the lending industry, providing quick and convenient loans to users in need. However, with the rise of online lending platforms, questions about legitimacy and privacy concerns have become more prevalent. In this blog post, we aim to address the burning questions: Is Okash registered with CBN? Is it a legitimate platform?
Is Okash Registered With Cbn And Legit?
Yes, Okash is fully registered with the Central Bank of Nigeria (CBN) and is known as a reliable place to borrow money. The registered microfinance bank Blue Ridge Microfinance Bank Limited, which is based in Nigeria, owns and runs it.
Okash follows the rules and is supervised by the CBN to make sure it responsibly lends money and looks out for its users' best interests. The CBN has set many rules for mobile loan platforms, such as requiring them to register with the bank, make interest rates and fees clear, and treat customers fairly.
Okash has carefully followed these rules and has always been in line with the rules set by the CBN. The company has a good name for giving its Nigerian customers loans that they can rely on and can afford.
Does Okash Call Your Contacts
Yes, Okash may talk to your friends if you don't pay back the loan on time. This is because Okash uses a credit scoring method that looks at the people you talk to on the phone to decide if you are a good credit risk. When you ask for an Okash loan, you give the company permission to look at your phone contacts. If you don't pay on time, Okash may get in touch with your friends to try to get the money back.
Additionally, Okash's privacy policy says that the company may use your phone numbers for the following reasons:
- Verify your identity.
- Check your credit score.
- Get in touch with you about your loan
- Pursue debt collection
It's important to know that Okash promises not to give your phone information to other people without your permission. The company may, however, share your contact information with its partners or agents in order to collect a bill, as stated in their privacy policy.
Okash Loan Defaulters
Individuals who borrowed money from Okash, a well-known fintech app in Kenya and Nigeria, but did not return their loans within the due date are called Okash loan defaulters.
Okash has set up a set of steps for borrowers who are having trouble paying back their loans. Okash deals with people who can't pay back their loans in this way:
Late Payment Fees: Okash charges extra fees for payments that are late. It is important to read the terms and conditions carefully to understand the exact fines and consequences for paying late.
Bad Credit Score: If you don't pay back Okash loans on time, it can hurt your credit score. This could make it harder to get loans or other banking services in the future.
Debt Collection Agencies: Okash can hire debt collection agencies to get back loan amounts that are still owed. To help get people to pay back their debts, these organizations may get in touch with people through phone calls, emails, or text messages.
Legal Action: If people don't pay back their loans in a serious way, Okash may go to court against them. There could be legal implications and extra financial costs for this.
Every borrower's case is different, and Okash's actions may depend on those situations. If you're having trouble meeting your repayment obligations, you should talk to Okash personally to look into possible solutions and work out a good repayment plan.
FAQS
Is Okash a legitimate lending platform?
Yes, Okash is considered a legitimate lending platform. It is registered with the Central Bank of Nigeria (CBN) and operates under the regulatory framework, ensuring adherence to responsible lending practices.
Does Okash contact my friends or family if I miss a loan repayment?
Yes, Okash may contact your contacts in the event of a late repayment. The platform uses a credit scoring system that assesses creditworthiness based on your phone contacts.
What are the penalties for late loan repayments with Okash?
Okash imposes penalties for late repayments. It's important to carefully read the terms and conditions to understand the specific fees and consequences associated with delayed payments.
Can non-repayment of Okash loans affect my credit score?
A: Yes, failing to repay Okash loans on time can negatively impact your credit score. This may make it challenging to secure loans or financial services in the future.
Does Okash share my personal information with third parties?
Okash commits not to share your phone contacts with third parties without your consent. However, contact information may be shared with agents or affiliates for the purpose of debt collection, as outlined in their privacy policy.
What actions can Okash take if I default on a loan?
Okash can impose late payment penalties, negatively affect your credit score, engage debt collection agencies, and, in extreme cases, pursue legal action against defaulters.
What is the interest rate for Okash loans?
The interest rate for Okash loans is computed daily. The Annual Percentage Rate (APR) for Okash loans spans from 36.5% to 360%.
Conclusion
In conclusion, Okash is a registered and legitimate lending platform operating under the regulatory umbrella of the Central Bank of Nigeria. Okash is a safe choice for people who need quick cash, and users can feel good about their financial future as long as they borrow money responsibly.
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