If you’re in need of quick cash, you may have come across the loan app called Okash. With its easy application process and promise of fast approval and disbursement, it may seem like the perfect solution for your financial troubles.
However, before you dive into taking out a loan with Okash, it’s important to do your research and understand its legitimacy. In this blog post, we will delve into the question of whether Okash is registered with the Central Bank of Nigeria (CBN) and if it is a legitimate lending platform. We will also address concerns about Okash calling your contacts and what happens if you default on your loan. Let’s get started.
What Are The Services Okash?
Okash offers a range of services designed to provide quick and easy access to cash. Some of the key services offered by Okash include:
- Instant Loans: Okash provides instant loans to individuals in need of immediate funds. The loan application process is simple and can be completed through the Okash mobile app.
- Flexible Repayment Options: Okash offers flexible repayment options to borrowers, allowing them to choose a repayment plan that suits their financial situation.
- Loan Top-ups: If you have an existing Okash loan, you may be eligible for a loan top-up. This allows you to borrow additional funds on top of your existing loan amount.
- Credit Score Building: Okash also aims to help individuals build their credit scores by providing loans and tracking their repayment behavior.
- Educational Resources: Okash provides educational resources and tips on financial management to help borrowers make informed decisions and improve their financial literacy.
These are just a few of the services offered by Okash. It’s important to thoroughly understand these services before taking out a loan to ensure that they align with your financial needs and goals.
Is Okash Registered With CBN and Legit?
Okash is a legitimate loan provider that is registered with the Central Bank of Nigeria (CBN). They are operated by Blue Ridge Microfinance Bank Limited, which is a CBN-licensed microfinance bank. You can easily verify their registration status on the CBN’s website.
Does Okash Call Your Contacts?
If you default on your loan from Okash, they may call your contacts to help them collect repayments. This is a common practice among mobile loan apps in Nigeria. However, Okash has clarified that they will only resort to this option as a last resort. They will first try to contact you directly to make repayment arrangements.
What Happens to Okash Loan Defaulters?
When it comes to borrowing money, it’s important to understand the consequences of defaulting on a loan. If you find yourself unable to repay your Okash loan on time, here are a few things that may happen:
- Late Payment Penalties: Okash may charge late payment penalties for missing your repayment due date. These penalties can add up quickly and increase the overall cost of your loan.
- Negative Impact on Credit Score: Defaulting on a loan can have a negative impact on your credit score. This can make it harder to secure future loans or credit.
- Collection Calls and Notices: Okash may start contacting you via phone calls, SMS, or emails to remind you of your outstanding debt. These calls and notices can be persistent and may become a source of stress.
- Legal Action: In extreme cases, if you consistently fail to repay your loan, Okash may take legal action against you. This can lead to further financial complications and legal consequences.
It’s important to remember that defaulting on a loan should be avoided if possible. Before taking out a loan, carefully assess your financial situation and make sure you have a realistic plan to repay it on time.
Does Okash call your contacts?
Okash has the authority to contact your contacts if you default on your loan. They may also reach out to your contacts to confirm your identity or to collect outstanding debts. However, Okash has assured that they will only contact your contacts as a last resort. In general, they will first try to contact you directly to settle your debts.
Can loan apps access my contacts?
Yes, loan apps can access your contacts if you give them permission to do so. When you apply for a loan, you may be asked to grant the app access to your contacts list. This is because loan apps often use your contacts to assess your creditworthiness. They may also use your contacts to collect your debt if you default on your loan.
What does Okash do to defaulters?
If you default on your Okash loan, they may take a number of steps to collect your debt. These steps may include:
- Calling you to try to collect your debt.
- Sending you emails or text messages to remind you of your overdue payment.
- Sending you a letter of demand.
- Reporting your debt to a credit bureau.
- Taking legal action to collect your debt.
Does Palmcredit call contacts?
Yes, Palmcredit reserves the right to call your contacts if you default on your loan. However, they have stated that they will only call your contacts as a last resort. In most cases, they will contact you directly to try to collect your debt.
Does Okash call your contacts in Nigeria?
Yes, Okash may call your contacts in Nigeria if you default on your loan. However, they are required to comply with Nigerian law, which protects consumer privacy. This means that they cannot call your contacts without your consent.
In summary, while Okash may seem like an attractive option for quick cash, it’s crucial to approach it with caution. Okash is not registered with the Central Bank of Nigeria (CBN), which raises concerns about its legitimacy. Additionally, while Okash does request access to your contact list, it is primarily for verification purposes and does not mean that they will call your contacts without your consent. If you default on an Okash loan, you may face late payment penalties, a negative impact on your credit score, collection calls and notices, and even potential legal action. It’s important to thoroughly research and consider the potential risks before taking out a loan with Okash or any other lending platform.