In recent years, online lending platforms have gained immense popularity in Nigeria, providing individuals with quick and convenient access to loans. One such platform that has gained attention is Okash, which offers short-term loans to individuals in need of financial assistance.
However, with the increasing number of scams and fraudulent activities in the digital space, many people are questioning the legitimacy of Okash and its operations. 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. Additionally, we will also address concerns about whether Okash calls your contacts and what happens to Okash loan defaulters.
Is Okash Registered With CBN and Legit?
Yes, Okash is registered with the Central Bank of Nigeria (CBN) and is considered a legitimate lending platform. It is owned and operated by Blue Ridge Microfinance Bank Limited, a licensed microfinance bank in Nigeria.
Okash is subject to the regulations and supervision of the CBN, which ensures that it adheres to responsible lending practices and protects the interests of its customers. The CBN has issued several guidelines for mobile lending platforms, including requiring them to be registered with the bank, disclose their interest rates and fees clearly, and treat customers fairly.
Okash has complied with these guidelines and has been operating within the CBN’s regulatory framework. The company has a good reputation for providing reliable and affordable loans to Nigerian customers.
Does Okash Contact Your Contacts?
Yes, Okash may contact your contacts if you do not repay your loan on time. This is because Okash uses a credit scoring system that takes into account your phone contacts as a way to assess your creditworthiness. When you apply for an Okash loan, you agree to allow the company to access your phone contacts. If you do not repay your loan on time, Okash may contact your contacts to try to collect the debt.
- Verify your identity
- Assess your creditworthiness
- Contact you about your loan
- Collect on a debt
Okash will not share your phone contacts with third parties without your consent. However, the company may share your contact information with its agents or affiliates in order to collect on a debt.
How Does Okash Deal with Loan Defaulters?
When it comes to loan defaulters, Okash has its own set of protocols in place. Here is how Okash deals with borrowers who are unable to repay their loans:
- Late Payment Penalties: Okash imposes penalties for late repayment. If you fail to repay your loan on time, you may be subject to additional fees. It’s crucial to carefully read through the terms and conditions to understand the exact penalties and consequences for late payments.
- Negative Credit Score: Non-repayment of Okash loans can negatively impact your credit score. This can make it difficult for you to secure loans or financial services in the future.
- Debt Collection Agencies: Okash has the right to engage debt collection agencies to recover the outstanding loan amounts. These agencies may contact you through various means, such as phone calls, emails, or text messages, to recover the debt.
- Legal Action: In extreme cases of non-repayment, Okash has the option to pursue legal action against loan defaulters. This can result in legal consequences and further financial implications.
It is important to note that each borrower’s situation may be different, and Okash’s specific actions may vary depending on the circumstances. If you find yourself struggling to repay your loan, it is advised to contact Okash directly to discuss possible solutions and repayment plans.
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Does OKash call your contact?
Yes, OKash may call your contacts if you do not repay your loan on time. This is because OKash uses a credit scoring system that takes into account your phone contacts as a way to assess your creditworthiness. When you apply for an OKash loan, you agree to allow the company to access your phone contacts. If you do not repay your loan on time, OKash may call your contacts to try to collect the debt.
What does OKash do to defaulters?
In addition to calling your contacts, OKash may also take other actions against defaulters, such as:
- Sending you text messages and emails
- Adding late fees to your account
- Reporting your default to credit bureaus
- Taking legal action against you
Can loan apps access my contacts?
Does Palmcredit call contacts?
Yes, Palmcredit may call your contacts if you do not repay your loan on time. This is because Palmcredit uses a credit scoring system that takes into account your phone contacts as a way to assess your creditworthiness. When you apply for a Palmcredit loan, you agree to allow the company to access your phone contacts. If you do not repay your loan on time, Palmcredit may call your contacts to try to collect the debt.
Does Okash call your contacts in Nigeria?
Yes, Okash may call your contacts in Nigeria if you do not repay your loan on time. This is because Okash is a Nigerian company and it is subject to Nigerian laws. Nigerian laws allow loan companies to contact the contacts of defaulters.
In conclusion, while Okash may offer quick and convenient access to loans, there are several concerns that borrowers should take into consideration. Our investigation revealed that Okash is not registered with the Central Bank of Nigeria (CBN), which means it operates outside the regulatory oversight of the country’s central bank. Although Okash is owned by a reputable company, this does not guarantee the safety and security of borrowers’ personal and financial information.
Additionally, it is crucial to understand how Okash deals with loan defaulters. Late payment penalties, negative credit scores, debt collection agencies, and potential legal action are all measures that Okash can take against borrowers who are unable to repay their loans.
Ultimately, it is important to carefully weigh the risks and benefits of using Okash and to consider other regulated lending platforms that offer more protection and transparency.