Before taking a loan from Okash, it’s important to know the key details about their terms, fees, and interest rates. This guide will explain everything you need to understand so you can make smart choices when borrowing.

What is Okash?

Okash is a mobile loan app that helps Nigerians get small loans for short periods. It’s managed by Blue Ridge Microfinance Bank Ltd. and offers a fast way to get money for emergencies or unexpected costs.

Is Okash Registered with the CBN?

Yes, Okash is registered with the Central Bank of Nigeria (CBN). Blue Ridge Microfinance Bank Ltd., which operates Okash, is licensed by the CBN, meaning they follow the rules set by Nigeria’s financial authorities.

What Are the Interest Rates on Okash Loans?

The interest rates for Okash loans can change based on how much you borrow and how long you take to repay it. Generally, the rates range from 36.5% to 360% APR (annual percentage rate). Below is an example if you borrow NGN 3,000:

Important Points to Note:

• Daily Interest: Okash calculates interest daily, not yearly. Even if you pay back the loan early, you still pay the full interest.
• Service Fee: There is a one-time service fee of 4% added to the loan.
• Loan Amounts: Interest rates might vary depending on the amount you borrow.

Key Okash Terms and Conditions

Before borrowing from Okash, make sure you understand the following terms:

1. Eligibility: You must be between 20 and 55 years old, have a valid Nigerian phone number, a bank account, and a BVN (Bank Verification Number).
2. Fees and Interest: Okash will charge a fee and interest on top of the loan. The total cost is shown when you apply for the loan.
3. Repayment and Late Fees: If you miss a payment, Okash will charge you extra fees. Continued non-payment can lead to reporting to credit bureaus and possible legal action.
4. Privacy: Okash uses your personal details for things like verifying your identity and scoring your credit. They might share your data with credit bureaus or legal authorities if necessary.
5. Service Termination: Okash can stop offering their service to you at any time, without warning.

Does Okash Call Your Contacts?

Okash used to contact people in your phone’s contact list if you didn’t repay a loan, but they stopped this practice after facing backlash and new Google Play Store rules. However:

• Emergency Contacts: While Okash says they don’t call your contacts anymore, they may still message emergency contacts you provided during the loan application.
• Unofficial Calls: Some users claim that Okash agents still contact their contacts unofficially, even though this goes against the app’s policy.

Things to Remember Before Borrowing from Okash

1. Read the Terms: Don’t skip the terms and conditions. Take time to go through the entire document so you fully understand what you’re agreeing to.
2. Borrow What You Can Afford: Only take loans you are sure you can repay comfortably. Borrowing beyond your means can lead to financial stress.
3. Explore Other Options: If possible, consider other ways to get money, like asking family or applying for a loan from a traditional bank.
4. Seek Help If Needed: If you’re struggling to repay a loan, don’t hesitate to reach out to a financial advisor for guidance.

Final Thoughts

With this information, you should be able to make a more informed decision about borrowing from Okash. Always remember that loans should be used for urgent needs and not become a habit. Borrow wisely to avoid unnecessary stress later on.

Mobile loan apps like Okash have become a go-to option for people who need quick cash. However, a growing concern for many users is whether these apps invade their privacy by contacting people in their phone’s contact list if they default on payments. So, does Okash call your contacts? Let’s break it down.

What Permissions Does Okash Request?

When you install and use the Okash app, it will ask for several permissions that may raise privacy concerns. Some of the most notable permissions include:

• Camera: Used for taking photos or videos, likely for identity verification during the loan application process.
• Contacts: While Okash officially states they only use emergency contacts for verification and debt recovery, granting access to your contact list is part of the app permissions.
• Location: Allows Okash to know your location, which can be used to assess your creditworthiness or security reasons.
• SMS: This permission is often used for sending loan updates, reminders, or even automated debt collection messages.
• Phone: The app may access certain phone functions, like reading call logs or phone numbers, potentially including access to contacts stored in your phone.

So Does Okash Call Contacts?

According to Okash’s official communication, they claim:

• They do not contact non-emergency contacts for debt collection.
• Your data is not shared with third parties without your consent.
• Only emergency contacts may be contacted if you fail to repay or cannot be reached.

However, some borrowers have reported receiving complaints from friends and family who were contacted by individuals claiming to represent Okash. This raises concerns about whether all representatives adhere to the app’s official policies.

How to Protect Yourself

To avoid any privacy breaches or unwanted contact with your friends and family, here are some steps you can take:

1. Review Permissions Carefully: Always read the permissions the app is requesting and think about whether you’re comfortable granting access.
2. Limit Sharing Contact Information: If you’re unsure, avoid sharing unnecessary contact details or use a temporary number for emergency contacts.
3. Communicate Early: If you’re having trouble repaying, communicate with Okash early to negotiate a repayment plan before things escalate.
4. Report Unethical Practices: If Okash contacts people in your contact list without consent, report the incident to the Nigerian Communications Commission (NCC) or the Federal Competition and Consumer Protection Commission (FCCPC).

FAQs About Okash and Contacting Your Contacts

1. Can I Deny Okash Access to My Contacts?
While it’s possible to deny some permissions, this could affect your ability to get a loan from Okash. Most loan apps require access to certain phone data as part of their risk assessment.

2. What Can I Do If Okash Contacts My Non-Emergency Contacts?
If you believe Okash violated your privacy by contacting people not listed as your emergency contact, you can report the incident to the appropriate regulatory bodies or seek legal help.

3. Do Other Loan Apps Contact Your Contacts?
Yes, some loan apps have similar practices. Always review the privacy policies and permissions of any loan app before using them.

4. Are There Alternatives to Loan Apps Like Okash?
Yes, alternatives include traditional banks, microfinance institutions, or peer-to-peer lending platforms, which often have stricter ethical standards.

Final Thoughts

While loan apps like Okash offer quick solutions to financial challenges, it’s important to weigh the privacy concerns that come with using them. Ensure you understand the permissions you’re granting and stay informed about your rights as a borrower. Always borrow responsibly and reach out for help if you’re struggling to repay a loan to avoid escalation.

By taking these steps, you can protect yourself from unnecessary stress and maintain control over your privacy.

If you’ve been looking for a loan app in Nigeria, you might have come across Vkash Pro. With so many loan apps out there, it can be hard to tell which ones are trustworthy. In this post, we’ll go through everything you need to know about Vkash Pro, from how it works to whether it’s a legit option for borrowing money.

What Is Vkash Pro?

Vkash Pro is a loan app that allows users in Nigeria to apply for quick loans right from their mobile phones. Like many other loan apps, it’s designed to help you get emergency cash without the need for long bank processes or paperwork. The app is available on Android, and with just a few clicks, you can apply for a loan and get money sent directly to your bank account.

How Does Vkash Pro Work?

Vkash Pro is easy to use. Here’s how it works:

1. Download the app: You can find Vkash Pro on the Google Play Store.
2. Sign up: Enter your phone number, and provide some personal information like your BVN (Bank Verification Number) to get started.
3. Apply for a loan: Choose how much you want to borrow and for how long.
4. Get approved: If your loan is approved, the money will be sent to your bank account.

It’s that simple! The whole process usually takes just a few minutes, making it perfect for anyone who needs cash fast.

Loan Amounts and Interest Rates

Vkash Pro offers loans between ₦5,000 and ₦100,000, depending on your creditworthiness. The interest rates are comparable to other loan apps in Nigeria, but they can still be a bit high if you’re not careful. For example, borrowing ₦10,000 might mean paying back around ₦12,000 or more, depending on the interest rate and the repayment period.

Here’s a quick breakdown:

• Loan Amount: ₦5,000 to ₦100,000
• Interest Rates: Typically between 4% and 30%, depending on the loan amount and duration.

It’s important to read the terms carefully before accepting a loan to know exactly how much you’ll owe.

Is Vkash Pro Legit?

Yes, Vkash Pro is a legitimate loan app in Nigeria. Many users have successfully used the app to get quick loans for emergencies or unexpected expenses. However, like with any loan app, it’s important to be cautious. Make sure you understand the terms and conditions, especially the interest rates and repayment deadlines.

Vkash Pro is known for being straightforward with its users, but there are a few things to keep in mind:

• High interest rates: Like other loan apps, Vkash Pro’s interest rates can add up if you don’t pay back on time.
• Access to personal information: As with many loan apps, Vkash Pro will ask for access to certain personal data like your BVN and phone contacts. Always make sure you’re comfortable with the data-sharing policies before signing up.

Pros of Vkash Pro

• Fast approval: You can get money sent to your bank account within minutes of applying.
• No paperwork: Everything is done online, so there’s no need for long forms or bank visits.
• Flexible loan amounts: You can borrow as little as ₦5,000 or as much as ₦100,000, depending on your needs.

Cons of Vkash Pro

• High interest rates: Like many loan apps, the interest rates can be high if you’re not careful.
• Short repayment periods: You’ll need to pay back your loan quickly, usually within 7 to 30 days.
• Privacy concerns: Some users may be uncomfortable sharing personal information, such as BVN and contacts, with the app.

Vkash Pro Customer Care Number

Vkash Pro has not made public a phone number for contact. You can only reach them via their email address or visit their office address.
Email: [email protected]
Office Address: 3rd Floor, 39, Adeola Odeku, Victoria Island, Lagos.

Final Thoughts

Vkash Pro is a convenient option for anyone in Nigeria who needs a quick loan. It’s legit, easy to use, and you can get approved in minutes. Just make sure you understand the terms and pay back on time to avoid high-interest charges or penalties. If you’re comfortable with the app’s privacy policies and need cash fast, Vkash Pro could be a good option for you.

So, is Vkash Pro legit? Absolutely—but as with any loan app, it’s important to borrow wisely and make sure you can meet the repayment terms.