Is Okash loan Registered and Approved by the CBN?

 Is Okash loan app legitimate and registered by the CBN? I choose to write on Okash loan app because several individuals have inquired about its CBN approval. We'll address this question shortly, along with additional details supporting our conclusion and we will all learn from this.

Okash loan is a widely utilized loan app available on the Google Play Store. As of my last update, okash loan continues to provide loans to users. The app facilitates instant loans without collateral or guarantors, utilizing a tracking system from the moment you apply.

Is Okash loan app legitimate and registered by the CBN? Upon checking the CBN website for approved loan apps, Okash loan is not listed among the approved apps, indicating its lack of legitimacy. Due to this, I can tell people to apply in using the app, considering the sensitivity of the information you share with them.

Does Okash loan app engage in defamation? As an unregistered and unapproved entity, okash loan may resort to defaming individuals by sending messages and contacting your contact list if loan payments are not met promptly. It's advisable to borrow small amounts to avoid potential harassment.

Does okash send messages to WhatsApp contacts? Yes, okash sends messages to friends, family, colleagues, and employers in case of payment defaults or delays.

Reasons why Okash is not legit and not approved by the CBN:

1. 7 days loan offer: Okash offer 7-day loan repayment plan raises red flags, as legitimate loan apps typically offer more reasonable repayment periods. Any loan app that offer a 7 loan repayment period is not really legit.

2. No physical office: The absence of a physical office for customer complaints suggests that Okash may not be operating legitimately. People need evidence of a having a physical office asa proof.

3. No license: Okash lacks approval from the CBN, evident in the absence of a displayed license on their site or app, unlike legitimate apps such as Renmoney or Fairmoney.

4. Calling of contacts: Okash engages in contacting and sending messages to your contacts, potentially causing reputational damage.

5. Customer care: Poor customer care services, with difficulties in reaching agents, further indicate the app's lack of legitimacy.

6. Auto debit or deduction: Okash may auto debit or deduct funds, and issues may arise, as reported by users who faced challenges in resolving overcharges.

7. Harassment: High levels of harassment, including insults and frequent calls, are associated with Okash, even after partial repayment.

8. High interest rate: Okash imposes a high-interest rate, doubling the borrowed amount, adding financial strain.

In conclusion, the collective evidence suggests that Okash loan app lacks approval or registration by the CBN, emphasizing the need for caution due to high interest rates and potential issues. Use the app at your own risk.