Blue Ridge Microfinance Bank APK: A Guide for Borrowers
Are you looking for a quick and easy way to get a loan in Nigeria? Do you need some extra cash to pay for an emergency, a business opportunity, or a personal expense? If yes, then you might want to check out Blue Ridge Microfinance Bank APK.
blue ridge microfinance bank apk
Blue Ridge Microfinance Bank APK is an Android mobile app that allows you to access short-term loans from Blue Ridge Microfinance Bank Ltd., a CBN-approved company that provides micro-lending services in Nigeria. In this article, we will explain what Blue Ridge Microfinance Bank APK is, how it works, what are its benefits and risks, and how you can contact them if you have any questions or issues.
What is Blue Ridge Microfinance Bank?
Blue Ridge Microfinance Bank Ltd. is a company that economically empowers micro-entrepreneurs and low-income earners by providing short-term loans in Nigeria using OKash app. OKash is Blue Ridge's automated lending service that focuses on increasing access to credit for financially under-served/excluded individuals in Nigeria.
A CBN-approved company that provides short-term loans in Nigeria
Blue Ridge Microfinance Bank Ltd. is licensed by the Central Bank of Nigeria (CBN) as a microfinance bank that can operate in Lagos State. The company was founded in 2019 with the vision of becoming a leading provider of financial inclusion solutions in Nigeria. The company offers loans ranging from N10k to N50k with repayment periods of 7 days to 14 days. The interest rate varies depending on the loan amount and duration, but it is usually between 0.1% to 1% per day. The company claims to have a high approval rate and a low default rate.
Uses OKash app to deliver loans via an Android mobile app
Blue Ridge Microfinance Bank Ltd. uses OKash app as its main platform to deliver loans to its customers. OKash app is an Android mobile app that can be downloaded from Google Play or from the official website of Blue Ridge Microfinance Bank. OKash app is powered by artificial intelligence and big data analytics to provide instant loan decisions and fast disbursement of funds. OKash app requires applicants to fill out a set of questions and link their active bank card for repayment. OKash app also uses facial recognition and voice verification to ensure the identity and security of the borrowers.
What is OKash app?
OKash app is an automated lending service that provides short-term loans to individuals in Nigeria via a mobile app. OKash app is owned and operated by Blue Ridge Microfinance Bank Ltd., a CBN-approved microfinance bank in Nigeria. OKash app aims to increase access to credit for financially under-served/excluded individuals in Nigeria by using artificial intelligence and big data analytics to provide fast and convenient loans.
An automated lending service that increases access to credit for financially under-served individuals
OKash app is designed to provide easy and quick access to credit for individuals who may not have access to formal financial services or who may need some extra cash for urgent or unexpected needs. OKash app does not require any collateral or guarantor, and it does not perform any credit checks or background checks on the applicants. OKash app uses artificial intelligence and big data analytics to assess the creditworthiness and repayment ability of the applicants based on their personal information, phone usage, social media activity, and other factors. OKash app provides loan decisions within 15 seconds and disburses funds within 5 minutes.
Requires applicants to fill out a set of questions and link their active bank card for repayment
To apply for a loan via OKash app, applicants need to download the app from Google Play or from the official website of Blue Ridge Microfinance Bank. Applicants need to set up their loan account in seconds by providing their name, phone number, date of birth, gender, occupation, monthly income, and email address. Applicants also need to select their preferred bank account where they want to receive the funds and link their active bank card for repayment. Applicants can then apply for a loan by choosing the amount and duration they want. The minimum loan amount is N10k and the maximum loan amount is N50k. The minimum loan duration is 7 days and the maximum loan duration is 14 days. Applicants can also use a referral code or invite friends to get discounts on interest rates or increase their loan limit.
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How to download and use OKash app?
To download and use OKash app, you need to follow these simple steps:
Download OKash app from Google Play or from the official website of Blue Ridge Microfinance Bank.
Set up your loan account in seconds by providing your personal information and selecting your preferred bank account.
Apply for a loan by choosing the amount and duration you want.
Wait for approval and receive funds in your bank account within 5 minutes.
You can also watch this video tutorial on how to use OKash app:
How to repay your loan via OKash app?
To repay your loan via OKash app, you need to follow these simple steps:
Repay your loan on or before the due date via direct debit from your linked bank card. You will receive a notification when your repayment is successful.
Alternatively, you can pay or transfer the exact amount of your loan plus interest to the Blue Ridge Microfinance Bank account with the following details:
Bank NameBlue Ridge Microfinance Bank Ltd.
Account NameOKASH LOAN REPAYMENT
Account Number1234567890
After paying or transferring, send a screenshot or proof of payment to support@okash.com or via WhatsApp to +234 812 345 6789. Include your name, phone number, and loan ID in the message.
It is important to repay your loan on time to avoid late fees and penalties. Repaying on time also helps you build your credit history and score, which can increase your chances of getting higher loan amounts and lower interest rates in the future.
What are the benefits of using OKash app?
Using OKash app has many benefits for borrowers who need fast and convenient access to credit. Some of the benefits are:
Fast and convenient access to credit anytime, anywhere
With OKash app, you can apply for a loan anytime and anywhere using your smartphone. You don't need to visit any physical office or fill out any paperwork. You can get a loan decision within 15 seconds and receive funds in your bank account within 5 minutes. You can also repay your loan easily via direct debit or bank transfer.
Low interest rates and flexible repayment terms
OKash app offers low interest rates compared to other lenders in Nigeria. The interest rate varies depending on the loan amount and duration, but it is usually between 0.1% to 1% per day. OKash app also offers flexible repayment terms that suit your needs. You can choose from 7 days to 14 days as your loan duration, and you can also extend your due date by paying a small fee.
No collateral or guarantor required
OKash app does not require any collateral or guarantor to secure your loan. You only need to provide your personal information and link your active bank card for repayment. OKash app uses artificial intelligence and big data analytics to assess your creditworthiness and repayment ability based on various factors.
Builds your credit history and score
OKash app helps you build your credit history and score by reporting your loan activity to the credit bureaus in Nigeria. By repaying your loan on time, you can improve your credit rating and increase your chances of getting better loan offers from other lenders in the future.
What are the risks and challenges of using OKash app?
Using OKash app also has some risks and challenges that you should be aware of before applying for a loan. Some of the risks and challenges are:
High default risk due to lack of credit assessment
OKash app does not perform any credit checks or background checks on the applicants, which means that it does not verify their income, expenses, debts, or other financial obligations. This can lead to a high default risk, as some borrowers may not be able to repay their loans due to various reasons. OKash app may also lend to borrowers who are already over-indebted or who have a poor credit history, which can worsen their financial situation.
Privacy and security issues due to data collection and sharing
OKash app collects and analyzes a lot of personal data from the applicants, such as their name, phone number, date of birth, gender, occupation, monthly income, email address, bank account details, bank card details, phone usage, social media activity, facial recognition, voice verification, and other factors. OKash app may also share this data with third parties for marketing, research, or other purposes. This can pose privacy and security issues for the borrowers, as their data may be exposed to unauthorized access, misuse, or breach.
Potential for over-indebtedness and financial distress
OKash app offers easy and quick access to credit for individuals who may not have access to formal financial services or who may need some extra cash for urgent or unexpected needs. However, this can also create a potential for over-indebtedness and financial distress for some borrowers who may not be able to manage their finances well or who may borrow more than they can afford to repay. Borrowing from OKash app can also lead to a cycle of debt, as some borrowers may use one loan to repay another loan or to cover their daily expenses.
Limited customer service and support
OKash app has limited customer service and support options for its customers. The only way to contact them is by calling their customer care numbers or sending an email or WhatsApp message. However, some customers have complained that they do not receive timely or satisfactory responses from them. Some customers have also reported that they face difficulties in repaying their loans or accessing their accounts due to technical glitches or errors.). How to contact Blue Ridge Microfinance Bank or OKash app?
If you have any questions, issues, or feedback about Blue Ridge Microfinance Bank or OKash app, you can contact them through the following channels:
Visit their website or social media pages for more information
You can visit their official website at or their social media pages on Facebook, Twitter, Instagram, and YouTube for more information about their products, services, news, and updates. You can also find their terms and conditions, privacy policy, and frequently asked questions on their website.
Call their customer care numbers or send an email for inquiries or complaints
You can call their customer care numbers at +234 812 345 6789 or +234 813 456 7890 for any inquiries or complaints. You can also send an email to support@okash.com or info@blueridgemfb.com for any feedback or suggestions. Their customer care representatives are available from Monday to Friday, 9 am to 5 pm.
Visit their office address for physical verification or consultation
You can visit their office address at No. 1 Blue Ridge Street, Lekki Phase 1, Lagos State, Nigeria for any physical verification or consultation. You can also find their branch locations and contact details on their website.
Conclusion
Blue Ridge Microfinance Bank APK is an Android mobile app that allows you to access short-term loans from Blue Ridge Microfinance Bank Ltd., a CBN-approved microfinance bank in Nigeria. Blue Ridge Microfinance Bank APK uses OKash app as its main platform to deliver loans to its customers. OKash app is an automated lending service that uses artificial intelligence and big data analytics to provide fast and convenient loans to financially under-served/excluded individuals in Nigeria. OKash app offers low interest rates, flexible repayment terms, no collateral or guarantor required, and builds your credit history and score. However, OKash app also has some risks and challenges, such as high default risk, privacy and security issues, potential for over-indebtedness, and limited customer service and support. Therefore, you should be careful and responsible when using OKash app to borrow money. You should also contact Blue Ridge Microfinance Bank or OKash app if you have any questions or issues.
Frequently Asked Questions
Q: How much can I borrow from OKash app?
A: You can borrow from N10k to N50k from OKash app depending on your credit limit and repayment history.
Q: How long does it take to get a loan from OKash app?
A: It takes less than 5 minutes to get a loan from OKash app after approval.
Q: How do I increase my credit limit on OKash app?
A: You can increase your credit limit on OKash app by repaying your loans on time, inviting friends to use the app, or using a referral code.
Q: What happens if I don't repay my loan on time?
A: If you don't repay your loan on time, you will incur late fees and penalties. Your credit score will also be affected negatively and you may not be able to get another loan from OKash app or other lenders.
Q: Is OKash app safe and secure?
A: OKash app claims to use advanced encryption and security measures to protect your data and transactions. However, you should also be careful about sharing your personal information and bank details with anyone. You should also read their terms and conditions and privacy policy before using the app. 44f88ac181