Updated Saturday Mar 04 2023
Several phone apps claim to offer people in Pakistan easy loans at low-interest rates, in exchange for access to a person’s phone data, including his/her photo gallery and contact list.
Many of these apps are scams.
Multiple quick-loan apps, available for download on Google Play Store, allege they provide easy credit access to those in urgent need of money.
One such app, named Asaan Qarza, claims that it is a “professional 100% online loan application” which will provide cash in no time.
Asaan Qarza has been download over one million times from Google alone.
One Twitter account wrote recently that these lending applications, once download, get access to a person’s personal photos, videos, call data.
“People should be careful with online loan providers,” the account tweeted.
The Security and Exchange Commission of Pakistan (SECP), the financial regulatory authority, has told Geo Fact Check that there are only ten micro-credit apps which are legit, therefore registered with the Commission as non-banking financial companies, under the Companies Act, 1956.
The ten apps are namely, Finja, Muawin, Credit Per, Easy PK Loan, Zoodpay & ZoodMall, Qisstpay CreditCat RazCash, Abhi, Barwaqt, Udhar-Paisa and Zaroorat Cash.
“Apps not included in the [above] list are illegal,” Musarat Jabeen, the chief spokesperson of the SECP, told Geo Fact Check via email, “Public is advised not to deal with illegal apps.”
The Security and Exchange Commission of Pakistan (SECP) has identified 75 online lending applications which are scams, till now.
Asaan Qarza is among the list of the credit apps that SECP is hoping to crack down on.
“In order to control the menace of illegal lending apps, SECP has liaised with local regulators such as PTA, FIA, and SBP besides Google and Apple,” Jabeen added, “In January and February, 75 unauthorised apps were reported to Google and Apple for removal from their app stores. Google has agreed to initiate a review of its policies to limit its platforms to licensed entities.”
The spokesperson explained that these illegal apps have a “predatory lending” behaviour, where they blackmail and harass borrowers and breach their data privacy, which are liable for action under Prevention of Electronic Crime Act, 2016 and Anti Money Laundering Act, 2010.
As per SECP rules, a digital lender will be authorised to operate in the country if it has obtained a license and approval from SECP and certification from the Pakistan Telecommunication Authority (PTA).
Furthermore, the apps are not allowed to access a borrower’s phone book, contact list or photo gallery, even if the borrower has given consent.
The list of illegal and unauthorised apps is listed below:
|1||360 Online Qarz||Mahbubur Technology|
|2||567 Speed Loan||Chunu Technology|
|3||99 Fast Cash Loan||Morsalin Technology|
|4||Aasan Lab- Easy Apply Money||Aco Startup|
|5||Apple Qist Qarz||Rabeya Technology|
|6||Asaan Qarza- credit loans||S&P Fintech|
|8||BG Loan: Unsecured Loans||Shakhawat Technology|
|9||CashCredit-Online Loan||Tom Edler|
|10||CashPro-Immediate Approval||Cashpro Technology|
|12||CredStar- Personal Credit Loan||Jinglecred|
|13||Debit Campsite (Old Name Debt Campsite)||Iqtidar Hussain|
|15||Easy Cash Loans||CapitalPoint Limited|
|16||Easy Loans Credit Fast Pay||Boj Inc|
|17||Easy Mobile Loans||Rapidpay Apps|
|18||Fair Loans||Cemens Ltd|
|19||Fast Loan||Gibraltar Lea|
|20||Fast Manne Loan Guide||Quicksoft Technology|
|21||FinMore- Online Credit Loans||Easy Digital Technology|
|22||Fori Instant Loans||BorrowN|
|23||Fori Qarz Online Personal Loan||Fori Qarz Ltd|
|24||Galaxy Loan||Amrit Malwa|
|25||Get It Now||Get It Now App|
|26||Get Welfare||Naseem Technologies Ltd|
|28||Harsha Tube- Quick Money||Harsha Credit Office|
|29||Hayar Pocket Easy Fund||Hayar private company|
|31||LendHome||Susan R Tabor|
|32||Little Cash- Mobile Loans||Optipay Limited|
|33||LoanClub||Quick Mob Pay Pvt. Ltd|
|34||MiniLoan- Personal OnlineLoan||Credito.pk|
|35||Money bee||Mr. Arming Saelee|
|36||MoneyBox||Ejaz Hasan Mujawar (QistBazaar)|
|37||MrLoan||LE THUY DUNG|
|38||MY Cash||Arham Sarwar|
|40||Naqad Qarza-ABC||Khudeza Technology|
|41||Plati Loans||Muhammad Noman Shaikh (Tech Productions)|
|42||Private Credit-Online Borrow||Fahad Nabeel|
|43||Pyoor Pack-Personal lend (old name: Pyoor Loan)||Pyoor Loan Office|
|44||Qarza Pocket-Personal Funds (old name: Qarza Rupee)||Qarza Rupee|
|45||QuickCash- Quick Mobile Loans||StarLink-Tech|
|46||Rico Box - Easy Apply Online||RT first startup|
|47||Rose Cash- Loan Cash||Khalid475|
|48||Sallam Loan- Online Loan App||Paput|
|49||Superb Loans||Superb Loans Team|
|50||Swift Loans- Fast Loan Disbur||Platinum Developer|
|51||Tazza Center- Get Money Soon||Ali Asad Tanveer|
|56||Zenn Park- Easy Instant Help||Zen Credit Office|
|57||ZetaLoan- Easy Credit Wallet||ZetaLoan Team|
|58||Money Club||QPAY MBP PVT LTD|
|59||Super Magic- StableOnlineLoan||Ganhewalage Anil Desapriya|
|60||Easy Pocket||Dev Raja Kumar|
|61||Monii Pro - Quick Funds||Monii Loan Studio|
|63||Credit Now - Safe Loan App||CreditNow|
|64||EasyLoan Lite- Cash Credit||Aleaty Microfinance (Pvt) Ltd|
|65||Haath Pocket||Qarza Rupee|
|66||OK wallet||OK wallet|
|69||Loan app pakistan online 2021||2DArm|
|70||Wcash Loan||Geek Lab|
|74||Pakket Pocket- Instant Money||Pakket Pocket Ltd|
* Data provided by SECP.
Follow us on @GeoFactCheck. If our readers detect any errors, we encourage them to contact us at [email protected]