Tag: Loan Apps

  • SECP strikes down 120 illegal personal loan apps

    SECP strikes down 120 illegal personal loan apps

    Securities and Exchange Commission of Pakistan (SECP) has taken measures to protect the public from falling into debt traps of illegal loan apps. Collaborating with Google, Apple and Pakistan Telecommunication Authority (PTA), SECP has succeeded in removal of 120 illegal loan apps that were previously available online.

    The largely ignored scam of illegal personal loan apps came to light recently when last month, a resident of Rawalpindi, died by suicide after being threatened by a lender who gave him loan through one such app. This incident raised serious concerns about misuse of data privacy violations, and coercive recovery practices by the illegal loan apps. The SECP has not only tightened its regulatory framework for licensed Non-Banking Finance Companies (NBFCs) but has also initiated effective steps with the relevant authorities to shut down unauthorized and illegal loan apps.

    SECP has also referred the 120 blocked apps to the FIA for further action in accordance with the Prevention of Electronic Crimes Act of 2016. SECP regularly checks the Google Play Store and the Apple App Store for the presence of any illegal apps.

    Recently Google has introduced Pakistan’s Personal Loan App Policy, according to which Google only allows SECP-approved Personal Loan Apps for placement on its Google Play Store.

    Personal loan borrowers have been advised by SECP to obtain loans only from licensed NBFCs. The SECP’s regulatory framework for approved Apps requires transparent disclosure of fees, loan duration, instalments, and charges. Moreover, SECP has also initiated inspections of licensed NBFCs providing loans through Apps to verify that these are not engaged in miss-selling, breaches of data privacy, or coercive recovery practices etc.

  • Here’s the list of illegal loan apps banned in Pakistan

    Here’s the list of illegal loan apps banned in Pakistan

    The Ministry of IT and Telecom of the government responded to numerous reports and took decisive action against illegal loan apps, resulting in the banning of over 40 such applications. The severity of the issue prompted the ministry to intervene and curb the proliferation of these apps.

    In a statement released on Monday, Federal Minister Aminul Haque directed the Pakistan Telecommunication Authority (PTA), led by Chairman Major General Hafeez-ur Rehman, to promptly address the situation. As a result, 43 applications were immediately blocked in accordance with the ministry’s instructions.

    Additionally, the PTA is collaborating with the Securities and Exchange Commission (SECP) to seek consultation and support in tackling this concerning matter.

    Here’s the list of loan apps recently banned:

    • Superb Loans
    • Fair Loans
    • Plati Loans
    • UrCash
    • MyCash
    • Debit Campsite
    • Loan Credit Cash
    • Easy Mobile Loans
    • Fori Qarz Online Personal Loan
    • Easy Loans Credit Fast Pay
    • Little Cash- Mobile Loans
    • FinMore- Online Credit Loans
    • ZetaLoan- Easy Credit Wallet
    • Qarza Pocket -Personal Funds
    • Asaan Qarza- credit loans
    • Fast Loan
    • Harsha Tube – Quick Money
    • Loanclub
    • Tazza Centre – Get Money Soon
    • Aasan Lab – Easy Apply Money
    • CashCredit-Online Loan money bee
    • Galaxy Loan
    • TiCash
    • CashPro-Immediate Approval
    • Rose Cash – Loan Cash
    • HamdardLoan
    • Bee Cash
    • Yocash
    • Sallam Loan – Online Loan App
    • Whale
    • Zenn Park -Easy Instant Help
    • Get Welfare
    • LendHome
    • QuickCash
    • Mrloan
    • 567 Speed Loan
    • Rico Box – Easy Apply Online
    • Fori Instant Loans
    • 99 Fast Cash Loan
    • Apple Qist Qarz
    • BG Loan
    • Swift Loans
  • Masood suicide case: Recordings of calls with lenders reveal pressure on victim

    Masood suicide case: Recordings of calls with lenders reveal pressure on victim

    Following the suicide of Muhammad Masood, a victim of online loan sharks, his last voice note and conversations with the representative of the online loan lenders have revealed the pressure and emotional strain the deceased person was going through.

    Lahore Rang has shed light on the final days of the man who borrowed money to pay his children’s school fee.

    A recording of Mr Masood’s last message to his loved ones state, “I could neither be a good father, a good husband nor a good son. I’m under debt as I took loan and it’s all piled up with interest now. That’s the reason why I’ve been requesting you to sell the house, but you refused. The loan lenders have made my life miserable. I had no other option. Please forgive me. Keep my phone powered off for at least a month and then hand it over to Muneeb after throwing away the sim cards. I’m so sorry. Masood.”
    The 42-year-old was being incessantly harassed and threatened by the loan lenders. In one recording, a representative of the loan sharks can be heard blackmailing Masood, hurling threats, adding female members of the victim’s family to the call and insulting them along with him.
    In one recording he could be heard telling Masood to kill himself. His exact words were, “Get on video call with me right now and shoot yourself.” To which the poor man replied that he will.
    The victim’s brother has filed a complaint with the cybercrime wing of the Federal Investigation Agency, seeking justice for Muhammad Masood.

    Pakistan 24 has reported that two offices of such illegal companies have been sealed by the FIA, during raids carried out in the light of the mobile records of Masood.