The Securities and Exchange Commission of Pakistan(SECP) has conducted investigations and has taken severe action against fraudulent loan apps, and has strengthened regulatory measures and enforcement frameworks in response to illegal and suspicious activities by some of these loan apps.
Also read: Top 3 Loan Apps In Pakistan (50K-100K Urgent Cash Loan)
At the same time, many individuals are falling to their vulnerabilities and are being exploited when in need of financial assistance.
Also read: How To Quickly Get 50,000 Loan In Pakistan {20K-200K} (Interest-Free)
This occurs because people in Pakistan have a low financial literacy rate, and they may not fully grasp the complexities of online lending apps.
This lack of knowledge makes needy individuals susceptible to fraudulent loan schemes and offers.
Also read: Top 7 Urgent Loan Apps In Pakistan Without Interest | 50K-2Lakh Urgent Loan
To help individuals save time and money, we have compiled a list of illegitimate loan apps. This will enable borrowers to make an informed decision when choosing a loan app for their urgent cash needs.
List Of Online Loan Apps That Are Scamming | Loan Apps In Pakistan
How Online Loan Apps Trap People In Their Scams?
A significant portion of the population in Pakistan has limited access to traditional banking services, rendering them vulnerable to the allure of online lending platforms that exploit their financial needs.
Also read: 7 Best Instant Loan Apps In Pakistan 2023 with Low Interest Rates
These lending platforms offer quick and easy loans ranging from PKR 10,000 to PKR 100,000 to meet individual’s urgent needs, simply by downloading their apps available on the Play Store.
These fraudulent Mobile apps then transfer cash directly into Easy Paisa, Jazz Cash, or bank accounts and subsequently impose hidden charges on individuals who cannot afford them. They charge up to 300% interest rates, which were not disclosed upfront before the loan was granted.
Also read: SmartQarza Loan App- 25,000 Online Urgent Loan In Pakistan (SECP Verified)
Unfortunately individuals, in their desperation borrow loan from other loan scamming apps to repay their existing debts, thereby becoming trapped in a cycle of dept accumulation, and they end up losing their hard-earned money.
In order to protect individuals and raise awareness about these fraudulent apps, we have curated a list of unlicensed loan apps to save them from online scams.
List Of Online Loan Apps That Are Involved In Online Scams
Here is a list of 70+ top loan apps that are scamming people in Pakistan, along with their names and companies. Stay alert and be cautions of these fraudulent digital loan apps on the Play Store.
Also read: SECP Cancels License Of 3 Leading Online Loan Apps In Pakistan
| Sr. | Names of Fake Loan Apps | Company/Developer |
| 1. | JaidiCredit | Adnan Rahim |
| 2. | Easy Cash Loans | CapitalPoint Limited |
| 3. | Hayar Pocket Easy Fund | Hayar private company |
| 4. | DiDi Loans | DidiLoans |
| 5. | Harsha Tube- Quick Money | Harsha Credit Office |
| 6. | Debit Campsite (Old Name Debt Campsite) | Iqtidar Hussain |
| 7. | HamdardLoan | Hamdard Team |
| 8. | CredStar- Personal Credit Loan | Jinglecred |
| 9. | Get Welfare | Naseem Technologies Ltd Muhammad Imran |
| 10. | CreditLoan | MHLD studio |
| 11. | Get It Now | Get It Now App |
| 12. | CashPro-Immediate Approval | Cashpro Technology |
| 13. | Galaxy Loan | Amrit Malwa |
| 14. | CashCredit-Online Loan | Tom Edler |
| 15. | Fori Qarz Online Personal Loan | Fori Qarz Ltd |
| 16. | BG Loan: Unsecured Loans | Shakhawat Technology |
| 17. | Fori Instant Loans | BorrowN |
| 18. | Bee Cash | Superthaliyou |
| 19. | FinMore- Online Credit Loans | Easy Digital Technology |
| 20. | Asaan Qarza- credit loans | S&P Fintech |
| 21. | Fast Manne Loan Guide | Quicksoft Technology |
| 22. | Apple Qist Qarz | Rabeya Technology |
| 23. | Fast Loan | Gibraltar Lea |
| 24. | Aasan Lab- Easy Apply Money | Aco Startup |
| 25. | Fair Loans | Cemens Ltd |
| 26. | 99 Fast Cash Loan | Morsalin Technology |
| 27. | Easy Mobile Loans | Rapidpay Apps |
| 28. | 567 Speed Loan | Chunu Technology |
| 29. | Easy Loans Credit Fast Pay | Boj Inc |
| 30. | 360 Online Qarz | Mahbubur Technology |
Online Loan App Scam
Here are more online loan apps that are involved in scam. Please stay aware and inform your loved ones to avoid these loan apps.
Also read: Paisayaar Loan App | Get 1k-25K Urgent Personal Loan Via Mobile In Pakistan
| Sr. | Name of Scamming Loan Apps | Company/Developer |
| 31. | Pakket Pocket- Instant Money | Pakket Pocket Ltd |
| 32. | UrCash | Muka |
| 33. | Candycash | Candycash |
| 34. | TiCash | Tcashwin |
| 35. | LuckMoney | LuckMoney |
| 36. | Tazza Center- Get Money Soon | Ali Asad Tanveer |
| 37. | Pakkicash | ThankDeveloper |
| 38. | Swift Loans- Fast Loan Disbur | Platinum Developer |
| 39. | Wcash Loan | Geek Lab |
| 40. | Superb Loans | Superb Loans Team |
| 41. | Focus loan | ReadymoneyCS |
| 42. | Sallam Loan- Online Loan App | Paput |
| 43. | ColeCash | Sickleking |
| 44. | Rose Cash- Loan Cash | Khalid475 |
| 45. | OK wallet | OK wallet |
| 46. | Rico Box – Easy Apply Online | RT first startup |
| 47. | Haath Pocket Qarza Rupee | |
| 48. | QuickCash- Quick Mobile Loans | StarLink-Tech |
| 49. | EasyLoan Lite- Cash Credit | Aleaty Microfinance (Pvt) Ltd |
| 50. | Qarza Pocket-Personal Funds (old name: Qarza Rupee) | Qarza Rupee |
| 51. | Credit Now – Safe Loan App | CreditNow |
| 52. | Pyoor Pack-Personal lend (old name: Pyoor Loan) | Pyoor Loan Office |
| 53. | Holiday Loan | Rtyfgyau787 |
| 54. | Private Credit-Online Borrow | Fahad Nabeel |
| 55. | Monii Pro – Quick Funds | Monii Loan Studio |
| 56. | Plati Loans | Muhammad Noman Shaikh (Tech Productions) |
| 57. | Easy Pocket | Dev Raja Kuma |
| 58. | Naqad Qarza-ABC | Khudeza Technolog |
| 59. | Super Magic- StableOnlineLoan | Ganhewalage Anil Desapriya |
| 60. | MyCash | Muka |
| 61. | Money Club | QPAY MBP PVT LTD |
| 62. | MY Cash | Arham Sarwar |
| 63. | ZetaLoan- Easy Credit Wallet | ZetaLoan Team |
| 64. | MrLoan | LE THUY DUNG |
| 65. | Zenn Park- Easy Instant Help | Zen Credit Office |
| 66. | MoneyBox | Ejaz Hasan Mujawar (QistBazaar) |
| 67. | YoCash | Ambrose770250 |
| 68. | Money bee | Mr. Arming Saelee |
| 69. | Whale | Dev Shubham |
| 70. | MiniLoan- Personal OnlineLoan | Credito.pk |
| 71. | Little Cash- Mobile Loans | Optipay Limited |
| 72. | LendHome | Susan R Tabor |
| 73. | LoanClub | Quick Mob Pay Pvt. Ltd |
List Of Illegal Loan Apps Blocked By Ministry Of Finance Pakistan | Online Loan Apps Banned List
Here is the complete list of loan apps blocked by the Ministry of Finance Pakistan to safeguard individuals’ privacy and prevent the theft of personal data.
Also read: Urgent 10K-1Lakh Digital Loan In Pakistan | Abhi-Your Salary Now Loan App
⦁ Mrloan
⦁ Plati Loans
⦁ Swift Loans
⦁ Fori Qarz Online Personal Loan
⦁ CashPro-Immediate Approval
⦁ Loanclub
⦁ HamdardLoan
⦁ QuickCash
⦁ 567 Speed Loan
⦁ MyCash
⦁ Zenn Park -Easy Instant Help
⦁ Bee Cash
⦁ Asaan Qarza- credit loans
⦁ Superb Loans
⦁ Galaxy Loan
⦁ TiCash
⦁ ZetaLoan- Easy Credit Wallet
⦁ LendHome
⦁ Rico Box – Easy Apply Online
⦁ Easy Mobile Loans
⦁ Yocash
⦁ Harsha Tube – Quick Money
⦁ Fair Loans
⦁ Loan Credit Cash
⦁ Aasan Lab – Easy Apply for Money
⦁ Rose Cash – Loan Cash
⦁ FinMore- Online Credit Loans
⦁ BG Loan
⦁ Get Welfare
⦁ Tazza Centre – Get Money Soon
⦁ UrCash
⦁ Whale
⦁ Fori Instant Loans
⦁ Little Cash- Mobile Loans
⦁ Debit Campsite
⦁ Apple Qist Qarz
⦁ Easy Loans Credit Fast Pay
⦁ Sallam Loan – Online Loan App
⦁ CashCredit-Online Loan money bee
⦁ Qarza Pocket -Personal Funds
Also read: Business Loan In Pakistan With 0% interest | Best Low interest Loan In Pakistan
How to Report An Online Loan Scam in Pakistan?
Online Loan App Scam
If you have been a victim of fraud and blackmail by an online loan app, you should immediately gather all information and screenshots and file a complaint against these scam apps.
Here are the steps you need to follow to file a complaint against loan scam apps.
Complaint through FIA website
Visit the official FIA website at https://complaint.fia.gov.pk/
Contact via phone
Reach out to FIA through the phone number 051-111-345-786.
Contact via Helpline
The FIA helpline is 111-345-768.
Walk-in centres to file a complaint
You can visit FIA’s cybercrime reporting centres based in 16 major cities including.
You can contact FIA via email at complaints@fia.gov.pk.
Address
FIA Headquarters, Muhammad Tufail Niazi Rd, G 9/4, Islamabad, PK.
Also read: Online Loan Apps In Pakistan 2023 | Best Loan Apps
How Can We Save Ourselves from Online Loan Scams
Online Loan App Scam
Online scams are becoming very common these days. To reduce the risk of becoming a victim of online loan scams and protect your financial well-being, here are some tips you need to know.
Verify legitimacy
Before using any online loan app, the first step is to ensure that it is reputable and compliant with regulatory authorities such as SECP. Check for proper registration of the loan app before taking out a loan
Stay Informed About the latest scams
To protect yourself from falling victim to fraudulent schemes, stay informed about financing activities and stay updated with the latest news and information regarding online loan scams.
Maintain Records of online documents
Keep records of all loan-related agreements, terms, and repayment receipts as evidence in case of any fraudulent behavior by a loan app.
Review Permissions
Before installing any loan app, carefully examine the permissions it requests. Only give access to necessary information
Avoid sharing financial or personal information
Do not share your share personal or financial information such as National Identity Card (NIC) or Social Security number, full bank account number, personal identification numbers (PINs), credit card details, or access to your phone information and passwords, unless you have verified the legitimacy of the loan app
Stay Informed About the latest scams
To protect yourself from falling victim to fraudulent schemes, stay informed about financing scam activities and stay updated with the latest news and information regarding online loan scams.
Understand Repayment Terms
To avoid unexpected financial burdens, carefully read and understand the loan repayment terms. Pay attention to details such as penalties for late payments, due dates, and repayment methods.
Name legal loan providers in Karachi
Smartqarza loan app, ABHI-Your Salary Now, Tez, and Paisayaar are SECP approved loan providers in Pakistan.
Also read: How To Get 25 Lakh Interest-Free Solar Panel Loan Meezan Bank Best Guide
Online Loan Apps FAQs
How do loan apps work?
Typically loan apps follow this cycle:
- Download the loan app.
- Provide required personal and financial information.
- Verification Process.
- Loan Request.
- Loan Approval.
- Repayment.
Loan apps or mobile lending apps, provide a convenient accessible platform for individuals to borrow money digitally. They are time-saving and more efficient than traditional banking institutions.
What are the risks associated with online loan apps and online loans?
There are several risks associated with online loan apps and online loans that individuals should be aware of. Some of them include:
- High-Interest Rates.
- Credit Score Impact.
- Aggressive Debt Collection.
- Hidden Fees.
- Privacy and Security Risks.
- Identity Theft.
What should I consider when choosing an online loan app or online lender?
Here are the following factors that you need to consider when choosing an online loan app or online lender:
- Reliability and Reputation.
- Interest Charges.
- Loan Terms and Conditions.
- Repayment Flexibility.
- Research Properly.
- Customer Service.
- Legal License.
You should also seek recommendations from friends and family to get better experience.
Top institutions in Pakistan that give interest-free loans?
Top 5 institutions in Pakistan that provide interest-free loans to deserving individuals or groups.
- Akhuwat Foundation Pakistan.
- Kash Foundation Pakistan.
- National Bank of Pakistan.
- Pakistan Poverty Alleviation Fund (PPAF).
- Alkhidmat Foundation Pakistan.
Top 3 Online Loan Scamming Apps that are Banned in Pakistan?
Here are the top 3 illegal online loan apps that have been banned recently in Pakistan
- Bharosa Loan App (Accountable for the suicide of 42-year-old father).
- Superb Loans.
- Debit Campsite.
What are fake loan apps?
Fake loan apps are fraudulent mobile applications that closely mimic legitimate loan apps while fraudulently claiming to offer legal loan services. These fake lending platforms are designed to make fake promises of providing quick and easy loans, with the intention of exploiting the financial status of borrowers. Additionally, fake loan apps are typically unregistered with any government institution.
How do Fake Loan Apps cheat us?
Fake loan apps can steal sensitive information such as NIC, Bank account details, or other personal data, and misuse it for illicit purposes, such as selling it to other fraudulent companies. Illegitimate loan apps demand processing charges of PKR. 1000 or more in the name of processing loan fees, only to siphon off money.
How to Identify Fake Loan Apps?
Interest Charges
If the loan app offers interest rates or charges that seem too good to be true, stay alert. Fake loan apps often appear to be alluring with unrealistically low interest charges. However, this is their scheme to trap you because after granting the loan, these loan apps harass individuals by imposing high-interest charges.
Seek Recommendations
Consult your family and friends to recommend reputable loan app options. If something seems suspicious or too good to be true about a particular loan app, trust your instincts and avoid using it, as it might be a psychological tactic to trap borrowers.
Check Reviews and Ratings
Before downloading any loan app from the Google Play Store or Apple App Store, check the ratings and reviews. If you come across numerous negative reviews that complain about scams, such as hidden charges, poor customer service, or excessive permissions requests including access to contact details, photos, or account numbers, it indicates that the app is likely fraudulent.
Issued By Legal Government Authorities
Before applying for any loan, you must need to check that the loan app is licensed operated by SECP-licensed NBFC Seedcred Financial.
- MyCash
- ColeCash
- Superb Loans
- Debit Campsite
- Bharosa Loan App (Accountable for the suicide of 42-year-old father).
Also Read: https://loanappsinpakistan.com/urgent-loan-apps/
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