In today's fast-paced world, where financial emergencies can arise unexpectedly, many people in Pakistan find themselves in urgent need of quick loans. To cater to this demand, several phone apps claim to offer easy loans at low-interest rates.

However, it's essential to exercise caution and be aware of potential scams that can compromise your personal data and financial security. In this article, we delve into the issue of fraudulent lending applications and provide you with valuable insights to protect yourself.

The Rise of Quick Loan Apps

In recent times, numerous quick loan apps have surfaced on the Google Play Store, promising quick and convenient access to credit for individuals facing urgent financial situations.

These apps, such as Asaan Qarza, boast of being professional and 100% online loan applications that provide fast cash disbursement.

With over one million downloads from Google alone, Asaan Qarza gained popularity among borrowers.

However, concerns have been raised regarding the access these lending apps gain to users' personal information, including their photo galleries, contact lists, and call data.

The Scam Alert

It is important to highlight that not all quick loan apps in Pakistan are legitimate. The Security and Exchange Commission of Pakistan (SECP), the financial regulatory authority, has identified several fraudulent lending applications that prey on unsuspecting borrowers.

These apps operate outside the boundaries of the law and are not registered with the Commission as non-banking financial companies.

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To safeguard borrowers, the SECP has compiled a list of authorized micro-credit apps that are deemed legitimate. These apps include Finja, Muawin, Credit Per, Easy PK Loan, Zoodpay & ZoodMall, Qisstpay CreditCat RazCash, Abhi, Barwaqt, Udhar-Paisa, and Zaroorat Cash.

It is crucial to ensure that any lending app you consider is included in this authorized list to avoid falling victim to scams.

The SECP's Vigilant Approach

Recognizing the severity of the issue, the SECP has taken proactive measures to address the problem of illegal lending apps. The Commission has collaborated with local regulators such as the Pakistan Telecommunication Authority (PTA), the Federal Investigation Agency (FIA), and the State Bank of Pakistan (SBP), as well as technology giants like Google and Apple.

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In January and February, the SECP reported 75 unauthorized lending apps to Google and Apple for removal from their respective app stores. Google has agreed to review its policies and restrict its platforms to licensed entities. This concerted effort aims to control the proliferation of illegal lending apps and protect borrowers from potential financial and data privacy risks.

The Dark Side of Illegal Apps

Illegal lending apps operate with predatory lending behavior, often resorting to blackmail and harassment of borrowers. Moreover, these apps violate borrowers' data privacy, which is a breach of the Prevention of Electronic Crimes Act, of 2016, and the Anti Money Laundering Act, of 2010.

Under SECP rules, digital lenders can operate in Pakistan only if they have obtained the necessary licenses and approvals from the SECP, along with certification from the PTA. Additionally, these apps are strictly prohibited from accessing a borrower's phone book, contact list, or photo gallery, even with the borrower's consent.

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List of Fake Loan Apps in Pakistan

To help you identify potentially fraudulent lending apps, we provide a list of Fake Loan Apps in Pakistan and illegal loan apps compiled by the SECP:

1. 360 Online Qarz
2. 567 Speed Loan
3. 99 Fast Cash Loan
4. Aasan Lab- Easy Apply Money
5. Apple Qist Qarz
6. Asaan Qarza- credit loans
7. Bee Cash
8. BG Loan: Unsecured Loans
9. CashCredit-Online Loan
10. CashPro-Immediate Approval
11. CreditLoan
12. CredStar- Personal Credit Loan
13. Debit Campsite (Old Name Debt Campsite)
14. DiDi Loans
15. Easy Cash Loans
16. Easy Loans Credit Fast Pay
17. Easy Mobile Loans
18. Fair Loans
19. Fast Loan
20. Fast Manne Loan Guide
21. FinMore- Online Credit Loans
22. Fori Instant Loans
23. Fori Qarz Online Personal Loan
24. Galaxy Loan
25. Get It Now
26. Get Welfare
27. HamdardLoan
28. Harsha Tube- Quick Money
29. Hayar Pocket Easy Fund
30. JaidiCredit
31. LendHome
32. Little Cash- Mobile Loans
33. LoanClub
34. MiniLoan- Personal Online Loan
35. Money bee
36. MoneyBox
37. MrLoan
38. MY Cash
39. MyCash
40. Naqad Qarza-ABC
41. Plati Loans
42. Private Credit-Online Borrow
43. Pyoor Pack-Personal lend (old name: Pyoor Loan)
44. Qarza Pocket-Personal Funds (old name: Qarza Rupee)
45. QuickCash- Quick Mobile Loans
46. Rico Box - Easy Apply Online
47. Rose Cash- Loan Cash
48. Sallam Loan- Online Loan App
49. Superb Loans
50. Swift Loans- Fast Loan Disbursement
51. Tazza Center- Get Money Soon
52. TiCash
53. UrCash
54. Whale
55. YoCash
56. Zenn Park- Easy Instant Help
57. ZetaLoan- Easy Credit Wallet
58. Money Club
59. Super Magic- StableOnlineLoan
60. Easy Pocket
61. Monii Pro - Quick Funds
62. Holiday Loan
63. Credit Now - Safe Loan App
64. EasyLoan Lite- Cash Credit
65. Haath Pocket
66. OK wallet
67. ColeCash
68. Focus loan
69. Loan app Pakistan online 2021
70. Wcash Loan
71. Pakkicash
72. LuckMoney
73. Candycash
74. Pakket Pocket- Instant Money