Top 40 Illegal loan apps banned in Pakistan

Sheharyar The Tech guru Loan Apps banned in Pakistan News

The government of Pakistan has recently cracked down on 40 illegal loan apps in Pakistan. These illegal loan apps, known for their exploitative Techniques and unreasonable interest rates, have been banned in the country to protect users from falling into the debt trap.

How Illegal Loan Apps work

The government decided to stop these illegal loan apps because a lot of people said they were being treated badly when they borrowed money from them. These illegal loan apps were doing things that were not allowed. They were bothering the people who borrowed money by calling their friends and family. They were also using bad words and saying things that were not nice. Some people even said that these apps were threatening to take them to court if they didn’t pay the money back.

When you borrow money from someone, you should be treated nicely and with respect, right? But these illegal loan apps were not doing that. They were making the people who borrowed money feel scared and upset. The government heard about all these complaints and decided that these apps were not allowed to do these bad things anymore.

Now, because of the ban, these illegal loan apps can’t bother people anymore. They can’t use mean words or scare people by talking about going to court. This makes sure that people who need to borrow money are safe and not scared. The government wants everyone to be happy and not worried when they borrow money, so they made this rule to help protect people from being treated badly by these illegal loan apps.

The list of banned apps includes:

  1. My Cash
  2. Superb Loans
  3. Fair Loans
  4. Plati Loans
  5. Ur Cash
  6. Debit Campsite
  7. Loan Ctredit Cash
  8. Easy Mobile Loans
  9. Fori Qarz Online Personal Loan
  10. Easy Loan Credit Fast Pay
  11. Little Cash-Mobile Loans
  12. FinMore-Online Credit Loans
  13. Zetaloan-Easy Credit Wallet
  14. Qarza Pocket-Personal Funds
  15. Asaan Qarza
  16. Credit Loans
  17. Fast Loan
  18. Harsha Tube-Quick Money
  19. Loan Club
  20. Tazza Centre-Get Money Soon
  21. Asan Lab-Easy Apply Money
  22. Cash Credit-Online Loan
  23. Money Bee
  24. Galaxy Loan
  25. TiCash
  26. Cash Pro-Immediate Approval
  27. Rose Cash-Loan Cash
  28. Hamdard Loan
  29. Yo cash
  30. Sallam Loan-Online Loan App
  31. Whale
  32. Zenn Park-Easy Instant Help
  33. Get Welfare
  34. 99 Fast Cash Loan
  35. LendHome QuickCash
  36. Mr Loan
  37. 567 Speed Loan
  38. Rico Box-Easy Apply Online
  39. Apple Quist Qarz
  40. Fori Instant Loans
  41. Bee Cash

How to identify and Avoid from illegal loan apps

  1. Research and Check Legitimacy: Before downloading any loan app, research its legitimacy by checking if it is registered and licensed by the relevant financial authorities.
  2. Read Reviews and Ratings: Look at the reviews and ratings of the app on trusted platforms. Negative reviews, complaints about aggressive practices, and high-interest rates can indicate an illegal or untrustworthy app.
  3. Verify Terms and Conditions: Carefully read the terms and conditions, including the interest rates and repayment terms. Be cautious if the terms seem unclear, unfair, or excessively punitive.
  4. Avoid Upfront Fees: Legitimate lenders typically do not ask for upfront fees or payments before disbursing the loan. If an app asks for money before providing the loan, it might be a red flag.
  5. Check Contact Information: Ensure the loan app has valid and verifiable contact information, including a physical address and customer support details. Lack of contact information or unresponsive customer support can indicate an illegal operation.
  6. Consult Financial Authorities: Refer to the website of the financial regulatory authority in your country to verify the legality of the lending institution or app.
  7. Seek Recommendations: Get recommendations from trusted sources, such as friends, family, or financial advisors, about reliable and licensed lending platforms.

By following these steps, you can reduce the risk of falling prey to illegal loan apps and protect yourself from fraudulent and exploitative lending practices.

Why Pakistan Government Banned These illegal Loan Apps

The government stopped these bad Illegal Loan Apps because many people said they were treated badly when they borrowed money from them. These apps were doing things that were not right. They bothered the people who borrowed money by calling their friends and family. They also said mean things and scared people by talking about going to court if they didn’t pay the money back.

When you borrow money, you should be treated nicely and with respect. But these Illegal Loan Apps were not doing that. They made the people who borrowed money feel scared and upset. The government heard all the complaints and said these apps were not allowed to do these bad things anymore.

Now, because of the ban, these Illegal Loan Apps can’t bother people anymore. They can’t use mean words or scare people by talking about going to court. This helps people who need to borrow money to feel safe and not scared. The government wants everyone to be happy and not worried when they borrow money, so they made this rule to help protect people from being treated badly by these Illegal Loan Apps.

Role of State Bank of Pakistan(SBP) against illegal loan apps in Pakistan

To address this problem, the State Bank of Pakistan (SBP) had been taking measures to regulate the digital lending sector more effectively, including issuing warnings to the public to avoid unauthorized lending platforms. The SBP had emphasized the importance of borrowing from only licensed financial institutions and had encouraged individuals to report any suspicious or fraudulent activities to the relevant authorities.

Please avoid using Illegal Loan Apps. For more information kindly visit Our Website.

Thank you and Jazak Allah. Sheharyar Ejaz

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4 thoughts on “Top 40 Illegal loan apps banned in Pakistan

  1. یہ بہت اچھا اقدام ہےاللہ کرے یہ پابندی لگی رہے صرف اعلانات تک محدود نہ رہے

  2. سر جنہوں نےایسا کیاان کے ساتھ تو اچھا ہواپر جو حقدارتھےوہ بھی محروم ہو گۓ اللہ ہدایت دے آمین

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