The Security and Exchange Commission of Pakistan (SECP) on Saturday advised the public to not deal with fake loan apps downloaded from Google Play Store.
Asaan Qarza, which has been downloaded over one million times from Google alone, is one of 74 fake loan apps that claim to be a “professional 100% online loan application” that provides cash.
These applications claim to offer people easy loans at low-interest rates. Those who download these apps give access to their phone data including their picture gallery and contact list.
Once these applications are downloaded, they get access to the personal data of the user.
The financial regulatory authority told Geo Fact Check that only 10 micro-credit apps are legit which include Finja, Muawin, Credit Per, Easy PK Loan, Zoodpay & ZoodMall, Qisstpay CreditCat RazCash, Abhi, Barwaqt, Udhar-Paisa and Zaroorat Cash.
These apps are registered with SECP as non-banking financial companies, under the Companies Act, 1956.
“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 commission has identified 75 online apps that are scams including Asaan Qarza, which the 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 the Prevention of Electronic Crime Act, 2016 and the Anti Money Laundering Act, 2010.
As per the 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|