LAHORE – The trend of instant loans is moving on a steep trajectory of growth in the cash-strapped country and people continue to fall for such sham platforms to get financial help without going through a regular procedure which requires a lot of paperwork and comes with stern conditions.
Unemployment, depreciating finances, and record inflation has forced a number of people to download these instant loan apps to make ends meet hassle-free.
As these instant cash apps are running paid campaigns to woo their targeted audience, a large number of people have become victim of the latest financial fraud.
Reports in local media quoting numbers from Punjab Home Department claim that more than 9 million cell phone users have downloaded these applications and many of the citizens are being scammed and even threatened by these private lenders.
At first, these platforms lured people with easy return policies and once they borrowed the amount, the recovery agents started pressurising them to return the borrowed money within a week time. As already distressed people failed to return the full amount in days, they are forced to repay the loan with a hefty markup.
Barwaqt Loan, PK Loan, Easy Loan, Zeta Loan, and Asan Qarz, Udhar Paisa, Credit Cat, Fast Loan, Easy Money, and B Cash applications are among the fishy applications.
Earlier it was reported that the Securities and Exchange Commission of Pakistan has started action against companies providing quick loans using tricks. SECP also sent the case against 14 illegal apps to Federal Investigators.
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