Tuesday, October 3, 2023

Here’s the List of Illegal Loan Apps Banned in Pakistan

In a significant move to safeguard borrowers from predatory lending practices, the government of Pakistan has recently cracked down on several illegal loan apps. These apps, known for their exploitative tactics and exorbitant interest rates, have been banned in the country to protect consumers from falling into debt traps. The list of prohibited apps includes:

  1. Superb Loans
  2. Fair Loans
  3. Plati Loans
  4. UrCash
  5. MyCash
  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. LoanClub
  20. Tazza Centre-Get Money Soon
  21. Asan Lab-Easy Apply Money
  22. CashCredit-OnlineLoan
  23. Money Bee
  24. Galaxy Loan
  25. TiCash
  26. CashPro-Immediate Approval
  27. Rose Cash-Loan Cash
  28. Hamdard Loan
  29. Bee Cash
  30. Yocash
  31. Sallam Loan-Online Loan App
  32. Whale
  33. Zenn Park-Easy Instant Help
  34. Get Welfare
  35. LendHome QuickCash
  36. MrLoan
  37. 567 Speed Loan
  38. Rico Box-Easy Apply Online
  39. Fori Instant Loans
  40. 99 Fast Cash Loan
  41. Apple Quist Qarz

The ban comes as a response to numerous complaints from borrowers who have faced harassment and abusive collection practices from these loan apps. Many users reported that the apps used unethical methods to extract repayments, including contacting friends and family, using inappropriate language, and threatening legal action.

The unchecked proliferation of these illegal loan apps has been a cause for concern for the government and financial authorities. With the rise of digital lending platforms, many borrowers, especially those who are financially vulnerable, have been lured into borrowing money at high-interest rates without fully understanding the terms and conditions.

In recent times, there has been an alarming increase in reports of borrowers falling into a debt trap due to these apps’ exploitative practices. Borrowers often find themselves unable to repay the loans due to the burden of inflated interest rates, leading to a cycle of perpetual debt.

The ban on these illegal loan apps is a crucial step towards protecting consumers and ensuring fair lending practices in Pakistan. The government aims to curb the proliferation of unregulated digital lending platforms and crack down on those who exploit borrowers for financial gain.

To further address the issue, the government is also working on strengthening its regulatory framework to monitor and control the activities of online lending platforms. The goal is to encourage responsible lending practices and to provide a safer environment for borrowers to access credit.

The authorities have urged citizens to report any other suspicious or illegal loan apps that may continue to operate despite the ban. With collective efforts, the government aims to create a more transparent and secure lending ecosystem, safeguarding the interests of borrowers and promoting responsible lending practices in the country.

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