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Thursday December 05, 2024

Alert: Pakistanis should beware of 'easy loan' apps

Most applications not certified by Security and Exchange Commission of Pakistan (SECP)

By Web Desk
July 15, 2023

Yet another scam has been brought to centre stage with the suicide of an unemployed man in Rawalpindi who took his life after blackmailing by online loan sharks earlier this week.

Increasingly, "easy loan" applications are being released on Google Play Store and Apple iStore, promising people loans without the "hassle" of paperwork and for extremely low markups.

However, as easy and convenient as the loans may seem, those behind these applications have proved a danger and menace.

Recent events have revealed that the applications ask for access to the gallery and contacts of the loanee, and once the loans are given, those behind them reveal their true colours.

During a preliminary Federal Investigation Agency (FIA) investigation, those involved in the setup were given calling targets to make 100 to 150 calls daily.

With access to the gallery and contact list of the loanee, these people not only threatened the loanee's friends and family but also threatened to reveal "inappropriate images" stored in the phone data.

A spokesman for the FIA said that online loan companies had created separate "torture call" cells to threaten those who had taken loans.

Moreover, most of these applications are not certified by the Security and Exchange Commission of Pakistan (SECP), making them unreliable.

Many fraudulent applications also misrepresent the markup, often demanding much more than loanees are initially led to believe once the loans are given.

Registered, unregistered apps

The Security and Exchange Commission of Pakistan (SECP), the financial regulatory authority, has verified that only specific micro-credit apps are legit and registered with the Commission as non-banking financial companies under the Companies Act, 1956.

The registered apps are:

  • Muawin
  • Credit Per
  • Easy PK Loan
  • Zoodpay & ZoodMall
  • Qisstpay CreditCat
  • RazCash
  • Abhi
  • Barwaqt
  • Udhar-Paisa
  • Zaroorat Cash

Unregistered apps:

Sr.

Name 

Company/Developer

1360 Online Qarz
Mahbubur Technology
2567 Speed Loan
Chunu Technology
399 Fast Cash Loan
Morsalin Technology
4Aasan Lab- Easy Apply Money
Aco Startup
5Apple Qist Qarz
Rabeya Technology
6Asaan Qarza- credit loans
S&P Fintech
7Bee Cash
Superthaliyou
8BG Loan: Unsecured Loans
Shakhawat Technology
9CashCredit-Online Loan
Tom Edler
10CashPro-Immediate Approval
Cashpro Technology
11CreditLoan
MHLD studio
12CredStar- Personal Credit Loan
Jinglecred
13Debit Campsite (Old Name Debt Campsite) Iqtidar Hussain
14DiDi Loans
DidiLoans
15Easy Cash Loans
CapitalPoint Limited
16Easy Loans Credit Fast Pay
Boj Inc
17Easy Mobile Loans
Rapidpay Apps
18Fair Loans
Cemens Ltd
19Fast Loan
Gibraltar Lea
20Fast Manne Loan Guide
Quicksoft Technology
21FinMore- Online Credit Loans
Easy Digital Technology
22Fori Instant Loans
BorrowN
23Fori Qarz Online Personal Loan
Fori Qarz Ltd
24Galaxy Loan
Amrit Malwa
25Get It Now
Get It Now App
26Get Welfare
Naseem Technologies Ltd
Muhammad Imran
27HamdardLoan
Hamdard Team
28Harsha Tube- Quick Money
Harsha Credit Office
29Hayar Pocket Easy Fund
Hayar private company
30JaidiCredit
Adnan Rahim
31LendHome
Susan R Tabor
32Little Cash- Mobile Loans
Optipay Limited
33LoanClub
Quick Mob Pay Pvt. Ltd
34MiniLoan- Personal OnlineLoan
Credito.pk
35Money bee
Mr. Arming Saelee
36MoneyBox
Ejaz Hasan Mujawar (QistBazaar)
37MrLoan
LE THUY DUNG
38MY Cash
Arham Sarwar
39MyCash
Muka
40Naqad Qarza-ABC
Khudeza Technology
41Plati Loans
Muhammad Noman Shaikh (Tech Productions)
42Private Credit-Online Borrow
Fahad Nabeel
43Pyoor Pack-Personal lend (old name: Pyoor Loan)Pyoor Loan Office
44Qarza Pocket-Personal Funds (old name: Qarza Rupee)Qarza Rupee
45QuickCash- Quick Mobile Loans
StarLink-Tech
46Rico Box - Easy Apply Online
RT first startup
47Rose Cash- Loan Cash
Khalid475
48Sallam Loan- Online Loan App
Paput
49Superb Loans
Superb Loans Team
50Swift Loans- Fast Loan Disbur
Platinum Developer
51Tazza Center- Get Money Soon
Ali Asad Tanveer
52TiCash
Tcashwin
53UrCash
Muka
54Whale
Dev Shubham
55YoCash
Ambrose770250
56Zenn Park- Easy Instant Help
Zen Credit Office
57ZetaLoan- Easy Credit Wallet
ZetaLoan Team
58Money Club
QPAY MBP PVT LTD
59Super Magic- StableOnlineLoan
Ganhewalage Anil Desapriya
60Easy Pocket
Dev Raja Kumar
61Monii Pro - Quick Funds
Monii Loan Studio
62Holiday Loan
Rtyfgyau787
63Credit Now - Safe Loan App
CreditNow
64EasyLoan Lite- Cash Credit
Aleaty Microfinance (Pvt) Ltd
65Haath Pocket
Qarza Rupee
66OK wallet
OK wallet
67ColeCash
Sickleking
68Focus loan
ReadymoneyCS
69Loan app pakistan online 2021
2DArm
70Wcash Loan
Geek Lab
71Pakkicash
ThankDeveloper
72LuckMoney
LuckMoney
73Candycash
Candycash
74Pakket Pocket- Instant Money
Pakket Pocket Ltd

How to approach FIA in case of blackmail

Speaking during Geo News' programme "Aaj Shahzeb Khanzada Kay Saath," FIA Cyber Crime ADG Ahmed Ishaq Jahangir shared several ways victims of fraud and blackmail could contact the agency.

1. FIA website complaint

Victims can report their complaints on the FIA website, and the reporting centres in their city will contact them to assist them.

2. Contact via phone, helpline

The FIA cyber crime wing can also be reached out via their phone number and helpline.

Phone: 051-111345786.

Helplines: 1991

However, Jahangir said that the helpline was currently under construction to connect it with the main FIA helpline

3. Walk-in centres

From Gilgit to Gawadar, 16 major cities have FIA's cybercrime reporting centres, he said. These cities include Lahore, Karachi, Peshawar, Abottabad, Faisalabad, Gujranwala and Multan.

People from these cities can visit the centres for assistance.

Moreover, they can also file an online complaint.

However, the FIA Cyber Wing ADG added that since the online scam was technical, involving money layering and siphoning, warding of the blackmailers and recovering the money could take some time.