PTA warns of Scam FinTech Apps for Easy Loans as a list of more than 40 mobile applications has been published that are scam.
The Federal Minister of Information Technology, Ameen ul Haq has recently announced that law of Pakistan forbids to allow any private company to loan people.
In the recent past there has been an increasing trend of “easy loan” apps in Pakistan and these apps are available for download from Google Play Store and Apple iStore.
These apps provide loans to people with slogans that the “hassle-free of paperwork” and “extremely low markups”.
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However, Pakistan Telecommunication Authority (PTA) has warned these apps can have a proved danger and menace.
Recent events have revealed that these apps ask for access to the gallery and contacts of the loanee, and once the loans are given, the loanee is blackmailed to return loan.
Federal Investigation Agency (FIA) has shown in its investigation that those involved in the setup were given calling targets to make 100 to 150 calls daily.
Authorities have warned people to carefully read the terms and conditions before installing such loan apps since these apps can access every personal information and data in a mobile phone.
These Fintech apps are
The registered Apps are:
| Sr. # | App Name | Company/Developer |
| 1 | Muawin | Cashew Financial Services |
| 2 | Easy Loan | Sarmaya Microfinance (Private) limited |
| 3 | Zoodpay and Zoodmall | OrientSwiss |
| 4 | Qisstpay Creditcat | QisstPay BNPL (Pvt) Ltd |
| 5 | Abhi | Abhi (Private) Limited |
| 6 | Barwaqt | Seedcred Financial Services Limited |
| 7 | Udhar-Paisa | Microcred Financial Services Limited |
| 8 | Zaroorat Cash | Humraah Financial Services Ltd. |
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The non-registered Apps are:
| Sr. | App Name | Company/Developer |
| 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 |
| 7 | Bee Cash | Superthaliyou |
| 8 | BG Loan: Unsecured Loans | Shakhawat Technology |
| 9 | CashCredit-Online Loan | Tom Edler |
| 10 | CashPro-Immediate Approval | Cashpro Technology |
| 11 | CreditLoan | MHLD studio |
| 12 | CredStar- Personal Credit Loan | Jinglecred |
| 13 | Debit Campsite (Old Name Debt Campsite) | Iqtidar Hussain |
| 14 | DiDi Loans | DidiLoans |
| 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 Muhammad Imran |
| 27 | HamdardLoan | Hamdard Team |
| 28 | Harsha Tube- Quick Money | Harsha Credit Office |
| 29 | Hayar Pocket Easy Fund | Hayar private company |
| 30 | JaidiCredit | Adnan Rahim |
| 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 |
| 39 | MyCash | Muka |
| 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 |
| 52 | TiCash | Tcashwin |
| 53 | UrCash | Muka |
| 54 | Whale | Dev Shubham |
| 55 | YoCash | Ambrose770250 |
| 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 |
| 62 | Holiday Loan | Rtyfgyau787 |
| 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 |
| 67 | ColeCash | Sickleking |
| 68 | Focus loan | ReadymoneyCS |
| 69 | Loan app pakistan online 2021 | 2DArm |
| 70 | Wcash Loan | Geek Lab |
| 71 | Pakkicash | ThankDeveloper |
| 72 | LuckMoney | LuckMoney |
| 73 | Candycash | Candycash |
| 74 | Pakket Pocket- Instant Money | Pakket Pocket Ltd |
Victims can report their complaints on the FIAÂ website, and the reporting centres in their city will contact via helpline for assistance.
PTA warns of Scam FinTech Apps for Easy Loans and people should be careful while using these apps and applying for loans.
