ISLAMABAD: Head of the PM Strategic Reforms Salman Sufi said on Thursday that authorities will continue their operation and identify more “shark loan apps” that are built for the sole objective of citizen exploitation.
Taking to Twitter, Sufi said that the Federal Investigation Agency, Securities and Exchange Commission of Pakistan, and Pakistan Telecommunication Authority continue to identify more apps which are built for the sole objective of citizen exploitation and would continue to block them.
He also shared the list of fourt-three loan apps that were identified by the SECP and blocked by PTA for engaging the practices of predatory loans.
Earlier, after multiple reports, the Ministry of Information Technology and Telecom finally decided to take action against illegal loan apps, and banned over fourty of them.
The ministry said that some of the companies are registered with the SECP.
The boom in the loan apps has led to a rise in complaints about illegal lenders that routinely abuse the data of the customers and use aggressive recovery tactics including blackmail and threats.
By May, the SECP had received 1,415 complaints against legal loan apps and 181 against illegal apps.
Moreover, the Competition Commission of Pakistan has warned the masses about the rising trend of mobile loan apps.
The list of loan shark Apps that were identified by SECP and Blocked by @PTAofficialpk
FIA SECP PTA continue to identify further apps which are built for the sole purpose of citizen exploitation and will continue to block- prosecute. pic.twitter.com/AuDu1dFP08
— Salman Sufi (Get New Covid Booster Today) (@SalmanSufi7) July 20, 2023
Banned loan apps
The apps blocked by Pakistan in the latest crackdown include: FinMore- Online Credit Loans, Rose Cash-Loan Cash, Aasan Lab-Easy Apply Money, QuickCash, Loan Credit Cash, Superb Loans, Fair Loans, Rico Box – Easy Apply Online, Easy Loans Credit Fast Pay, HamdardLoan, BG Loan: Unsecured Loans, Qarza Pocket-Personal Funds, , Bee Cash, Swift Loans – Fast Loan Disbur, Fast Loan, Whale, Plati Loans, Harsha Tube-Quick Money, Little Cash- Mobile Loans, CashPro-Immediate Approval, Zenn Park-Easy Instant Help, UrCash, Loanclub, Get Welfare, MyCash, Tazza Centre – Get Money Soon, LendHome, Debit CampsiteCashCredit-Online Loan, MrLoan, Easy Mobile Loans, money bee, 567 Speed Loan, Fori Qarz Online Personal Loan, Galaxy Loan, TiCash, Fori Instant Loans, 99 Fast Cash Loan, Apple Qist Qarz, ZetaLoan- Easy Credit WalletYocash, Asaan Qarza-credit loans, Sallam Loan-Online Loan App.
