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In light of the challenging economic conditions, numerous individuals are resorting to quick loans through online lending applications found on the Google Play Store and various social media platforms. However, these apps often ensnare borrowers, exacerbating their financial woes. Online loan Apps scams in Pakistan is mostly trending now a days on facebook and YouTube ads.
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Numerous applications found on social media platforms present the allure of providing small online loans to individuals, constituting a seemingly contemporary approach to exploit the public. However, these apps employ deceptive tactics such as concealed fees and unacceptable terms, particularly burdening those in need who resort to these loans to address their pressing financial requirements.
These applications often promote themselves extensively on various social media platforms, promising immediate loans to the general public. However, once an individual applies for a loan through these apps, a distressing cycle of coercion and manipulation ensues.
Online loan Apps Scam in Pakistan
During an interview with ARY News, several individuals shared their harrowing experiences as victims of online loan application scams.
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One such citizen, Wasim Khan, hailing from Peshawar, recounted his encounter with the “Barwaqt Loan” app. In April 18, 2021, he borrowed a sum of Rs 50,000 from the app, only to receive a meager transfer of Rs2,800 into his account. To his dismay, Wasim disclosed that over the past year, he has already repaid Rs340,000, yet the management of “Barwaqt Loan” continues to demand additional funds from him.
Numerous online loan applications offer loans with a repayment period of 90 days. However, these apps engage in unscrupulous practices by demanding repayment within a week, subjecting borrowers to immense pressure. Disturbingly, they resort to intrusive measures such as contacting the borrower’s loved ones and even leaking personal family photos and records as a means of coercion.
Based on the download rates of these apps, Nomi estimated that approximately 25 million people have become ensnared in the online loan app scam. Recognizing the magnitude of the issue, the affected citizens are urgently appealing to the authorities to intervene promptly and liberate them from the clutches of these fraudulent schemes.