We are living in an age of recession where the uncertainty is at its peak and there is no stability in our economic conditions in fact, the situation is getting worst day by day and every second person is looking for an opportunity to start his/her permanent source of income and unfortunately a vast majority of youth in our country is relying on shortcuts rather on smart / hardwork and in this situation there are new players in the market that are taking full benefit of this situation and these players are the loan providers in the form of mobile apps that are available on android as well as the IOS platform. They are clear cut scamming the innocent people in the name of debt with easy installments which are actually not easy. This is a sad reality that our government approve such type of services that are publically spamming people with the very high interest rate even more than 30%. It means that if someone takes a loan of 1000PKR then that individual has to return it on 30% markup means that person will return 1300Rs back to the company within a specified amount of time other wise they will threat you or even block your CNIC and all of your banking services for life.
here is the list of some of the leading fraudulent apps
- Barwaqt Loan App
- Jazz loan
- Fori Money
- Cash loan instant app
- AI Cash
- Credit Book “Digital Khata”
These Loan providers will make your registration process very easy, but when you will try to return the loan with high value of markup, they will make the return process very difficult for you in the form of network problem, app crash, service is not available and different types of errors like that so that your payment gets late and they can charge you a heavy panelty for the late payment.
Interest is prohibited in ISLAM and we should not even think of it in our entire life so Its recommended to avoid taking loan from these fraudulent loan providers instead you may take it from your closed ones like your family member, close friends, office fellows or anyone.