The Security and Exchange Commission of Pakistan (SECP) on Saturday directed the public to not deal with fake loan apps downloaded from Google Play Store. 

Asaan Qarza, which has been downloaded over one million times from Google alone, is one of 74 fake loan apps that entitlement to be a “professional 100% online loan application” that provides cash. 

These applications claim to offer people easy loans at low-interest rates. Those who download these apps give access to their phone data including their picture gallery and contact list. 

Once these applications are downloaded, they get access to the personal data of the user. 

The financial regulatory authority told Geo Fact Check that only 10 micro-credit apps are legit which include Finja, Muawin, Credit Per, Easy PK Loan, Zoodpay & ZoodMall, Qisstpay CreditCat RazCash, Abhi, Barwaqt, Udhar-Paisa, and Zaroorat Cash.

These apps are registered with SECP as non-banking monetary companies, under the Companies Act, of 1956.