The Securities and Exchange Commission of Pakistan (SECP) has issued an updated whitelist of digital lending apps for the general public.
The SECP-approved Nano Lending Apps are JingleCred Digital Financial Services Limited (Paisayaar) and Seedcred Financial Services Limited (Barwaqt).
The other SECP-approved lending apps are Abhi Private Ltd (Earned Wage Access); Tez Financial Services Limited (Buy Now Pay Later) and Cashew Financial Services Limited (B2B Financing).
The SECP has warned the general public that digital-nano loans are short-term loans with high-interest rates and additional charges. It is essential that people understand the potential risk of over-indebtedness.
SECP has asked the public to borrow responsibly and only take loans that they can comfortably repay within the agreed timeframe to avoid financial difficulties. It has also urged the public to read the terms and conditions carefully before availing any loan.