SECP REveals Updated Whitelist of Digital Loans Apps

The Securities and Exchange Commission of Pakistan (SECP) has released an updated list of approved digital lending apps for public use.

Among the SECP-endorsed Nano Lending Apps are JingleCred Digital Financial Services Limited (Paisayaar) and Seedcred Financial Services Limited (Barwaqt).

Additionally, other SECP-approved lending apps include Abhi Private Ltd (Earned Wage Access), Tez Financial Services Limited (Buy Now Pay Later), and Cashew Financial Services Limited (B2B Financing).

Also Read: SECP and PTA collaborate to Protect the Public from Illegal Loan Apps

The SECP has cautioned the public about the nature of digital-nano loans, emphasizing their short-term nature, high-interest rates, and associated fees. It is crucial for individuals to comprehend the potential risks of excessive indebtedness.

The SECP has advised the public to borrow responsibly, taking only loans that they can comfortably repay within the agreed timeframe to avoid financial challenges. Furthermore, they encourage individuals to thoroughly review the terms and conditions before availing any loan.