ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has released a list of approved digital lending apps, cautioning borrowers about the risks of high interest rates and over-indebtedness.
The SECP warns that digital nano loans are short-term loans with high interest rates and additional charges, emphasizing the importance of responsible borrowing.
As of September 2024, nine “Nano Lending Apps” and seven other lending apps have been whitelisted by SECP.
Borrowers are advised to carefully read terms and conditions, understand the potential risks, and only take loans that can be comfortably repaid within the agreed timeframe to avoid financial difficulties.
The SECP prioritizes the financial well-being of the public and encourages caution when using digital lending services.
By approving these apps, the SECP aims to promote transparency and accountability in the digital lending industry.
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