Loan apps in Pakistan: the SECP-licensed list and how to spot illegal ones

Only loan apps on the whitelist of the Securities and Exchange Commission of Pakistan (SECP) may lend in Pakistan. The latest list we could read, dated 5 December 2025, had 14 nano loan apps, including Paisayaar, Hakeem and the JazzCash lending tool. SECP calls every app not on its list “unauthorized and illegal”. SECP has since posted a newer list, dated 22 July 2026, that we couldn’t open, so check SECP’s current list before you install any app.

Which loan apps are approved by SECP?

These are the 14 nano loan apps (small, short personal loans) on SECP’s whitelist dated 5 December 2025, with the licensed company behind each.

The same list had 11 other lending apps for earned wage access (EWA, an advance on your salary), buy now pay later (BNPL), business loans and education:

• EWA: Abhi, NeemPaymenow (Neem Exponential), Nova Finance (Viva Finance).
• BNPL: ZoodPay and ZoodMall (Tez Financial Services), QistBazaar, Baadmay (MG Financial Services), Alif Shop (Alif Finance).
• Business (B2B): Muawin (Cashew Financial Services), Tijara (CreditBook Financial Services).
• Education: Edufi (study now, pay later), Taleem Connect (Taleem Finance).

The list changes often. SECP’s December 2023 version had 3 nano loan apps (Paisayaar, Barwaqt and Aitemaad). That grew to 9 in September 2024, with Barwaqt gone, 10 in January 2025 when Loan Lado was added, and 14 in December 2025 when CashBazar, Sahara, PaisaGhur and QarzMitra were added.

SECP’s whitelist itself warns that digital nano loans are short-term loans with high interest and extra charges, and that borrowers risk taking on more debt than they can repay.

How does a loan app get SECP approval?

A digital lender needs two approvals from SECP: first a licence as a non-bank finance company (NBFC), then approval for its app. Each NBFC may run only one lending app.

How do I know if a loan app is illegal in Pakistan?

Check it against SECP’s whitelist, not the illegal list. SECP had reported 142 apps and platforms as illegal as of 19 May 2025, but it says that list is not complete and that an app missing from it should not be assumed to be approved.

The illegal list includes Play Store apps, APK download sites and Facebook ads. Some borrow the names of real companies: entry 142 is Facebook ads that falsely used the Akhuwat name, and Akhuwat Islamic Microfinance denied any link to them. Entry 46, “CredStar- Personal Credit”, named “Jinglecred” as its developer, but JingleCred’s approved app is Paisayaar.

Other warning signs: fees taken out of the loan before you receive it, recovery calls from unregistered numbers, and anyone offering to “clear” your loan default record for a fee. Under the Credit Bureau Act 2015 only authorised credit bureau members can report loan status, and SECP says not to pay such people.

How much can a loan app lend and charge?

SECP set these limits for digital nano loans in 2022 and 2023. Most come from SECP’s own press releases; the APR cap, rollover, compounding and upfront-fee rules come from Dawn’s reports on SECP’s circulars, as marked.

Under this cap, the most you should repay in total on a Rs 10,000 nano loan is Rs 20,000, including any late penalties. A change in SBP’s policy rate after you borrow doesn’t change the APR agreed on your loan.

The November 2025 amendments did two things that affect app borrowers. Lenders must give you a simplified Borrower Factsheet setting out the loan’s terms, price and your obligations. Reporting to credit bureaus is now compulsory for all NBFCs, so repaying a licensed app’s loan on time builds your credit history and missing payments damages it.

Google Play adds its own rules. It says short-term loan apps are not permitted for Pakistan, and personal loans generally must not require full repayment within 60 days. Both SECP’s and Google’s rules apply to apps on Google Play.

What can a legal loan app access on your phone?

SECP strictly forbids lenders from accessing your personal data such as your contact list and photo gallery. Google Play also bars personal loan apps from asking for permission to read your contacts, your photos and media, your phone’s storage and your exact location.

An app that asks for these is breaking the rules. In October 2026, the Express Tribune reported that the NCCIA arrested 39 people at an illegal call centre in Lahore running instant loan apps. Those apps sought access to users’ photo galleries and contact lists, and staff allegedly used AI to turn borrowers’ photos into obscene images and threatened to send them to family and contacts.

Where can I complain about loan app harassment?

Recovery agents of licensed apps may call only from registered numbers on recorded lines. They may not call at inappropriate times, use violence or offensive language, or harass you in any way.

• Against a licensed app: file a complaint on SECP’s complaint portal, SDMS, at sdms.secp.gov.pk.
• Blackmail, threats or misuse of your photos and contacts: report it to the National Cyber Crime Investigation Agency (NCCIA). It replaced the FIA Cyber Crime Wing in April 2025. Call 051-9106691, email [email protected] or visit your nearest NCCIA Circle Office, as of ARY News’s April 2025 report.

Older SECP press releases tell you to go to FIA; the NCCIA now handles these cases. SECP reports illegal apps to PTA, Google and Apple for blocking. In June 2022, SBP issued a circular denying illegal apps access to banking and payment channels.

Is Barwaqt still an SECP-approved loan app?

No. SECP delisted Barwaqt, run by Seedcred Financial Services Ltd, in August 2024 and says the company is non-operational. In April 2025 SECP warned that people on social media were falsely offering to remove Barwaqt default records for a fee, and said not to pay them.

If you need more than a nano loan, compare personal loans from banks, and see how the wallets’ own loans work in Easypaisa and JazzCash loans.

More guides: Loans, personal loans compared, Easypaisa and JazzCash loans, buying a mobile on instalments, Money.