Short answer: in Pakistan, instant online loans come from two kinds of lender. Nano-loan apps are run by non-bank finance companies licensed by the SECP: its whitelist of September 11, 2026 lists 25 approved apps, 14 of them personal or nano-loan apps. Wallet loans in JazzCash and Easypaisa are issued by microfinance banks regulated by the State Bank of Pakistan. Any app on neither list is illegal. SECP rules cap a nano-loan's first term at 30 days, ban access to your contacts and photo gallery, and allow collection calls only between 7 a.m. and 10 p.m. The SBP kept its policy rate at 11.5% on September 14, 2026, with inflation at 11.1% in August.
PKIL1312Below: who may lend, how to check an app, what the rules forbid, what wallet loans cost and where to complain.
Who may lend
| Type | Regulator | Examples |
|---|---|---|
| Nano-loan and personal-loan apps | SECP (licensed NBFCs) | SmartQarza, Paisayaar, Aitemaad, Hakeem (Shariah-compliant), Money Tap and others on the whitelist |
| Wallet loans | State Bank of Pakistan (microfinance banks) | JazzCash ReadyCash from Mobilink Microfinance Bank; Easypaisa EasyCash from Telenor Microfinance Bank |
| Bank personal loans | State Bank of Pakistan | Salary-based loans applied for online |
The list changes: in September 2023, after SECP cancellations, only three nano-loan apps were still operating, and Barwaqt, once the largest, was delisted in August 2024 and put into court-supervised liquidation. Check the SECP's current whitelist on its official website on the day you borrow, and confirm that the app's developer and lending company match the listing. JazzCash and Easypaisa loans do not appear on the SECP list because the SBP regulates them.
What SECP rules forbid
- Long first terms: under SECP Circular 15, a nano-loan's initial term is capped at 30 days, with limits on rolling the loan over.
- Data grabbing: apps may not request or harvest your phonebook or photo gallery; contact is allowed only with guarantors you declare.
- Harassment: threats and coercion are banned, and collectors may call only between 7 a.m. and 10 p.m.
An app that demands contact or gallery access, sends a loan you did not ask for, or is distributed as an APK file outside the official stores is a warning sign. See our overview of loan apps in Pakistan.
What wallet loans cost
JazzCash ReadyCash and Easypaisa EasyCash pay small amounts, from about Rs. 100 up to Rs. 50,000, straight into your wallet. Charges are fees rather than annual interest: ReadyCash, for example, has charged around 5% a week with a maximum term of 56 days. A weekly fee looks small, but over eight weeks it can approach 40% of the loan, so repay as early as you can. Defaults are reported to the SBP's credit information bureau (eCIB) and can block future bank loans. More detail in our JazzCash guide.
Rates and the economy
The State Bank of Pakistan held its policy rate at 11.5% on September 14, 2026, the level set on April 27, 2026 after a 100 basis point increase. Inflation rose to 11.1% in August from 9.2% in July, driven by oil prices. For salaried borrowers, a bank personal loan priced off this rate is usually much cheaper than a nano-loan for anything longer than a few weeks.
Where to complain
- SECP: complaints about licensed lending apps, unfair charges or harassment go through the SECP's online complaint portal.
- National Cyber Crime Investigation Agency (NCCIA): for illegal apps, blackmail or misuse of your data; it took over the work of the former FIA Cybercrime Wing.
- State Bank of Pakistan: for wallet and bank loans, after complaining to the bank first.
Before you borrow instantly
Check the app on the SECP whitelist or confirm it is a JazzCash or Easypaisa loan from a microfinance bank, read the total charges in the key fact statement before accepting, use the 24-hour cooling-off period if you change your mind, refuse contact and gallery permissions, and repay within the term. If you have a salary account, compare a bank personal loan first; see instant personal loans.
24 جون 2026