LOANAPPS-PK-20261008A loan app in Pakistan is legal only if the company behind it is either a non-bank finance company licensed by the SECP and listed on its White List of Digital Lending Apps, the latest version of which is dated 11 September 2026, or a microfinance bank regulated by the State Bank of Pakistan. That second group covers JazzCash ReadyCash, provided by Mobilink Microfinance Bank, and Easypaisa EasyCash from Easypaisa Bank, which is why they do not appear on the SECP list. Under SECP rules a licensed app must pay out the full loan amount without deducting fees, may not access your contacts or photo gallery, and may never recover more in charges and penalties than the amount it lent.
How to check an app in two minutes
Open the app's page on Google Play and read the developer name under the title, then compare it with the company names on the SECP White List of Digital Lending Apps at secp.gov.pk. The company name, not the app name, is what proves the licence, and a legal app must also show its full company name and SECP licence number on its first screen and website. Google Play only allows personal loan apps from SECP-licensed NBFCs in Pakistan, so a loan app offered as an APK file through WhatsApp, Telegram or a Facebook ad is a strong sign of an illegal lender. The SECP updates the White List whenever apps are approved or removed, so check the current version rather than an old screenshot.
| App | Company | Regulator |
|---|---|---|
| JazzCash ReadyCash | Mobilink Microfinance Bank with JazzCash (Pvt) Ltd | SBP |
| Easypaisa EasyCash | Easypaisa Bank Ltd (formerly Telenor Microfinance Bank) | SBP |
| Smart Qarza | Gold Lion Financials (Pvt) Ltd | SECP |
| Fauri Cash | Pakisnova Microfinance Company (Pvt) Ltd | SECP |
| Hakeem (Shariah-compliant) | Walee Financial Services (Pvt) Ltd | SECP |
| Paisayaar | JingleCred Digital Financial Services Ltd | SECP |
| Aitemaad | 4Sight Finance Services (Pvt) Ltd | SECP |
What Google Play's new screening policy means for you
Google introduced a screening policy requiring digital lending apps distributed in Pakistan to demonstrate valid SECP or SBP licensing before publication on the Play Store. In practice this means an app that's still live and installable on Play Store has already passed a baseline check — but it doesn't remove your responsibility to verify the specific licence, since the policy checks whether a licence exists, not whether the terms it advertises match what SECP or SBP actually approved.
| Red flag | What it usually means |
|---|---|
| App requests full contact list access before showing any loan offer | Pattern SECP has repeatedly flagged in its crackdown on illegal nano-lenders |
| Developer name on Play Store doesn't match any name on SECP's whitelist or a known SBP-licensed bank | Can't be verified as licensed — treat as unverified |
| Loan offer with no visible markup rate or repayment schedule before you apply | Licensed lenders disclose this upfront under SECP/SBP consumer protection rules |
What the SECP rules protect you from
The SECP's guidelines for NBFCs engaged in digital lending, Circular 8 of 2024, set out what a licensed app may and may not do. Before paying out, the lender must give you a key facts statement in English and Urdu with the markup rate and every fee and penalty, and charges not listed there cannot be added later. The whole principal must be paid into your account on the day of the loan, so an app that sends Rs 6,500 on a Rs 10,000 loan and asks for the full Rs 10,000 back is breaking the rules. Markup and late penalties may not be compounded, nano-loans may run for at most 90 days, and the total of all markup, fees and penalties can never be more than the principal. Licensed apps are also barred from reading your phonebook or photo gallery, which is how illegal lenders shame borrowers by messaging their relatives.
JazzCash and Easypaisa loans
JazzCash ReadyCash usually starts with small limits of Rs 100 to Rs 1,000 for first-time users and can grow to Rs 50,000 as you repay and use the wallet. The loan is due after 28 days and can run to a maximum of 8 weeks; the fee is 5% of the principal per week, so the charge stops growing at 40% after eight weeks. Easypaisa EasyCash lends Rs 1,000 to Rs 50,000 for 30 to 60 days, with the limit set by your wallet history. Both are short-term credit that becomes expensive if rolled over: a Rs 10,000 ReadyCash loan kept for the full eight weeks costs Rs 4,000 in fees.
Illegal apps and harassment: where to complain
The SECP keeps a list of illegal personal loan apps and platforms, last updated on 19 May 2025, and has acted against more than 140 unauthorized lending apps; the PTA blocks their websites and download links. Warning signs are an upfront «service fee» of 30–40%, repayment in 7 or 14 days, requests for access to contacts and gallery, and threats to call your family or employer. If a licensed lender breaks the rules, complain to the SECP through its complaint system; if an illegal app harasses or blackmails you, report it to the FIA through its public services portal and keep screenshots of the messages and the payment record. Do not pay «settlement» demands sent from personal numbers. For a wider view of borrowing options read our guide to borrowing money in Pakistan.
The trade-off behind the crackdown
Tightening data-access rules stopped the harassment tactics that made nano-lending apps notorious in Pakistan, but it also removed the contact-list and usage-pattern data some lenders relied on to assess borrowers without a formal credit history. If you've been rejected by a licensed app despite having no bad credit record, this — not necessarily your creditworthiness — may be part of the reason; a bank-backed product like Fori Cash, which uses gold collateral instead of alternative data, can be a more accessible path for thin-file borrowers.