In the midst of an economic crisis, numerous individuals are turning to online loan apps like Barwaqt Loan App, found on Google Play Store and social media platforms, to secure instant loans. However, these apps are proving to be nothing but traps for borrowers.
The social media space is inundated with these deceptive apps that claim to offer small loans online, preying on the vulnerable public. The hidden fees and unfavorable conditions associated with these loans are especially burdensome for individuals in dire financial straits, seeking urgent assistance.
Promoted extensively on social media platforms, these apps entice the masses with promises of instant loan approvals. But once a loan application is submitted, a vicious cycle of blackmail ensues.
Several victims of this online loan app scam, speaking on ARY News’ program Sar-e-Aam, shared their harrowing experiences. One citizen from Peshawar, named Wasim Khan, recounted his ordeal with the Barwaqt Loan App. Despite borrowing Rs50,000 from the app on April 18, 2021, only Rs2,800 was transferred to his account. Astonishingly, he has already paid Rs340,000, yet the management of Barwaqt Loan is demanding more.
These online loan apps grant a 90-day loan period, but they aggressively demand repayment within a week, resorting to tactics such as making distressing calls to the borrower’s loved ones and even leaking personal family photos and records.
Nomi, a well-known magician, has been actively raising awareness about this scam on social media. Despite lodging complaints with various institutions, no action has been taken against these fraudulent apps.
Alarming statistics reveal that approximately 25 million people have fallen victim to the online loan app scam, evident from the high download rates of these apps.
The affected citizens are now pleading with the authorities to swiftly intervene and liberate them from the clutches of these deceitful online loan app scams.
