Review legal status of loan apps, SECP tells borrowers
The Securities and Exchange Commission of Pakistan (SECP) has advised borrowers to review the legal status of digital applications before signing up for loans, as Google introduced a new policy to protect Pakistani consumers from fake loan apps. After an extensive commission meeting, the SECP stated on Wednesday that borrowers should read and evaluate the disclosures regarding fees, late payment charges, loan tenor, cooling-off period, and the privacy policy of applications before signing in. “Users are also advised to report complaints against licensed apps to SECP through the dedicated complaint portal at SECP’s website,” the commission said. The SECP said that to address the issue of unlicensed digital lending apps operating illegally in the country, extensive liaison has been made with various regulatory bodies, including the Pakistan Telecommunication Authority (PTA), Federal Investigation Authority’s (FIA) cybercrime wing, and the State Bank of Pakistan (SBP).