Barwaqt mobile Application available on the play store to download and register provides instant loans up to Rs.25000 and more after registration at a certain markup rate already prescribed for a specific time period.
Barwaqt Loan app gets your Identity document scanning and verifies it through its internal system and provides you loan into your mobile wallet accounts like Easypaisa, JazzCash or any other bank account.
the repayment of the loan is on the due date otherwise heavy penalty is imposed.
The Barwaqt Mobile application provides loans without any mortgage and security. The loan amount can be obtained 24 hours a day 7days a week.
The previous users on the other hand are not satisfied with the experience of the Barwaqt Mobile Application.
They express their concerns on social media that Barwaqt charge heavy mark-up rates and if the payment is not made on the due date the loan mark-up is increased manifold.
Some of the user’s experiences have been shown in the below tweets
Barwaqt Mobile App Registration with SECP
Whereas it’s necessary for any non-banking company to register with Govt institution SECP(Securities and Exchange Commission of Pakistan)
for providing loans and attracting investment from the general public. But as per Dawn Newspaper date 29.10.2021, the Barwaqt Mobile Application is not registered or licensed by SECP but the concerned app claim that it has registration and license to operate in Pakistan by SECP.
Whereas SECP has legal obligations to take severe action and shut down the operations of such apps who are looting general public.
Barwaqt Mobile App Takes User Sensitive Information
Moreover Barwaqt Mobile Application takes individuals’ sensitive information like identity documents which are scanned by the users, the mobile numbers and the bank account details which have no guarantee that they will not be used negatively by the company or such sensitive data will not be shared with the third party.
My Recommendation about Barwaqt Mobile App
I highly recommend that one must not be trapped by the Barwaqt Mobile App. once you are trapped then you are very difficult to get rid of this app. the previous users have also narrated the same experience after using this mobile application.