Easy Loan App in Pakistan Mark Up and Other Features

Sarmaya Microfinance Bank is operating in Pakistan under the Securities and Exchange Commission of Pakistan (SECP) licence since Feb 2022.

Two Mobile Applications PK Loans and Easy Loans work under the Sarmaya Microfinance Bank umbrella.

The purpose of both applications is to provide online personal loans to customers against their CNICs.

Almost One Million customers are using the Easy Loan App.

Through This App, the users can get loans ranging from Rs.2500 to Rs.50,000 in just a few minutes by scanning of their identity documents.

The loan repayment time is ranging from 7 days to 90 days.

People have a lot of complaints against these online digital loan applications including the Application Easy Loan and PK Loan.

SECP received 288 complaints from customers regarding heavy markup and other charges by Easy Loan and PK Loan.

SECP has resolved 280 complaints of the customers.

As per Easy loan website, they do not charge for any markup but for the system and AML fee. but in actuality they are charging heavy marks up and if the customer defaults then they charge more mark up and fees.

When someone is in need of money he/she does not care for future trouble and opts for solving their problems. But when it comes to repaying the loan, their troubles are manifold.

If you take customers review who have experience with such digital loan applications then you come to know how these scammers are looting innocent people and no one is there by the Govt officials to help them.

Customers’ Bad Experiences with Easy Loan and PK loan APPs

You provide your sensitive information like your bank account details, identity documents, cell numbers and some other details. These details are at stake if you do not pay your loan in time.

Mark-up and other charges of such apps including the Easy loan App are very high.

They call you and threaten you for recovery of the loan and ask you that they can lodge an FIR against you. They even call your relatives and threaten them too.

Check the customer’s reviews about the Easy Loan App on their official Facebook page.

If you have also trouble with Pk loan and Easy loan applications then you may contact the help representatives on the following contacts.

complaints@sarmayamf.com or phone number 0325 5341624.

Lodge your complaints with SECP against such loan applications at below contacts

For eServices assistance, you can email your query to the help desk at “helpdesk.eservices@secp.gov.pk”. You can also call the Service Desk at UAN: 111-117-327.

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