Top 10 Best Online Loan App in Pakistan Without Interest (2024)

Are you looking for the Top 10 Best Online Loan app in Pakistan without interest? If so, then you’ve come to the right place.

At retailasiaonline.com, we will discuss the top 10 best options in 2024. We will also discuss the features and benefits of each app, so you can choose the one that is right for you.

So what are you waiting for? Read on to learn more!

Summary of Loan app in Pakistan

✅Top 10 Best Online Loan App In Pakistan Without Interest	⭐ 1. Fori, 2. Smart Money, 3. Barwaqt, 4. Duck, 5. Sheep
✅ Guide to	⭐ Apply for a loan from the loan app in Pakistan
✅ Loan amount	⭐ PKR 100 – PKR 200,000
✅ Interest rate	⭐ Maximum 36%
✅ Age	⭐ 21 – 60 years old
✅ Term	⭐ 1 – 24 months
✅ Requirement	⭐ Pakistani Citizenship
✅ Pros	⭐ Fast approval
✅ Cons	⭐ High-interest rates
✅ Evaluate the effectiveness	⭐ Good
✅ Bad credit	⭐ No Check
✅ Legit	⭐ Yes

What is a loan app in Pakistan?

A loan app in Pakistan is a mobile application that allows individuals to borrow money digitally. Users can apply for various types of loans, such as personal loans or microloans, through these apps. The process typically involves submitting personal and financial information electronically for quick approval and disbursement of funds, making it a convenient way to access credit in Pakistan.

Benefits of Instant Loan App in Pakistan

Loan app in Pakistan comes with the following benefits:

• Loan apps provide easy access to credit without the need for extensive paperwork. The application process for borrowers is completely online.
• Many loan apps offer fast approval and disbursement of funds, making them suitable for urgent financial needs.
• Borrowers can choose loan amounts and repayment tenures that suit their financial circumstances.
• They can help individuals who may not have a traditional banking history to access credit.
• Most loan apps do not require collateral, making them accessible to a broader range of borrowers.

Drawbacks of Loan app in Pakistan

Instant loan app in Pakistan, however, brings its customers an array of drawbacks, which are:

• Some loan apps charge high-interest rates, increasing the overall cost of borrowing.
• Borrowers who misuse or overuse loan apps may find themselves in a cycle of debt, struggling to repay multiple loans.
• There have been cases of fraudulent apps in Pakistan, leading to financial scams and harassment of borrowers.
• Loan apps often require access to personal data, raising privacy concerns if not handled securely.
• Defaulting on loan app payments can negatively affect a borrower’s credit score.

Loan app in Pakistan interest rate

The interest rates of online loan app in Pakistan vary depending on the app, the amount of the loan, and the borrower’s credit history. In general, their interest rates are higher than those of traditional banks.

According to the Securities and Exchange Commission of Pakistan (SECP), the average interest rate of loan apps in Pakistan is 24% per year. However, some apps charge interest rates as high as 36% per year.

Example of a fast loan app in Pakistan calculation

Here is an example of how a fast loan app in Pakistan might calculate the interest on a loan:

Let’s say you take out a loan of PKR 50,000 for 3 months with an interest rate of 18%.

• The monthly interest payment would be: Monthly repayment = (loan amount * interest rate) / 12 = (50,000 x 18%) / 12 = PKR 750.
• The total interest you would pay over the course of the loan would be: Total interest payment = loan term * monthly repayment = 3 * 750 = PKR 2250.

In addition to the interest, you would also have to pay a processing fee, which is typically around 2% of the loan amount.

• So, in this case, the processing fee would be 2% * 50,000 = PKR 1000.

The total amount you would have to repay would be 50,000 + 2250 + 1000 = PKR 53,250.

Loan app in Pakistan requirements

To apply for a loan from a loan app in Pakistan, you need to meet certain requirements. These requirements may vary depending on the specific loan app and lender, but here are the general criteria you should consider:

• Age Eligibility: You typically need to be between 21 and 60 years old to qualify for a loan from an easy loan app in Pakistan.
• Pakistani Citizenship: You must be a Pakistani citizen to apply for a loan through these apps.
• Valid CNIC: You need a valid Computerized National Identity Card (CNIC) as proof of your identity.
• Steady Source of Income: Most loan apps require borrowers to have a steady source of income, whether from employment, business, or other means.
• Bank Account: You should have an active bank account in Pakistan as the loan disbursal and repayment usually happen through this account.
• Credit History: While some loan apps may not require a strong credit history, having a good credit score can increase your chances of approval and may affect the interest rate you receive.
• Documents: You may be asked to provide documents such as salary slips, utility bills, or other proofs of your financial stability.

Loan companies in Pakistan amount and term

Loan app in Pakistan offers various loan amounts and terms to cater to different financial needs.

Loan Amounts

Loan companies in Pakistan typically provide loan amounts that can range from small, short-term loans to larger, long-term loans.

• Smaller loan amounts may start at a few thousand rupees and are often referred to as microloans.
• Larger loan amounts can extend into the hundreds of thousands or even millions of rupees.

Loan Terms

Loan terms also vary depending on the Pakistan loan app registered and the type of loan you choose.

• Short-term loans often have repayment periods ranging from a few days to a few months. These are ideal for immediate financial needs.
• Long-term loans can have repayment periods extending from several months to several years. They are suitable for larger financial goals and investments.

Compare to loan companies in Pakistan

Criteria	Smart Money	Fori	Barwaqt
Interest Rate	15% to 25%	12% to 24%	24%
Loan Amount	PKR 5,000 to PKR 100,000	PKR 10,000 to PKR 100,000	PKR 1,500 to PKR 25,000
Loan Term	1 month to 12 months	1 month to 12 months	61 days to 90 days
Eligibility Criteria	Pakistani citizen with a valid CNIC and a monthly income of at least PKR 20,000	Pakistani citizen with a valid CNIC and a monthly income of at least PKR 20,000	Age between 18 and 60 years
Approval Time	Within minutes	Within hours	Within hours

Source: Refer to central bank of Kenya reporting and research.

How to get an online loan in Pakistan?

Getting an online loan from a loan app in Pakistan involves several steps:

Step #1: Research Loan Apps

• Start by doing the research to find trustworthy loan apps in Pakistan.
• You can get suggestions and information about loan apps from places like LinkedIn posts, the Google Play Store, and websites for government programs.

Step #2: Pick a Reliable App

• Choose a loan app that has good reviews and a good name to keep your personal information and money safe.
• Go to the Google Play Store and download the loan app you want to your phone.

Step #3: Registration

• Get the app and finish the registration process.
• For verification, you’ll probably need to give personal information and KYC (Know Your Customer) papers.

Step #4: Apply for a loan

• Once you’re signed up, you can use the app to apply for a loan.
• Tell them how much you want to borrow and how you plan to pay it back.

Step #5: Provide Documents

• You may have to upload your ID, proof of income, and bank records, among other things.
• Make sure every paper is correct and up to date.

Step #6: Wait for Approval

• The loan app will look at your papers and application.
• This might take a while, but some apps have fast approval.

Step #7: Loan Disbursement

• The loan amount, if approved, will be transferred to the bank account listed on the application.

Top 10 Best Online Loan app in Pakistan 2024

Below is the list of the best online loan app in Pakistan in 2024:

#1. Fori – Best loan app in Pakistan 2024

Fori is one best loan app in Pakistan 2024, known for its swift approval process and competitive interest rates. It has gained popularity for its user-friendly interface and efficient customer support.

They offer flexible loan amounts, quick disbursement, and easy repayment options. They consider a variety of factors for loan approval, making it accessible to a wide range of users.

Address: 3-A/2 F-8 Markaz Islamabad, Pakistan

Pros:

• Fast loan approval process
• Competitive interest rates
• User-friendly interface

Cons:

• Limited loan amounts for new users.
• Some users report technical glitches.

Overall Score: 8/10

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#2. Smart Money – Pakistan loan app registered

Smart Money is a Pakistan loan app registered, catering to individuals seeking loans for various purposes.

They supply loan options for both short-term and long-term needs. They have a transparent application process and offer educational resources to help users make informed decisions.

Address: 2nd Floor Rajpoot Plaza, GT Road Wah Cantt Tehsil, Taxila District Rawalpindi, Punjab, Pakistan

Pros:

• Registered and compliant with Pakistani regulations
• Transparent application process
• Loan options for various needs
• Educational resources
• Easy-to-use app

Cons:

• May require extensive documentation.
• Interest rates may be relatively higher

Overall Score: 7.5/10

#3. Barwaqt – Easy loan app in Pakistan

Barwaqt is known as an easy loan app in Pakistan, making it a preferred choice for those new to online lending.

They provide small to medium-sized loans with straightforward terms and conditions. Their easy-to-use app interface ensures a seamless experience for users.

Address: F8XC+FG4, Barkat Market, Commercial Area Garden Town, Lahore, Punjab, Pakistan

Pros:

• Streamlined loan application process
• Quick approval
• Simple and accessible
• Small to medium-sized loans available
• Transparent terms and conditions

Cons:

• Limited loan tenure
• May have higher interest rates for certain loan types

Overall Score: 7/10

#4. Duck – Online loan app in Pakistan

Duck is an emerging online loan app in Pakistan, gaining attention for its competitive interest rates and speedy approvals.

They provide personal loans with low-interest rates and flexible repayment options. Their application process is user-friendly, and they prioritize customer satisfaction.

Address: Daska Road Hajipura, Sialkot, Punjab, Pakistan

Pros:

• User-friendly interface
• Quick loan disbursement
• Various loan options available

Cons:

• May have eligibility criteria that limit accessibility

Overall Score: 7.5/10

#5. Sheep – New loan app in Pakistan 2024

Sheep is a new loan app in Pakistan 2024, promising innovative features and services.

They offer a unique loan experience with features like instant approval and customized loan options. They aim to stand out with their customer-centric approach.

Address: 5-C, Shahnaz, Quetta, Balochistan, Pakistan

Pros:

• New features and loan options
• Instant approval
• Focus on customer satisfaction

Cons:

• Limited user reviews due to being new
• May lack certain advanced features

Overall Score: 7/10

List of fake loan app list in Pakistan 2024

Below is the list of illegal loan apps in Pakistan you should avoid:

No.	Loan App’s Name
1	Asaan Qarza
2	Debit One
3	Fair Loans
4	Fast Loan
5	Get Welfare
6	Harsha Tube-Quick Money
7	LendHome
8	LoanClub
9	MyCash
10	Plati Loans
11	Sallam Loan-Online Loan App
12	Superb Loans
13	Tazza Centre – Get Money Soon
14	UrCash
15	Whale
16	Zenn Park-Easy Instant Help

List of best loan app for students in pakistan

No	Loan app
1	Akuwat
2	Barwaqt
3	EasyPaisa
4	Easypaisa
5	JazzCash
6	Kashm
7	MR Loan
8	Tez Advance

Expert’s opinion about loan app banned in Pakistan

• According to Miftah Ismail: “If you’re in need of urgent cash, the loan app in Pakistan can help. But users should carefully read the loan’s terms and conditions before agreeing to it and make sure they can afford to pay it back.”
• Mr Jameel Ahmed told that: “The loan app banned in Pakistan was working illegally and against the country’s financial rules. People also said that the apps broke privacy rules and made loans feel uncomfortable. The ban will help to protect borrowers and make sure they can get loans that are fair and clear.”

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FAQs – Loan app in Pakistan

Are loan apps legit in Pakistan?

Loan apps can be legitimate in Pakistan, but it’s essential to exercise caution. Some legitimate financial institutions offer loan services through apps. However, there are also fraudulent apps, so it’s crucial to verify the legitimacy of the app and the lender, read user reviews, and ensure they comply with Pakistani regulations before using them.

Which is the best loan app in Pakistan?

The best loan app in Pakistan depends on your specific needs and requirements. However, some of the most popular and reputable loan apps in Pakistan include Fori, Smart Money, Barwaqt, Duck, and Sheep. It’s advisable to research and compare the latest offerings and user reviews to determine the best loan app for your specific requirements.

Which app gives loan immediately in Pakistan?

Several apps provide immediate loans in Pakistan. These include Finca, JazzCash, and Zong Mico Lending. However, their terms and conditions vary, so it’s crucial to check the individual policies for eligibility and interest rates before borrowing. Always consider your ability to repay a loan before applying.

Which loan apps are registered in Pakistan?

There are multiple loan apps registered in Pakistan, including Smart Money, JazzCash, Zong Mico Lending, EasyPaisa, and Khushhali Bank. These apps provide various loan services and are registered with the relevant Pakistani financial authorities, ensuring their legality and compliance with local laws and regulations.

How to apply for student loan forgiveness?

To apply for student loan forgiveness, first determine if you’re eligible. This can depend on your loan type, your job, and the repayment plan you’re on. Then complete the relevant forgiveness application; for example, Public Service Loan Forgiveness (PSLF) Form for public servants. Submit it to your loan servicer, typically online or by mail.

Conclusion

We would recommend “Fori” and “Smart Money” as the two best loan app in Pakistan.

“Fori” stands out for its swift approval process, competitive interest rates, and user-friendly interface, making it a top choice for those in need of quick and accessible loans.

On the other hand, “Smart Money” is registered and compliant with Pakistani regulations, offering transparent application processes and a variety of loan options, along with educational resources to empower users.

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