Islamabad, 22 May, 2025: The Securities and Exchange Commission of Pakistan (SECP) has stepped up efforts to protect people from falling into the trap of fake personal loan schemes being promoted on social media.
After taking down 141 illegal digital lending apps through help from other government bodies, the SECP has now discovered that those involved in such scams are using platforms like Facebook to advertise fake loans. These posts often claim to offer quick and interest-free loans with very little paperwork. To gain trust, they falsely use the names of well-known companies and institutions.
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In most cases, people are tricked into paying advance fees under different names like processing charges, account verification, insurance, or registration. Others are asked to share personal details. Once they do, the scammers disappear, and the promised loan is never delivered.
The SECP is actively reporting such platforms and advertisements to the FIA and PTA, requesting action against the people running these scams and removal of fake content from online platforms.
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People are strongly advised to be careful. They should always check if a loan offer is real and never give personal or banking information to unverified sources. A list of companies that are officially licensed by the SECP to give personal loans is available on their official website for public reference.
