| Interest Rate | 40% |
| Duration | From 7 days |
| Access Level | Public |
| Company Name | Sarmaya Microfinance (Private) limited |
| Phone 1 | |
| Phone 2 | |
| Website or Store | |
| Address | Pakistan |
| Category | Dangerous Loan |
| Company Email | |
| Views | 29 |
EasyLoan Personal Loan Online is a free mobile finance app developed by Sarmaya Microfinance (Private) Limited. This innovative app provides users in Pakistan with a modern financial solution by leveraging advanced technology, allowing individuals to access financial services quickly and conveniently, no matter their location or the time of day.
A Leading Digital Lending Platform
EasyLoan Personal Loan Online is one of the top digital platforms in Pakistan, offering fast and straightforward lending solutions. Whether you need financial support for personal needs like grocery shopping, educational expenses, or unexpected emergencies, this app provides an efficient and user-friendly way to access funds. The entire loan application process is carried out online, eliminating the need for paperwork or physical visits to a bank.
Convenient and Accessible Loans
The app offers a hassle-free way to obtain personal loans from the comfort of your home. Through this digital platform, borrowers can apply for loans ranging from PKR 5,000 to PKR 1,000,000. The loan approval process is designed to be quick, often disbursing funds within minutes of approval, making it a convenient choice for those in need of immediate financial assistance.
Flexible Repayment Options
Loans acquired through EasyLoan Personal Loan Online come with flexible repayment periods, ranging from 91 to 180 days. The interest fees vary depending on the loan’s duration and interest rate combination. The platform offers an Annual Percentage Rate (APR) capped at a maximum of 30%, which is determined based on the type of loan. Additionally, a service fee of 0.42% per month is applicable to all loans.
Example of Loan and Repayment
To better understand how EasyLoan works, consider a loan of PKR 1,000,000 with a three-month repayment period. The service fee for this loan would amount to PKR 12,600, and with an APR of 30%, the total interest and fees would reach PKR 87,600. This brings the overall repayment amount to PKR 1,087,600.
Available Only in Pakistan
It’s important to note that EasyLoan exclusively caters to users residing in Pakistan. The platform is designed to make borrowing accessible and manageable for Pakistani citizens by offering diverse loan options for a range of personal financial needs.
A Valuable Tool for Financial Management
EasyLoan’s integration of advanced technology ensures that users have quick and easy access to loans tailored to their specific needs. Whether you require funds for education, emergencies, or even day-to-day expenses like groceries, the platform offers a seamless borrowing experience with fast approvals and flexible repayment terms. With loans ranging from PKR 5,000 to PKR 1,000,000 and repayment periods spanning from 91 to 180 days, users benefit from a transparent and convenient lending service. Interest rates are capped at 30% APR, and a nominal monthly service fee of 0.42% applies, making it a reliable option for short-term financial needs.
Expert Counsel
Loan apps may seem like a quick fix for cash shortages, but they often carry significant risks. Here are 10 essential tips to keep in mind when using online loan apps:
Stick to Official Sources for App Downloads Only download loan apps from trusted sources like the Google Play Store. Avoid third-party websites, as they can expose your personal information to misuse, including unauthorized access to your contacts for harassment purposes.
Prepare for Possible Harassment Over Late Payments Even a single late payment could result in a flood of aggressive and hostile messages, particularly via WhatsApp. If this harassment becomes overwhelming, don't hesitate to block the sender to protect your peace of mind.
Beware of Short Repayment Terms Many loan apps have repayment periods of just 6 to 14 days, making it difficult for borrowers to meet deadlines. These short repayment windows can lead to a dangerous cycle of debt.
Watch Out for Sky-High Late Fees Missed payments often trigger daily overdue interest rates of 5% to 7%, which can quickly spiral out of control, making it even harder to get back on track financially.
Damage to Your Reputation Is Their Weapon Loan apps may publicly shame you by sending messages to your contacts if you miss payments, damaging your reputation. Some borrowers even stop repaying after this happens, reasoning that the damage has already been done. You can create a disclaimer to counter any false claims the app might spread.
Avoid Borrowing from Other Apps to Repay Debt Taking out additional loans from other apps to cover existing debts only worsens the problem. This practice can trap you in a never-ending loop of borrowing and repaying.
Use Call-Blocking Apps Like Truecaller Apps like Truecaller can help screen and block harassing calls from loan providers, giving you some relief from constant lender pressure.
Stop Borrowing to Break the Cycle The most effective way to break free from loan app traps is to stop borrowing altogether. It may be difficult, but cutting off access to these high-risk loans is essential to regaining control of your finances.
Block and Report Harassers If you receive threatening or harassing messages, especially on platforms like WhatsApp, block the sender and report them to both WhatsApp and the Google Play Store to help prevent others from falling victim to similar practices.
Consider Avoiding Loan Apps Entirely Many loan apps are designed to trap users in a cycle of debt and misuse personal data. For safer and more secure financial options, it’s often best to avoid these apps completely.
By following these tips, you can protect yourself from the harmful effects of predatory loan apps and maintain better control of your financial health.
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