Here is a key summary of the top 3 best loan apps in Pakistan:
- Paisayaar-Loan App: Offers quick and efficient loans up to PKR 25,000 with a high annual profit rate of 219%. The repayment period is a brief 30 days with no processing fees.
- SmartQarza Loan App: Provides flexible loans ranging from PKR 2,000 to PKR 25,000 with low interest rates. Ideal for repeat users with higher amounts and longer terms.
- Barwaqt Loan App: Offers versatile loans up to PKR 25,000 with daily markup rates. Repayment tenure extends up to a convenient 90 days, including any extensions.
The following is a detailed comparison table of the Paisayaar-Loan App, SmartQarza Loan App, and Barwaqt Loan App, that would help you select the best option right by your needs:
| Feature/Criteria | Paisayaar Loan App | SmartQarza Loan App | Barwaqt Loan App |
|---|---|---|---|
| Loan Amount Range | PKR 500 – PKR 25,000 | PKR 2,000 – PKR 25,000 | PKR 600 – PKR 25,000 |
| Interest Rate | Annual profit rate: 219% | Low interest (specific rates not provided) | Daily markup rate: 0.067% – 0.56% |
| Repayment Period | 30 days | Varies, higher amounts and longer terms for repeat users | Up to 90 days (including extended loan) |
| Processing Fee | None | No hidden fees | One-time processing fee |
| Total Repayment Amount | PKR 29,500 for a PKR 25,000 loan (includes markup) | Not specified | Depends on daily markup rate and loan amount |
| Cooling-off Period | 24 hours | Not specified | Not specified |
| Eligibility Criteria | – 18 years or older – Stable income – Good credit history | – 18 years or older – Pakistani citizen – Monthly income | – 18-60 years old – Pakistani citizen – Monthly income |
| Application Process | – Download app – Register – Provide info – Submit request – Notification within hours – Direct bank transfer | – Download app – Register – Fill forms – Submit – Instant disbursement | – Download app – Register – Provide details – Submit – Approval notification |
| Disbursement Method | Directly to bank account | Directly to the bank account | Directly to the bank account |
| Repeat Loan Benefits | Not specified | Higher amount, longer term, lower fees for repeat users | Not specified |
| Platform | Mobile application | Mobile application | Mobile application |
| Additional Services | None | None | None |
| Penalty for Late Payment | As per SECP directives | Not specified | Penalty charged after due date |
| Transparency | Clear terms are provided in the app | No hidden fees | Directly to the bank account |
| Ease of Use | Easy, user-friendly interface | Easy, user-friendly interface | Easy, user-friendly interface |
Thanks for reading, if you want to calculate any loan for your needs, visit our website home page for the best loan calculators for free.
Add a Comment