Loan apps should be outlawed right away: Mian Zahid.

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on July 17 that all online loan applications should be banned immediately.

These applications are being run without following any rules and regulations and most of them are cheating the poor people by employing different dirty tactics amid the provision of cheap and quick loans, he said.

Mian Zahid Hussain said that heavy interest and penalties are also charged for late repayment of loans, while the staff of these companies extort many times more than the original amount through threats, intimidation, fraud, and blackmailing.

Talking to the business community, the veteran business leader said that poor borrowers are helpless to confront a well-organised company.

A few days ago, a person from Rawalpindi took a loan of thirteen thousand rupees to pay the children's fees and house rent but had to commit suicide due to the bullying, threats, and blackmail of the staff of a company.

Mian Zahid Hussain said that due to the increased inflation, poverty and unemployment, many people are not able to meet the necessary expenses, so they take quick loans with the help of these applications. Despite paying the loan within the deadline, they get stuck with endless demands from the company.

In the presence of institutions like the State Bank, FIA, PTA, Security and Exchange Commission, and Competition Commission in the country, this exploitative business is flourishing that can be a result of tolerance, collusion, and incompetence.

The business leader said that after numerous...