Competition Commission will investigate the attractive offers and underlying facts of the loans for which further assistance will be sought from SECP, PTA and FIA.
The Competition Commission says processing fees and high interest rates are being charged for loans.
According to the Competition Commission, the applications do not meet the rules for non-banking microfinance companies, the framework for small loans applicable to loans above Rs 10,000.
The commission says that mobile applications are offering loans for much less money than that, these applications have been downloaded more than 10 million times.
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