Tuesday January 31, 2023

Preying on the desperate

November 30, 2022

In recent years, the Pakistani middle-class has found itself tumbling down the financial hierarchy due to the nonstop rise of inflation. Many families have become desperate and more willing to take risks they would not otherwise. This makes them more vulnerable to predatory online lenders, who offer loans at rates these families will be stuck paying forever.

Some of these lenders even demand access to personal and sensitive information, raising the pressure on their victims to make payments. The government should initiate a crackdown on predatory lenders operating online and launch an awareness campaign encouraging people to avoid such lenders.

Faraz Hassan