Barwaqt loan app: interest rate, how to apply is it legit

Barwaqt loan app is one of the loan app in Pakistan that give instant loan without collateral or paper work.

With this loan app you don’t need to visit any location, with your phone you are good to go. With this loan app you can obtain up to Rs50,000 loan at go and do you know what their loan processing is very fast give this loan app one hour after submitting application, your loan will be disburse.

Requirement to obtain loan from barwaqt loan app

Below are the requirement you need to meet up with before you can obtain loan from this app

Have source of income

Have back account and bvn

Be above 18 years of age

Have smart phone with which to download the loan app

Reside in Pakistan

Once you meet up with this requirement above you can go ahead and apply for the loan app

How to apply for Barwaqt loan

The first step to take is to head over to play store and download the loan app

Register with your name, bvn and other details

Once you are done with registration you will be login to your account

On your dasbboard locate and click on loan

There you will see amount of loan you are eligible to obtain

Click it and wait for disbursement

How much loan you can obtain from barwaqt loan app

With this loan app you can obtain between Rs1,500 to Rs50,000. As a first timer your eligible loan amount will be Rs20,000 but as you continue to use the app this will increase and you will be able to obtain more loan.

Barwaqt loan interest rate and repayment period

Their loan interest rate is between 2% to 10% depending on the amount of loan obtain and the repayment period. Their repayment period is between 90 days to 180 days also depend on the amount of loan secure.

If you are applying for the fist time your loan interest rate will be high while your repayment period will be short as you continue to use this app this will improve.

Paying back your barwaqt loan

To pay back your loan, head over to your dashboard

Click on loan repayment

There you will see deferent option to pay back your loan

Click on one and make payment

Once you make payment it will reflect on your dashboard

If it does not you should contact them.

What will happen if I default or refuse to pay back

If you default you will be punish by Increase in your loan Interest rate which might be up to 2%.

If you abscond, your name and bvn will be send to appropriate authority for blacklisting which means you will not be able to obtain loan again in Pakistan until you pay back and clear your name with appropriate authority.

Is barwaqt loan app legit

Yes, this loan app is legit they have given loan to many people in Pakistan, and to affirm this they are license by security exchange commission of Pakistan.

Our final verdict on barwaqt loan app

As stated above this loan app is legit they are license by SECP, so you have noting to fear, they will surely give you loan.

They have good review and rating on play store, which means they are doing something right.

The only only thing I don’t like about them their interest rate is high for first timer though it will later go down as you continue to take loan from this app.

Conclusion

Above is how to obtain loan from barwaqt. As you read above, they will surely give you loan but ensure you obtain loan that you can pay back to avoid had I know and embarrassment.

Do you like this article?
Feel free to share it