A tragic incident occurred in Rawalpindi where a 42-year-old resident, Muhammad Masood, took his own life over borrowing a loan worth Rs. 13,000 due to unemployment and inflation. The relentless pressure from online loan dealers made a father of two children succumb to suicide.
Masood took a loan from an online agency to cover the expenses of his children’s school fees and house rent. He later found himself imprisoned in a loop of borrowing from different apps to repay his debt escalating to Rs. 700,000 in a few weeks.
Being unable to meet the repayment obligations and numerous threats from lenders, Muhammad Masood hanged himself to death leaving behind his two young sons. His wife revealed that Masood lost his job six months ago. She further revealed that they took the loan through a social media Easy Loan app and within days the amount surged to Rs. 100,000 with added interest. The companies also threatened Masood with leaking personal data.
“I owe a lot of people money, with interest. They have made my life difficult” were the last words of Masood.
