Are you wondering how to get an urgent cash loan in Dubai? Worry no more because, with the proper documentation, you can easily access a loan from different sources depending on your choice.
Awesomely, even if you are not a national of the United Arab Emirates, you can still access a cash loan. Below we have highlighted some of the sources you can access the loans and the requirements needed.
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Private Lenders
Many private lenders in Dubai are accepted and legalized. These lenders offer competitive urgent cash loans in Dubai and will be your best first stop for urgent loans. However, it is best to know what private lenders would consider while offering the loan.
If you plan to take a loan from private lenders in Dubai, be careful as the majority of them operate illegally. But there are two private lenders you can trust at any time, and they are the only ones recognized in Dubai. Here are the two private lenders you can run for an urgent cash loan when you are financially pressed.
Eligibility
Many private lenders do not follow any documentation criteria. Also, they don’t check your age or put any restrictions on your wages and nationality. Due to this, the loan finance is issued much faster.
Interest Rates
The private lenders are primarily occasioned in a tight spot by the borrowers. This, in turn, makes them raise their interest rates considerably. Depending on the amount of loan you require, the interest rates will vary from one lender to another.
Legality
Private borrowing and lending in the UAE are primarily considered illegal. This is because some lenders issue unlawful loans, while others may take passports and cheques from you and fail to return them until you repay the loan.
Despite this, a few private lending companies are registered and approved by the government of the UAE for loan lending. They include:
- Mawarid Finance – Their financial services are compliant with Sharia law. The bank targets individuals, small business owners, and medium-sized businesses for urgent loans. This sharia-compliant private lending company in the UAE that you can depend on for loans. However, it is best suitable for small businesses and people looking for fast loans.
- Finance House – This is also a private lender organization you can trust and depend on in the UAE. This private lender was established in 2004, and it’s been functional to date. It is an independent organization. It provides customers with various financial assistance to both businesses and individuals.
Banks
In the United Arab Emirates, various banks offer convenient cash loans. They offer room for negotiations in case of payment delays and are trustable by many people for urgent cash loans.
However, there are various requirements needed by these banks for you to qualify for an urgent loan in Dubai.
No matter how careful you are with your money, there’s always the chance that an emergency or unexpected expense could derail your plans. It may not be easy to secure credit or get a loan when you’re short on cash or have bad credit, but it is possible.
Check out our list of the top banks for quick loans in Dubai, UAE, to ensure you have options if you ever need them.
Mandatory Requirements
- Age – In UAE, to qualify for a loan, you should have attained the age of 21 and above and a maximum of between 60 to 65 years old.
- Employment history – It would be best to be employed in any UAE company in Dubai to qualify for an urgent loan and any other. The banks rely majorly on the employment status and thus would be difficult for you to apply for a loan without any employment.
- UAE Citizenship – Also, it is a requirement that you should be a citizen of the UAE to qualify for urgent loans with any bank.
- Salary earned per month – The salary you make per month provides adequate data for the bank to know the right amount of loan you are eligible for. Thus, the amount of loan you qualify for will mainly depend on your monthly income.
Documents Required
Other than the mandatory requirement above, some banks will insist on the below documentation before approving your loan. It is best to have all the documents ready to avoid any delays when you have an emergency and cannot access an urgent loan due to a missing document.
- Proof of identity – You must have identity proof, i.e., A passport, visa, or an Emirates identity card for recognition.
- Residency proof – To be awarded a loan in Dubai, you must prove that you reside in the UAE.
- Bank statement – A bank transaction of the last three to six months may be required to get the database for approving the amount of loan you need.
- Salary certificate – A salary certificate may also be required to provide information on the amount of salary you earn and how much loan you will be able to take.
Some banks offering urgent cash loans in Dubai include Doha Bank, DBS Bank, United Arab Bank, HSBC, and Dubai Islamic Bank.
Best Banks for Urgent Cash Loan in Dubai
Doha Bank
Doha bank is the place to be whether searching for money for your wedding, car, education, house or business loan.
It offers various categories of loan services. The bank guarantees its customers a quick process of your urgent loan within a short time.
United Arab Bank
This bank is considered the best in Dubai and the entire UAE. The bank caters to both corporate sectors and retails.
For those looking for an easy and speedy loan in Dubai, United Arab Bank is the ideal place to visit.
DBS Bank
DBS Bank has Singaporean roots and is spread around the UAE.
The bank provides customers with quick and reliable loans instantly when in need.
HSBC
HSBC is a renowned bank worldwide. It is a bank with a good reputation for years and is ideal for your personal loans.
Their services are quick, and you get an instant response after making a loan submission. Transfer of funds is done within the same day, which helps you fix any financial challenges.
Emirates NBD
This is a competitive bank in Dubai that offers customers a wide range of loans. You can apply for your target loan online and get a timely response, including a funds transfer.
If you meet their eligibility criteria, this is the bank to visit when you have financial issues.
Commercial Bank of Dubai
Commercial Bank of Dubai, also known as CBD, has the friendliest rate for personal loans. You get loan processing very fast compared to many banks in Dubai.
The bank is open to everyone looking for an urgent loan. So, whether you are an enterprise, small business or an individual, this is the place to apply any amount you need.
Pawn Shops
A pawnbroker is an individual or company that gives protected loans to people, with commodities of private possession used as collateral.
The items themselves are known as pawns. So, in Dubai, depending on the type of personal possession, its value will give you a chance of getting a loan from the pawnbroker.
There are several pawn shops in Dubai that you may opt to borrow a loan from. They include:
- Mint Jewels – This is based in Dubai and is very popular in trading gold bars and coins. You may exchange personal possessions and get an urgent cash loan from Mint Jewels.
- Cash converters – Being the most available cash converters in Dubai, you can easily trade your possessions here and earn some cash loans instantly.
- Dubai Pawnshop – Located in Jumeira Towers, the Dubai Pawnshop is the most trusted due to its honest and smooth services. You can sell any jewelry and receive a good cash flow with the feeling that it is worth your property.
- Kuberjewellery LLC – This deals mainly with the sale and buying of gold. Thus, it is considered best for trading items for cash; hence you can depend on it.
Loan Sharks
This is a phrase used to infer a personal or illicit cash lender. They give urgent cash loans to borrowers who have either depleted their regular credit alternatives or are not qualified to apply for a loan anywhere.
In addition, they are known to be cruel while collecting their loans by using threats or taking your personal belongings in case of delays in repayment. Due to these reasons, loan sharks are considered illegal in the UAE.
Also, loan sharks are known to charge colossal dividends on their loans, which may endanger your consensus upon repayment. Although you should evade them, their loans are instant.
Steps To Get An Urgent Cash Loan in Dubai?
Have a plan
The first step toward getting an urgent cash loan in Dubai is to have a plan. You need to understand where the money will go once it’s in your hands.
Telling a lender that you need money for “personal reasons
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