- Private money lending without Government registration is illegal in Dubai.
- There are many lenders who claim to offer instant loans without proper documentation. Make sure to check the authenticity of such lenders.
- Getting loans from illegal lenders can become a big trouble for you, if you are not careful.
Are you an Overseas Filipino Worker looking for money lenders in the UAE? or Do you need cash on urgent basis? Do you only trust Filipino lenders?
Well, there are banks that offer loans to expats at attractive rates of interest. However, if you feel overwhelmed by the requirements, documentation and the process of application, you will be glad to know that there are alternatives for getting loans in the UAE.
There are personal loan providers who offer loans without looking at your credit score. So, if you are someone who has a bad credit score, you can find Filipino money lenders in Dubai and get loans from them.
You might have a lot of questions regarding the loan application from private lenders. Read this article till the end to get all these questions answered
Let’s start by answering the most common question Filipinos have when looking for loan providers in the UAE – Is personal money lending illegal in the UAE?
Is personal money lending illegal in the UAE?
Lending money at a high-interest rate without the required license is illegal in the UAE. On top of that, harassing people who are not able to repay the loan is a crime.
Now that you know about this, let me share with you another fact. There are some Filipino money lenders in Dubai who are really helpful. But, it is certainly a difficult task to figure out which ones are trustworthy.
Where can you find Filipino money lenders in Dubai?
There are certainly some kabayak money lenders who you can trust. Finding them is entirely up to you.
We are not recommending any lender here as we can’t take the guarantee of these lenders to be authentic. Use your good sense and do your research well before you approach any private lender. Always be cautious as getting loans and not being able to repay on time can put you into trouble.
Another trustworthy way to lend money the Filipino way is taking a loan from Overseas Filipino Bank.
Overseas Filipino Bank
The Philippine government has opened up a branch of OFB in Dubai, UAE giving major relief to expats. It has even become digital now.
Even though it is a traditional bank with regular requirements for loan, it is much more beneficial and quicker than any other bank.
Eligibility for OFB Loan
- Applicants must age between 21-65
- Must have a valid income
- Must work overseas for at least 2 years
- Monthly income should be more than the monthly installment.
- Completely filled out loan form
- 2 Valid Government issued ID
2 of the following-
- driver’s licence
- voters ID
- postal ID
- PRC ID
- SSS ID
- OWWA ID
- OFW ID
- NBI Clearance
Should you get a loan from these kind of lenders?
Well, this depends on your financial situation. In our opinion, getting loans from private lenders should be your last resort.
If you can, you must get loans only for banks. It is much safer and you will not face any kind of harassment in the process. However, if you are not able to get a loan from banks, you have to make sure that you get the loan from a lender you can trust.
When should you get a loan from this kind of lenders?
When you want to get a loan, your first priority should be to approach banks. This is a legit and reasonable way to receive a loan. There are no complexities involved. You should approach private lenders only when:
- You do not get loan approval from any bank.
- You do not get loan from any other private finance company.
- You have bad credit and you are not eligible for loans.
- You need money urgently and can’t wait for the processes to complete.
- You fail to borrow money from your friends and family.
When you get a loan from private lenders, you have to make sure of the following things:
- Do not give them your passport as collateral.
- Return the money on time.
- Keep your family away from the lenders.
Is there any alternative to getting a loan from private lenders and banks?
Of course, there is. If you have friends and loved ones in the UAE or back in your country, you can always reach out to them for help. This is certainly a better option than borrowing money from private lenders and banks.
To know more about Private Money Lenders in the UAE, click to read article.
As an Overseas Filipino worker, you are making efforts to save money and send it back home to make sure that your family has a good life. Do not make the mistake of borrowing money from the wrong person as it could cost you not just your hard-earned money but your peace of mind too.