We all know how expensive Dubai is for anyone to live in. Thankfully, Bur Dubai is relatively cheaper than downtown Dubai, and living can be more affordable here.
But still, there are times when we might need some extra cash for various reasons. It can be buying something for yourself or sending money to someone. In that case, getting a loan becomes a necessary thing.
Sadly, banks ask for a higher rate of interest and might even deny their offer altogether if you do not meet their terms and conditions. In that case, private money lenders in Bur Dubai come to the rescue.
Though we must mention private money lending without a license is illegal in all of the UAE. But if you still need funds and are in a situation where only private lenders will help you, check that option out at your own risk.
List of Private Money Lenders in Bur Dubai
1. Unique Commercial Brokerge L.L.C
This is a loan agency with a 5 rating on Google.
Phone: +971 4 255 6667
Phone: +971 55 656 6541
2. Taskmaster Commercial Broker L.L.C
This is another loan agency with a 4.9 rating on Google.
Phone: +971 4 255 6667
Website: https://taskmastergulf.com/
3. MoneyDila
This loan agency has a 4.8 rating on Google.
Phone: +971 4 332 0030
Website: http://www.moneydila.com/
4. Finserve Financial Broker
This is another loan agency with a 4 rating on Google.
Phone: +971 4 255 6667
Website: https://finserveuae.com/
Tips Before Contacting Private Money Lenders in Bur Dubai
1. Do Ample Research
When you are going for private money lending companies, make sure you research them vehemently. You can either search for them on Google and read the reviews there or visit their website directly.
If you feel something is fishy, then drop that company. In cases like these, you will have to stay extra cautious as you can not seek help from officers if you fall into a trap because private money lending is completely illegal in Bur Dubai.
2. Beware of Scams
If your money lender promises to give you instant loans consisting of a large sum of money without any paperwork, it might be a scam.
In that circumstance, the lender might impose hidden interests that are too much to pay.
3. Read all the Documents
When your money lender asks you to sign a document, see if there are any loopholes in the agreement. If you cannot understand what is written there, ask an expert to help you with it.
4. Pay Back ASAP
One of the most important reasons why people avoid private money lenders is that people can get brutally harassed by them if they miss a payment. So you should pay back any money you owe as soon as possible.
Frequently Asked Questions
1. Where can I borrow money ASAP in Dubai?
- Abu Dhabi Commercial Bank.
- Commercial Bank of Dubai.
- Doha Bank.
- Dubai Islamic Bank.
- Emirates NBD.
- HSBC.
- United Arab Bank.
- RAK Bank.
2. Can you borrow money from a private lender?
Yes, you can. But remember that this is not legal in many places, such as Dubai. Plus, borrowing money from private companies can come with many dangers.
This is why it is better to go to official banks for this type of transaction.
3. Is private lending legal in Dubai?
No, private money lending is not legal in Dubai, and it is a punishable offense according to the penal law of UAE (Article 458 and Article 459).
If someone gets caught engaging in private money lending services, they might get fined around 50,000 AED. They can also face imprisonment for a year or more.
Wrapping It Up
We hope we could provide the necessary information about private money lenders in Bur Dubai. It is a risky business, so opt for it only if you have no other option left.
