Dubai, a city of grandeur and entrepreneurial spirit, boasts a dynamic financial ecosystem that caters to a myriad of needs. Among the diverse financial services, private money lending has carved a significant niche for itself.
This article delves into the realm of private money lenders in Dubai, with a special emphasis on the renowned classifieds platform, Dubizzle.
Private Money Lending through Dubizzle
Private money lending is a financial practice where individuals or small entities offer short-term loans at high-interest rates.
Unlike traditional banks, these lenders typically don’t delve into a borrower’s credit history, making them a viable option for those urgently needing cash or those with a less-than-perfect credit score.
However, the convenience they offer often comes with high-interest rates and strict repayment terms.
Dubizzle, a leading online classifieds platform in the UAE, has become a hub for private money lenders. It allows lenders to advertise their services, providing potential borrowers with a wide range of options.
However, the high volume of listings and lack of regulation can make navigating this platform challenging.
Top Listings of Money Lenders on Dubizzle
This lener offers the loan for both listed and non-listed companies at the following conditions:
- 7 days process non or listed companies
- Lowest profit ratio is 3.24 %
- Loan of up to 2.5 Million
- 1st installment after 150 days only
- New or take-over loan.
This loan has been posted about one month ago. They offer loans for cars, personal loans, rent or business.
They offer loans for individuals with a 5000 or more salary and offer a limit of 20,000 to 50,000 along with other benefits like a cashback offer for every grocery purchase, and restaurants & hotels, free airport lounge access, etc.
Do remember that salaried individuals can easily get loans from banks also.
If you are a residential or commercial property owner and receive rent on a monthly, quarterly, or yearly basis, you can get a loan here. They claim to have 10 years of experience in the mortgage.
They also provide services of mortgage refinancing loans and new mortgage loans for purchasing property.
Note: Before finalizing loans for these private sources be sure to have the contact details, address, or other forms of identification to be able to trace the individuals.
Listings on Dubizzle of even verified users can be deleted very easily and late you may be left with no way to trace them. For example, these listings are no longer live.
Is private lending legal in UAE?
The act of lending money by an individual is punishable under Article 458 of the UAE Penal Law. The offender shall be punished by imprisonment for a period of not less than 1 year and a fine of not less than AED 50,000.19-Sept-2022.
Caution When Using Dubizzle
When searching for a private money lender on Dubizzle, it’s crucial to exercise caution. While many lenders operate legitimately, the platform has seen its share of scams.
Borrowers should conduct thorough research on each lender, scrutinize their reputation, keep their conversations on the platform only, stay away from external money transfers, and read reviews from previous clients.
It’s also essential to understand the loan terms in detail before committing.
Despite the risks, private money lenders on Dubizzle can be a lifeline for those in financial distress.
They offer flexibility that traditional financial institutions often can’t match, such as expedited loan processing, often within 24 hours, and less stringent requirements.
Dubizzle can also be a great platform to find agents who can help you navigate the intricacies of the loan application process and hep you arrange documentation, find the right loan agency or bank for your needs etc.
Exploring Other Financial Options
However, borrowers should also consider other options. Banks and credit unions may offer lower interest rates and more favorable terms. Financial advisors can also provide guidance on managing debt and improving credit scores, potentially reducing the need for high-interest loans.
While private money lenders on Dubizzle offer a valuable service, they should be approached with caution. Prospective borrowers should conduct due diligence, understand the loan terms, and consider all available options.
With careful planning and prudent decision-making, individuals can successfully navigate the complex landscape of private money lending in Dubai.
Remember, private money lending is a tool, not a solution. It’s a quick fix for immediate needs, but it’s not a long-term financial strategy. Always consider your financial situation, your ability to repay the loan, and the potential risks before deciding to borrow from a private money lender.