Private money lending in Sharjah and other states of the Emirates has become a viable option for you to get a personal loan. It does provide you with quick cash even in the absence of good credit, or when you are trying to cut short the time involved in documentation. But beware, that most involved in the profession of private money lending in Sharjah, are illegal and criminal. Don’t let these “hard cash banks” encash your dire financial situation. Also, before resorting to private money lenders you must exhaust all other available avenues.
Why Should You Avoid Borrowing Money from Private Lenders?
- The chances of getting trapped while resorting to private money lenders in Sharjah are positive since most of them charge upfront fees even before providing a loan.
- Besides, this activity is held punishable by the legislation of the country as well as the state.
- High rates of interest are charged by the moneylender just to avoid the legal documentation process that appears an unnecessary wastage of time to you.
- The loan tenure is shorter than that provided by banks increases your repayment burden if you fail to meet the deadlines.
- If you don’t choose the right money lender you might end facing threats for your untimely repayment.
- Your confidential details including passport information are extracted by the private loan providers.
- These loan sharks force you to commit unfavorable acts and also retain your passport to restrict you from fleeing without having cleared the repayment.
What is the Apparent Advantage of Turning to a Private Money Lender?
You need not fulfill the essential qualifications otherwise demanded by banks for the approval of your loan. Private money lenders in Sharjah and other parts of UAE don’t demand proof of your nationality, monthly salary, or age, which brings the documentation work to a bare minimum. On the other hand, the scope for legal troubles in near future maximizes.
Is there an Alternative to Private Money Lending?
- Your Employer or close relative is a much safer option for clearing your debts within the suggested time, and that too without resorting to illegal means.
- Or, you may sell any of your previous assets to get instant cash for your present requirement of a sizeable sum.
- These days you have the facility of online crow funding that makes it easier to accumulate the required amount of money through small debts from people whose social and economic background you are aware of.
Not many of the private loan providers in Sharjah or UAE are recognized by the government to offer you money in alignment with the state laws. Most of the professional private money lenders are cheapskates that try to accumulate money through your loan repayments by dishonest means.
Therefore, it is necessary to plan your savings before you decide to start a venture or buy a home. As they say, money is sweeter than honey but it can transform your life into a tormenting nightmare if you land in huge debt due to reckless borrowing in an illegal manner.
Other private money lenders in the Emirates