Getting urgent cash loans in Dubai is not a very difficult task these days. When you have the right information and follow the right steps to get a loan, you can easily get approval from loan providers in Dubai. Whether you are a national of UAE or expatriate, this article will help you understand how to get urgent cash loans in Dubai.
As a borrower, you have four main prospects for getting loans.
- Private lenders
- Pawn shop or broker – Sell or deposit valuables ( Phone, Gold, Car etc. )
- Loan Sharks ( Illegal – Not recommended )
You will be able to find the best suitable option for you using the table below ->
|Banks||Private Lenders||Pawn Shop/Collateral Loans|
|Time taken||Upto 7 days||Upto 3 days||Instant|
|Paperwork||Heavy Paperwork & Document Requirements||Moderate Paperwork||Negligible paperwork|
|Loan Amount||20 Times Salary||Up to AED 100,000||Depends on Value of Deposited Goods|
|Credit Check||Yes||As per company policy||No|
|Legal||Yes||Must be licensed by Centeral bank of UAE||Yes, But Beware of Gold Lenders!|
|Conclusion||This is the most secure way to get a loan but will prove to be slow & cumbersome||These are much faster & require less documents than banks. But, the interest rate is a little higher.||This is the best way to get Urgent cash loan. But, beware of illegal pawnbrokers & scams.|
|*Note: Loan sharks also provide instant & urgent loans but they must be avoided at all costs. These are informal money lenders who will charge you insane interest rates of upto 1200% per year & also threaten your peace & safety.|
If this is an emergency and you are looking for an instant cash loan in 1 hour in Dubai, check out this guide.
Private lenders for urgent cash loan in Dubai
Most private lenders are illegal in Dubai. There are, however, two major private lenders who operate legally. You can get quick cash loan approval from these lenders with minimal documentation. These private lenders are:
1. Mawarid Finance
Mawarid Finance is a private finance company in the UAE. The services offered by them are Sharia-compliant. It is suitable for small and medium-sized businesses (SMEs) and individuals who are looking for fast loans.
2. Finance House
Finance House was established in the year 2004. It is an independently operated organization and it offers various financial services to individuals and businesses in the UAE.
Top 10 banks for urgent cash loan in Dubai
There are many banks and private loan providers in Dubai who offer quick cash loans. Below listed are some of the best ones among all the loan providers in the region.
1. FIMBank P.L.C
FIMBANK P.L.C or First International Merchant Bank Private Ltd Corporation is one of the best banks in Dubai to get a quick business loan.
2. Doha Bank
One of the best options for personal banking in Dubai is the Doha Bank. It provides loan services various categories and you can get a quick loan with this bank for sure.
3. DBS Bank
This Singaporean Multinational bank has its presence in many countries of the world including the UAE. It is a reliable option for getting instant loans in Dubai.
4. United Arab Bank
The United Arab Bank is one of the best banks in the UAE. It offers financial solutions in retail as well as corporate sectors. It is one of the best options for easy loans in Dubai.
One of the most trusted and well-known banking institution in Dubai is the Dubai Islamic Bank. It is the go-to bank for expats and UAE nationals who are looking for loans immediately.
6. RAK Bank
With a wide range of financial services, the RAK Bank stands as a really good option for loans in Dubai. This is a government-funded bank and you can expect really good options for personal loans and business loans from it.
When it comes to personal loans, HSBC is an option to take into consideration. It offers a wide range of financial services. Personal loans are one of the best ones among them.
8. Emirates NBD
If you are looking for attractive personal loan offers, you can choose to go with Emirates NBD. This bank offers quick loans to individuals and businesses who meet the eligibility criteria.
9. Abu Dhabi Commercial Bank (ADCB)
If you want urgent loans for your business in Dubai, you can approach Abu Dhabi Commercial Bank. It offers loans to UAE nationals and expatriates at reasonable interest rates.
10. Commercial Bank of Dubai (CBD)
Commercial Bank of Dubai offers personal loans at a very minimal rate of interest. You can get a loan from this bank faster than most other banks in Dubai.
Now that you have come to know about the top loan providers in Dubai, you must understand the important details for getting through the application procedure. Read on to know all the details you need to know.
Is getting a cash loan in Dubai really easy? Find out now.
If you are wondering if getting a loan is easy, let me tell you that it is absolutely easy when your profile fits right as a loan applicant. To get a cash loan in Dubai you have to fulfill certain requirements that we are going to cover in this section of the article.
You will get to know about the most essential requirements for getting a loan approved quickly and conveniently.
In fact, when you follow through these requirements and understand them clearly you can get your loan in a very short span of time.
So, here are the important steps that you need to follow to get a quick loan in Dubai.
First of all, you also have to make sure that you are eligible for the loan application.
Now, you might have this question regarding the eligibility and the requirements that need to be fulfilled for being able to apply for the loan.
Read through the following paragraph to understand the eligibility criteria for loan application in Dubai.
Eligibility Criteria to Get Urgent Cash Loan in Dubai
Below are the eligibility criteria to apply for an urgent cash loan in Dubai:
The minimum age for loan application in Dubai is 21 years. Once you are 21 and above, you can apply for an immediate cash loan. The maximum age for loan applications in Dubai depends on the bank. In most cases, it is 65 years.
The maximum loan amount depends on the bank you are seeking the loan from. Some banks can offer a loan amount up to AED 5 million.
In terms of employment, different banks will have different criteria. However, in general, the applicant must be salaried and work at a reputed firm when applying for an urgent cash loan in Dubai.
Some banks also require that you have completed at least six months of service on the job. On the other hand, there are some banks that offer urgent cash loans for unemployed people.
The minimum income criteria for applicants depends on the bank. Most banks approve loan applications from individuals who have a minimum salary of AED 5000.
However, there are some lenders that require the monthly income of the applicant to be at least AED 25,000.
Some banks require individuals to transfer their salary to an account held in their bank.
Once you have made sure that you are eligible for a loan, the next important aspect is documentation.
If you do not have the required documents for getting your loan approved, you are going to have a tough time.
- UAE national ID card (for UAE nationals) – Original and a Copy
- Valid passport (for expats) – Original and a Copy
- Valid residency visa (for expats) – Original and a Copy
- Salary certificates/Appointment Letter – for employment verification of salaried applicants
- Latest three bank statements – for income verification of self-employed applicants
- Salary transfer letter – for income verification of salaried applicants
Once you have these documents, you can remain assured that you are going to get the approval for the loan.
However, in case you do not get the loan approved in the first attempt, you can figure out the reason for rejection and apply again. Alternatively, you can also apply for loans from personal money lenders in Dubai.
To know more about getting a Personal Loan from Dubai Islamic Bank, click to read the review.
Steps to Getting an Urgent Cash Loan in Dubai
Life is uncertain and so are the unexpected expenses coming up at inappropriate moments. The urgent cash loans help you meet such sudden financial requirements. Getting an urgent cash loan in Dubai is an easy task. You can get easy approval for the same if you follow the right process.
Whether you are a UAE national or an expatriate, here is how you can get an urgent cash loan in Dubai in just a few simple steps. In this post, we have also mentioned the eligibility criteria and documents required, followed by the list of banks offering cash loans in Dubai.
Steps to Get Urgent Cash Loan in Dubai
To get an urgent cash loan in Dubai, there are a few steps you need to take. Here are the 4 simple steps you need to take to get an instant cash loan in Dubai:
1. Research and Consider Your Options
The first step in the process is research. You need to perform thorough research to get the best interest rate and find the best quick cash loan. Obviously, you have already started this process by reading this article. You can also visit various different cash loan lenders’ websites and find the best-fit cash loan with reasonable interest rates.
Of course, we have a list of lenders above that you can check out. Ensure that you check out the various requirements and choose the one that best suits your needs.
2. Check Your Eligibility and Requirements
The next step is to check if you are eligible for a loan from the institution you wish to work with. If you want your loan application approved quickly, you must meet the lender’s criteria. Make surer you meet the requirements of the lender or bank before your apply. All banks and lenders will require some sort of documentation. You will need to validate your identity, income, address, and so on.
3. Apply For The Loan
Now that you have determined that you are eligible, you need to apply for a cash loan. Get your documents ready and submit them to the lender online or by going into one of their branches.
Most lenders and banks will have online portals that allow you to submit an application in a few clicks. Ensure you have all your documents ready. Simply fill out the application form and submit the documents.
4. Wait For Approval
The final step is to simply wait for the loan to be approved. If you believe that your chances are low, you can always apply to multiple banks and lenders as listed above. However, if you are rejected, you can always reapply. Keep in mind however that most lenders and banks in the UAE approve urgent cash loans in Dubai quite quickly.
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