Have you ever experienced taking out an urgent cash loan in Dubai? And when we say “urgent,” we mean getting instant cash… in just one hour! Indeed, there are ways to apply for a loan and get it approved in a short amount of time!
There are several banks and lending companies where you can apply for quick cash loans. In this article, we will discuss different options on getting an instant cash loan in Dubai, as well as the advantages of such loans, among other related matters.
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Getting Instant Cash Loan in 1 Hour in Dubai
Many of us find ourselves needing cash… urgently. But before we present the ways to get an instant cash loan, let us focus first on discussing some of the common reasons why people need such loans. We will also tackle the advantages of quick cash loans, along with important things to consider before applying for a loan.
Reasons for Getting Instant Cash Loan
What makes people decide to get an instant cash loan? There are many possible reasons, although these are some of the most common ones:
- Rental advance. When moving to a new house or apartment, most landlords require an advanced payment of up to one year’s worth of monthly rental. In this case, a cash loan would certainly be a big help!
- Business investment. Whether you own a small, medium, or large-scale business, you might need a loan to help boost operations and sales from time to time.
- Educational expenses. Perhaps you’re a student, or you’re the parent of a child who’s about to go to college. We all know that tuition and school fees can be quite expensive, and so you might need extra cash to settle them.
- Gift expenses. Let’s say, for example, that you have suddenly been invited to a wedding — as one of the principal sponsors. If you want to give a present such as a household appliance or other useful gifts, you might need extra money.
Why Apply for an Instant Cash Loan?
What makes an instant cash loan ideal? This type of loan comes with several advantages or benefits:
- Less Documents. Regular loans such as home loans, auto loans, and the like often require a lot of documents. An instant cash loan, on the other hand, usually requires just two documents, such as your Emirates ID and a salary certificate.
- Fast Approval. Most banks take several working days to evaluate a loan application, before approving or rejecting it. Meanwhile, an instant cash loan typically takes a few minutes, or an hour, at the most! Talk about fast approval!
- No Hidden Charges. Since instant cash loans require less documents and involve fast approval, there are no hidden charges. The loan application process is presented in a clear and simple way, and does not entail additional hidden costs.
- Available Anytime, Anywhere. These days, you can apply for an instant cash loan online, through a bank’s website or mobile app. In other words, you don’t even have to leave your house (or leave the office during working hours). With just a few clicks, you can submit an application and wait for your loan to be approved!
Things to Consider Before Getting a Cash Loan
Of course, before you decide to apply for a cash loan, there are certain things that you should consider. Here are some tips with regard to getting a cash loan:
1. Compare Banks and Interest Rates
There are quite a number of banks and lending companies out there, all of which offer instant cash loans. However, the interest rate varies, along with the payment terms and conditions. We suggest that you take some time to do “research” and compare different banks and lending companies before making a decision.
2. Check Your Eligibility
Each bank and lending company has a set of criteria when it comes to loan applicants. Usually, these include age requirements, a minimum employment period (e.g. 6 months), and so on. The criteria may vary among different companies. The important thing is that you meet the criteria set by your chosen bank, in order to qualify for an instant cash loan.
3. Prepare Required Documents
As mentioned earlier, you’ll need to prepare documents, such as your Emirates ID and a salary certificate. However, some banks and lending companies may ask for additional documents, such as a copy of your job contract, a bank statement for the past 3 months, and business trade license (for businessmen).
Ways to Get Instant Cash Loan in 1 Hour in Dubai
And now, let us talk about the different ways in which a person can get an instant cash loan in Dubai. At this point, you may have already picked one or two banks/lending companies. After discussing the following methods, you could eventually make a final decision on where to apply for a quick cash loan.
1. Apply in Person
First of all, you could go to the bank and apply in person. It’s as simple as that! As long as you’ve brought the required documents, and you believe that you meet the criteria, there’s a good chance that your loan would be approved.
Usually, the process will involve consultation with a loan officer, submission, and evaluation of your documents. If everything is in order, your loan could be approved in just one hour!
2. Apply via Website
If you are busy and don’t have time to go to the bank, you can always visit its official website. Most banks have a digital platform where you can fill out a form, attach supporting documents, and submit your loan application online.
After submitting your application, all you have to do is to wait, and a loan officer will respond, either by phone or via email.
3. Apply via Mobile App
Aside from having a website, most banks have mobile apps as well. These apps allow you to check your account balance, make a deposit/withdrawal, and yes… submit a loan application. Of course, make sure that you download official or legitimate mobile apps only. Beware of unverified or fake mobile apps that offer “easy” loans, as they may only be after your personal information!
Caution: Loan Sharks
Other than fake mobile apps, another thing to watch out for are “loan sharks.” These are individuals or groups that offer instant cash loans — at extremely high interest rates. Do not be swayed by these offers! When you miss a payment, a loan shark could be quite “aggressive” when collecting money. For the sake of your peace, safety, and your hard-earned money… do avoid loan sharks at all costs!
Final Thoughts
Just as people have varying reasons for getting a cash loan in 1 hour, there are different ways to apply for them. The important thing is to be aware of the terms and conditions involved, and to deal only with legitimate banks or lending companies.
Speaking of loans, there are loans in Dubai that do not require credit checks. If you are planning to get a loan without a credit check, please read this article for some possible options.