Just as there are many different types of job opportunities in Dubai, there are various ways to apply for cash loans, too. After all, many of us encounter financial difficulties every now and then, and having easy access to a personal loan is definitely a big help.
In Dubai, you can get a cash loan from banks, lending companies, or pawn shops. In this article, we will focus on lending companies and their personal loan products, along with the eligibility and document requirements involved. Keep on reading to learn more about these companies!
Where to Apply for Quick Cash Loans in Dubai
Compared to banks, lending companies usually ask for fewer requirements. They also process loans faster — around three days — compared to most banks, which usually take about five to seven days at least. However, lending companies tend to have higher interest rates. What’s more, you must ensure that the company is recognised by the Central Bank of the UAE.
List of Lending Companies in Dubai
Speaking of the Central Bank of the UAE, there are a couple of lending companies (non-banks) that are licensed to operate and provide loans services. These are Finance House and Mawarid Finance — two trusted firms where you can apply for a quick cash loan in Dubai.
1. Finance House
Established on March 13, 2004, Finance House officially started its operations on July 18 of the same year. Licensed and regulated by the Central Bank of the UAE, this company is among the first “independent” finance companies in the country.
Finance House provides individual and commercial financing services. Its head office is in Abu Dhabi, though there are branch offices in Sharjah and Dubai, whose contact information are as follows:
Address: G floor, Al Kuthban Building, Sheikh Zayed Road, Interchange No 3, Dubai, United Arab Emirates
Telephone: +971 4 407 5000
2. Mawarid Finance
Another lending company that is recognised by the Central Bank of the UAE is Mawarid Finance. Established in 2006, this ISO-certified company has actually gained several awards, locally and internationally. Mawarid Finance offers financial services to individuals as well as small and medium-sized enterprises (SMEs) in the country.
Address: Al Sayyah Building, Showroom No. 1 Ground and Mezzanine (Beside Etisalat Branch), Sheikh Zayed Rd, Dubai, United Arab Emirates
Telephone: +971 4 304 0888
Loans Offered by Lending Companies
At this point, let us take a look at some of the personal loan services offered by the above lending companies. Both companies offer a variety of services, but for now let us focus on “Easy Finance” from Finance House, and “Personal Finance” from Mawarid Finance.
1. Finance House: Easy Finance
Finance House offers a range of financial services for individual clients: credit cards, real estate financing, home financing, and auto financing. And then, there’s “Easy Finance.”
Basically, Easy Finance is a facility where people can apply for a loan without the need to transfer their salaries. You can expect quick approval of your loan application. Furthermore, you can consolidate your loans from other banks (if any) into a single facility with Finance House.
Through Finance House’s Easy Finance facility, you can apply for loans up to AED 320,000, payable in periods up to 48 months. Interest rates are competitive, whereas salary transfer and bank statements are not required. The service also comes with a credit card that’s free for life!
The Easy Finance facility is available to UAE nationals and expats, age 21 up to 60 years old. Applicants must be employed by a government, semi-government, or a reputable private organisation. They should also have a minimum monthly income of AED 5,000.
To apply for this service with Finance House, applicants need to prepare:
- Copy of Emirates ID;
- Copy of Passport;
- Valid Residence Visa (for expats);
- Latest Salary Certificate or Payslips (for the past three months);
- Direct Debit Authority Form; and
- Security Cheque.
2. Mawarid Finance: Personal Finance
Meanwhile, another quick cash loan that you can avail of is “Personal Finance” by Mawarid Finance. This facility offers personal loans up to AED 100,000. No salary transfer is required, and your application could be approved within three days or less! In addition, there’s a 30-day grace period and no early settlement fees.
What’s more, the great thing about Mawarid Finance is that it has a specialised team of Relationship Managers who can come up with a financial service that fits your specific needs. Each applicant’s financial needs and preferences are different, and the company is ever ready to provide personalised financing services.
To apply for a personal loan with Mawarid Finance, you need to prepare:
- Emirates ID;
- Passport with Visa page;
- Salary Certificate;
- Liability Letter; and
- Bank Statement (for the past six months).
Warning: Loan Sharks
Other than banks and lending companies, you may encounter persons or “firms” that offer instant loans with easy requirements. They will entice you with high amounts of cash, automatic approval, and so on. What you may not know is that their interest rates are super high. In other words, beware of dealing a with loan shark!
The thing is, loan sharks are not registered with the Central Bank of the UAE, and are therefore not operating legally. Moreover, if you are unable to pay on time, they are usually not very patient and may even make threats to your peace and safety. Hence, we suggest that you avoid getting in touch with loan sharks altogether.
The Bottom Line
Indeed, there are many ways to apply for a personal loan in Dubai, including trusted companies like Finance House and Mawarid Finance. However, keep in mind that there could be questionable persons and groups who might take advantage of your situation. Beware of such people (e.g. loan sharks), who are only out to get your hard-earned money!
To avoid getting into financial trouble, apply for a loan only with companies that are licensed by the Central Bank of the UAE. The fact that a company is licensed means that it has passed the authority’s strict standards, and it is operating legally in the country.
Speaking of loans, aside from lending companies, you may opt to apply through a reputable bank in the UAE. If so, check out this list of banks where you can avail of a personal loan in Dubai.