Have you ever been strapped for cash or needed extra cash to pay up some bills before your next paycheck?
GOOD NEWS!!
There are tons of digital lending and fast loan apps in Dubai that do not require you to walk into the bank. However, picking the best digital lending platform in Dubai can be mind-boggling, but this blog post will ease your stress.
Before I outline the best digital platforms in Dubai that give fast loans, it is important you understand the procedure of getting your loan approved in Dubai.
The Process of Acquiring Loan in Dubai
Getting a loan in this 21st century has become simple with the help of technology. So many banks worldwide are making it possible for their customers to access their bank account statements easily, make payments, and even apply for loans from the comfort of their homes.
The process of loan application is quick and easy, you can apply for the loan from the websites of your preferred bank, or you can download the bank app on your device to easily achieve that with no stress. All you need to do is to meet the digital lender eligibility criteria, and voila! Your loan will be approved in a short time.
Eligibility and Qualifications for Loan Approval in Dubai
You will need to be qualified and eligible to get a loan in Dubai, Here are some of the required documents for getting a loan in Dubai:
- Valid residence permits.
- Ability to repay the loan at the given time.
- Six months of formal employment.
- A working contract containing the repayment period of the loan.
It is worth knowing that if you fail to meet the eligibility requirements, your loan will not be approved.
Other Important Documents Required for Loan Approval
- National ID card (for UAE nationals)
- Proof of income
- Resident visa for expatriates
7 Digital lending and fast loan apps in Dubai
Here are the best fast loan apps in Dubai that make your loan process a lot simpler and convenient. You can apply online with the required scanned documents, and the loan amount can be delivered to your doorstep or credited to your bank account, depending on your convenience.
Dubai Islamic bank
One of the top digital lending and fast loan apps in Dubai is the Dubai Islamic bank. It is the first Islamic bank that offers personal loans for low-salary earners. It also provides upfront cash payment with no early settlements. Customers get up to 48 months to repay the loan.
For UAE nationals
- Flat rate of 6.06%
- Minimum salary of 10,000 AED
- Reducing rate of 11%
- The maximum loan amount for UAE nationals is AED 3000k
- Early settlement fee of 1%
- An arrangement fee of 1050 AED
For Ex-pats
- Flats rate of 6%
- The minimum salary should be AED 10k
- The reducing rate is 11%
- The maximum loan amount is AED 2000k
- The early settlement fee is 1%
- The arrangement fee is AED 1050
Rak bank
Rak Bank provides a wide range of financial services for its customers. Whether you are a UAE national or an expatriate, you will find a loan option in this government joined venture bank suitable for you.
For ex-pats and UAE nationals
- A flat rate of 3.3%
- Minimum salary 3000 AED
- Reducing rate of 5:99%
- Maximum loan amount 1500 AED
- Early settlement fee 1%
- Arrangement Fee 1%
HSBC
Hong Kong and Shanghai banking corporations offer different financial services in the UAE, including loans.
For ex-pats and UAE nationals
- Minimum salary of 7,500 AED
- The reducing rate is 7.49%
- Max loan amount of 750,000 AED
- Early settlement fee 1%
- An arrangement fee of 1%
Emirates NBD offers mostly business loans. They provide some phenomenal business financing products which are designed for your business to reach a new level.
Emirates NBD
Emirates NBD loan:
- Provide loan up to 1.5 million AED
- The competitive interest of 15-20%
- Flexible repayment option (48 months)
- Collateral free loan
Mashreq Loan
Mashreq Loans offer three types of personal loans: personal loans for expatriates, personal loans remit, and debt consolidation for expatriates.
Mashreq Personal loans for expatriates: These are mainly for salaried expatriates working in the UAE.
- Flexible repayment period of 46 months, mainly for the ministry of defense employees.
- High loan amounts as 20 salary multiples to a limit of 1 million AED
- Approval within 24 hours
- Minimum salary of 7,000 AED approved companies and 10,000 AED unapproved companies
Mashreq Personal loans remit: Mashreq personal loans allow you to transfer funds for purchasing a new property or renovating an old one in just a single transaction for free.
- The flexible payment period of 48 months and 60 months for the ministry of defense employees
Debt consolidation loan for expatriates: this Mashreq debt consolidation loan allows you to combine the debt into one personal loan and save on interest repayment. It helps you to consolidate and settle debts efficiently.
ADCB
Abu Dhabi Commercial Bank, known as ADCB, is one of the best loan providers for business purposes. This loan can satisfy various business needs, such as equipment capital, working finance, commercial assets, and lots more.
ADCB business loan provides
- Loan amount of up to 3.5 million AED
- Seven days approval time
- 2% processing fee
- 17% interest rate
- Flexible payment option of 48 months
CBD
Commercial Bank of Dubai, known as CBD, provides loans for people in UAE. It has over 13 branches spread in different locations in the UAE. CBD offers personal loans at reasonable interest rates.
For Expat
- Flat rate of 3.03%
- Minimum salary of AED 8k
- Reducing rate or 5.5%
- Maximum loan amount of AED 1500k
- Early settlement fee of 1%
- An arrangement fee of 1%
For UAE nationals
- Flat rate of 3%
- Minimum salary of AED 8k
- Reducing rate of 5.5%
- Max loan amount of AED 3000k
- Early settlement fee of 1%
- An arrangement fee of 1%
ADIB
Abu Dhabi Islamic Bank, known as the ADIB, has over 100 branches in various regions across UAE. The Abu Dhabi Islamic Bank provides loans for people in Dubai with affordable interest rates and a lucrative loan amount, and they are one of the best.
For ex-pats
- Flat rate of 2.85%
- Minimum salary of AED 8k
- Reducing rate of 6.99%
- Maximum loan amount of AED 1000k
- Early settlement fee 1%
- An arrangement fee of 0%
For nationals
- Flat rate of 3.6%
- Minimum salary of AED 8k
- The reducing rate is 6.75%
- Maximum loan amount of AED 3000k
- Early settlement fee of 1%
- An arrangement fee of 0%
There You Go
Now, you can easily access the official site of any of the listed banks or download the bank app on your mobile device to acquire a loan from the comfort of your sofa. It is wise to confirm you meet the criteria before you start your application process.
