There are plenty of ways to save money as an expat in Abu Dhabi. But sometimes, there are circumstances that may require us to get an urgent cash loan — be it for a medical emergency, an accident, or a financial concern within the family.
In this article, we will talk all about urgent cash loans in Abu Dhabi, including applicants’ eligibility, document requirements, and loan procedures. We will also discuss some of the places — online and offline — where people apply for cash loans.
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Getting an Urgent Cash Loan in Abu Dhabi
First of all, it’s important to be familiar with the steps involved in getting an urgent cash loan in Abu Dhabi. These include exploring your options, checking your eligibility, and preparing the necessary documents.
General Steps
Generally speaking, here are the steps to getting urgent cash loans in Abu Dhabi:
1. Explore different options.
There are various options to getting an urgent cash loan. You can apply with banks, lending companies, or private lenders. Simply visit their websites to learn about their loan products, or inquire personally in their offices.
Another option is to apply for a loan online. In this day and age, there are digital platforms offering loans and other financial products. Just take time to do your research, and you are bound to find the best option!
2. Check your eligibility.
Once you’ve made a list of banks, lending companies, and other options — be sure to check if you are eligible to apply for their loans. Each company has its own set of criteria, although there are some qualifications that are common to all (more on this below).
3. Submit the requirements.
Aside from meeting eligibility criteria, you also have to prepare and submit certain documents. These documents are needed to verify your identity, address, income, and other details. Don’t forget to inquire with each company about their required documents.
4. Apply for the loan.
If you’re certain that you meet the eligibility criteria, and you have prepared all the necessary documents — then it’s time to apply for the loan. You can go to the bank personally; you could also fill out an online form through their website.
5. Wait for approval.
As soon as you have submitted your application, all you have to do know is to wait for approval. If it’s approved, you could receive the loan in just a few days. On the other hand, if your application is not approved — you can always apply again, or submit an application to another institution.
Eligibility Criteria
As mentioned earlier, you need to meet several criteria in order to qualify for cash loans in Abu Dhabi. These criteria include your age, employment, income, and other factors, as follows:
Age Range
For most banks and lending companies, the age range for loan applicants is usually between 21 and 65 years old. Of course, this range may vary among companies.
Employment
Most banks require loan applicants to be employed in a reputable company. However, there are some banks and lending companies that offer loans to the unemployed, as well.
Monthly Income
When it comes to monthly income, most banks require loan applicants to have a minimum monthly income of AED 5,000. However, there are banks and lending companies whose minimum income requirement is AED 3,000 only. Once again, the amount differs from bank to bank.
Loan Amount
How much can you loan from a bank or lending company? This would depend on your employment, monthly income, and other factors.
Salary Account
In Abu Dhabi, most banks require borrowers to transfer their monthly earnings to a salary account, which is an account held in their bank.
Required Documents
If you think you meet the eligibility criteria for a cash loan, the next thing you should consider are the required documents. Below is a list of the most common documents required by banks regarding cash loans:
- Original and photocopy of Emirates ID (for UAE nationals);
- Original and photocopy of valid Passport (for expats);
- Original and photocopy of Residency Visa (for expats);
- Salary Certificate or Employment Letter (for employed applicants);
- Salary Transfer Letter or Salary Slips for the last three months (for employed applicants); and
- Bank Statements for the last three months (for self-employed applicants).
Where to Get Urgent Cash Loans
Now that you have a better idea about the eligibility criteria and document requirements for loan applications, let us talk about where you can actually get a cash loan. In Abu Dhabi, you can apply from a bank, a private lender, a broker, or an online lending app.
Banks
In banks, you can apply for loans up to 20 times the amounts of your monthly salary. Processing usually takes up to seven days, and the interest rates are low. That being said, there’s usually a lot of paperwork to accomplish, plus you will need to undergo a credit check.
Among the banks that offer urgent cash loans in Abu Dhabi are ADCB, Emirates NBD, First Gulf Bank, HSBC, and Mashreq. Just go to the nearest bank branch in your area to inquire. In addition, you could also inquire at the nearest Al Ansari Exchange, a money exchange company that offers cash loans.
Private Lenders
Private lenders or private lending companies usually offer loans up to AED 100,000. The processing time is usually three days, and only a moderate amount of paperwork is involved. However, the interest rate tends to be higher than those offered in banks, and a credit check may still be required, depending on the company’s terms and conditions.
Brokers
Typically, loan applications with brokers involve instant approval, requires little paperwork, no credit check, and interest rates are low. However, the loan amount may not be as high as those offered by banks and private lenders.
Online Lending Apps
These days, more and more online lending apps are offering loans to UAE residents. Compared to most banks and lending companies, the loan amount is lower — usually around AED 1,500 — but the interest rate is higher.
Still, the fact that you can easily get a loan with just a few clicks is appealing to many people. If you want to give this option a try, consider downloading these apps and applying for a loan: Cash Now, Emirates Cash, Fast Loan, Instant Cash, Loan Express, and Quick Cash.
Summary
As you can see, there are many options when applying for an urgent cash loan in Abu Dhabi. You can explore loans offered by banks, private lenders, brokers, and online apps, too. Just make sure that you meet the criteria and you have the necessary documents.
Moreover, see to it that you are dealing with a company that’s recognised by the UAE Central Bank. This way, you can rest assured that your loan application is legitimate and safe.
Speaking of money, perhaps you are wondering how you can send money from Abu Dhabi to another city or country. If this is the case, check out this link for a step-by-step guide on sending money from Abu Dhabi internationally.