How to Get Urgent Cash Loan in UAE

How to Get an Urgent Cash Loan in the UAE?

If you need urgent cash loan today, you can easily find various options out there — from personal loan apps to credit card advances. However, it’s important to know what to look for while considering these loans. A hasty choice might solve your problem today but create a bigger one tomorrow. 

Let’s understand the things to do to find the right option —

 

Do Your Research Well

Rushing things can lead to bad decisions, especially in the world of loans and banking. Do your research well to avoid any later hassles. Stay updated with the latest loan options available in the market. This can help you in making a wise financial decision. But what exactly should you look for? Some of the key considerations include:

• Loan Amount and Repayment Tenure - Check for the maximum amount offered by the bank and the tenure in which you can pay off the loan amount without compromising your regular expenses. 
• Applicable Interest Rate - Although the bank decides the interest rate, check for the starting rate and which one to choose — fixed or reducing rate. Just keep in mind that the actual rate also depends on your credit Score and various other factors.
• Available Instalment Deferments - Some banks offer payment holidays, giving you the flexibility to skip your instalment payment for some time in case of any unfavourable situations.
• Lending Institution Reputation - Stay updated with the bank’s commitment towards its customers. Conduct thorough research to check if the bank has a fair and reliable loan process to avoid any scams
• Customer Reviews - Reading customer reviews keeps you aware of loan terms, how efficient and seamless the loan processing is, and whether the loan disbursal is completed on time. 

 

Check Your Eligibility

Once you have compared and shortlisted your options, it’s time to check for the eligibility. Banks have strict requirements on which they decide your loan request. They assess your profile and consider the following parameters —

• Age
• Salary
• Nationality
• Credit Score
• Employment Status

 

 

Complete the Application Process

Now that you have checked the eligibility requirements for an emergency cash loan in Dubai, initiate the application process. You can effortlessly apply through our digital platform from the comfort of your home. In fact, you can explore and choose from the top banks in the country. All you have to make sure of is that you have all the necessary documents for seamless processing. You will find a section later where you can refer to the general set of documents for emergency cash loans. 

 

Loan Approval

As soon as you submit your application, the status of your application will change to ‘under review’. During this period, the concerned authority will evaluate your application along with the submitted documents.You will receive a call from the bank once the application is reviewed. Upon approval, the amount will be disbursed. Note that every bank has a different tenure in which your loan gets approved. Some may take just 2-3 hours, while others may take a few business days. 

 

Monthly Payments

The monthly instalment payments are generally scheduled weekly or monthly. You can choose the payment mode at your convenience, including bank deductions, online transfer, or even cheques. Early loan settlement options are available at all banks. However, take note that banks may charge you an early or partial settlement fee. 

Eligibility Criteria to Get an Urgent Cash Loan in UAE

If you need an urgent cash loan today, refer to the following table to check your eligibility —

Eligibility Type	Requirements
Age	21 years and above
Salary	AED 5,000 or more
Residency	UAE national and expatriate
Status of Employment	Salaried or self-employed

Note

📝Additional eligibility criteria may apply.

If you're looking for a personal loan in the UAE, refer to the personal loan eligibility here.

Document Required to Get Emergency Cash Loan in Dubai

Here is the list of documents to be submitted for emergency cash loan processing —

UAE Nationals	UAE Expats
Emirates ID Passport Salary Slip/ Salary Certificate Latest 3-6 Months Bank Statements Application Form	Emirates ID Passport UAE Residence Visa Salary Certificate/ Salary Slip Latest 3-6 Months Bank Statements Application Form

Note

📝All documents must be original and valid

📝Keep copies of each document ready

📝Additional documents may be required

Did You Know?

• Your PL amount should not exceed 20 times the salary value or your total income
• If a loan extends to retirement, only 30% of income or pension is deducted

Top Banks Offering Urgent Cash Loan in UAE

Need personal loan urgently? Refer to the list of banks providing loans instantly —

Bank Loan	Key Features
Sharjah Islamic Bank Easy Cash	With this facility, you can get instant cash of AED 1,000 and more Profit rate of 0.69% per month applicable (may vary as per the repayment tenure) Flexible repayment period of up to 24 months Cash loan of up to 80% of the card limit
RAKBANK Cash Loan	Get a high loan amount that fits your big plans The loan has a reducing rate starting from 14.99% per annum  Salary transfer is not mandatory — you can choose or reject this option as per your requirements   Simple documentation and quick approval
Deem Personal Loan	Pay your loan in affordable monthly instalments Apply and get your loan approved in minutes The application process is quick and involves minimal documentation  Salary transfer is not required to apply for this finance option
CBI Cash Loan on Card	If you’re a CBI credit cardholder, you can benefit from the Quick Cash facility With this service, easily get the money directly to your CBI or external UAE bank account Repay the loan at preferential interest rates in easy monthly instalments
CBD Quick Loan	The bank offers a high loan amount of AED 150,000 Get an attractive interest rate starting from 5.50%  The application process is completely digital You don’t have to transfer your salary to avail of the loan  Apply and get approval in minutes The bank offers a flexible repayment tenure of 48 months

Need Personal Loan Urgently? Here's How to Choose the Right One

Selecting the right emergency cash loan in Dubai is essential. Getting one without understanding some key aspects can lead to hassles and a significant impact on your finances. To avoid such issues and find the best-suited loan for your needs, here’s what you must consider —

 

Instant Approval 

Research and choose banks that take minimal time to process your loan application and approve it quickly with fewer documents. Instant loan approvals can give access to funds at the earliest. 

 

Low Interest Rates

It is crucial to select a loan that matches your financial profile. As high interest rates can increase your borrowing costs, go with the ones offering low rates. Just make sure to compare the Annual Percentage Rates (APR) for comparison.

 

Loan Tenure

It is easy to manage finances with flexible repayment periods. A reliable and good financial institution offers a long tenure to pay back the amount borrowed. Furthermore, if you plan to settle the loan before the due period, look for banks that give you the option to settle it early with nominal charges.

 

Easy Accessibility 

It is essential to keep track of your loan application until the amount is disbursed. Banks have their digital platforms, internet banking, and mobile banking through which you can stay updated. Check if these platforms are easy to use and have a good user interface.

Paperless and Instant Personal Loan in UAE

Key Takeaways-

Right Loan Selection

• Choosing the right urgent cash loan results in efficient money management

Explore Your Options

• Always look out for options — make thorough comparisons to find the best one

Stay Updated with Loan Terms

• Stay aware of the repayment period to avoid penalties on top of your instalments

Know the Associated Fees 

• Check for the loan fees and charges before initiating the application