We all know it's not easy to get a personal loan in UAE if you are not getting a specific salary. But if Im to tell you there is a way nowadays and easy, you wouldn't believe me.
Therefore, I will show you how to get a personal loan today even if your salary is 500aed a month. So without wasting time let's get to it.
There is an App called CashNow. So I got to know this App when searching for a soft loan online. That was way back in 2019. I tried using the App to secure a loan but couldn't. Why? Because at the time I didn't have a bank account.
So if you need to get a loan in UAE, here are the things you will need. It's 100% free, easy, and paperless because it's done online without showing your face or collateral.
- You will need a Phone since it's an App.
- Bank Account- I will show you how to get one easy and free with Zero Balance.
- Emirate ID or Passport
- Your Job Info
- Address
Yes, the above is the easier-to-get things you will need to secure a personal loan for yourself today.
So let's tackle it one after the other,
APP:
The name of the app as I said is Cash now. You can download it for free here.
After downloading you will need to register.
During your registration, you will have to get your Emirate ID ready by yourself to fill out all the required documentation.
Also, facial recognition will be done. But the process is very easy to do. Just know-how of how to use a mobile phone will do.
Then, you will have to put in your Bank details to enable you to receive the money.
So this takes us to the second Point.
Bank Account:
There are so many banks out there that you can open an account online. But they all require you to be receiving a specific amount of salary.
This was one of the challenges when I had in 2019. But today There is one bank that will let you open a free account with them. You will only pay 15aed end of the month as account maintenance which is very ok.
The name of the bank is Emirate NBD. I have done a lot of transactions with these banks and they are very good. They process your money very fast. You can download their App here to open your free account.
Below is how far they have paid me so far and my pending or outstanding loan that I have had from the CashNow app.
REPAYMENT:
I will entreat you to have a good credit score. You might not want a bad credit score with the APP. This is because it will affect your subsequent loans. Not only from the app that will be affected but anything Loan in UAE. Yes, that's because it's a recognized institution that has a link in your banking activities in the country as well.
This is how to repay the loan after taking it.
First Option: Open CashNow -> click on Repay -> Repay Online -> Select amount -> choose to pay from debit card -> enter your bank card details and process the payment.
Option Number 2 – Add money to your PayBy wallet using the NT or UPay Kiosk and then click on the repay option on the CashNow / Pay later page, choose the option to repay from your wallet.
Open CashNow -> click on Repay -> Repay Online -> Select amount -> choose to pay from wallet, select the wallet and process the payment.
Also, you can watch the video below to see how it's done.
