Many people assume that if you are an ex-pat in the UAE, that you are unable to apply for a low-salary personal loan, but this is not the case. Being an expatriate in the UAE does in fact open up a lot of opportunities, you just need to research and find which ones are available to you. In this article, we will go over low-salary personal loans and how and where you can apply for one in the UAE.
Arrange All Your Finances First
The first thing you need to do before you apply for a low-salary personal loan in Dubai is to arrange all of your finances first. You need to have a clear grasp of your financial situation so that you can effectively work out how much money you can borrow and whether you can pay it back. So, take the time to sort through all of your important documents and make sure you have everything in order before you submit an application.Having everything sorted beforehand will make it much easier when it comes to the application process, as you will not be rushing around.
Do Some Research Online
The best way to apply for a low salary personal loan in UAE is to do some general research online. If you have never applied for any loan before, it may seem daunting, but it can actually be very simple. It is important that you have a clear understanding of how everything works and what the process is of getting a loan so that you can do everything properly. There will likely be quite a few different loans available for you, so once you have a clear understanding of your options, you can then start making applications.
Work Out How Much Money You Want To Borrow
During your research process, you will likely find that there are many different loans available, so you need to work out how much money you actually want to borrow. Of course, if you take out a higher loan, then you will have a higher interest rate, so that is something to bear in mind before you make an application. Although taking out a loan has become easier than ever, it is still a bit financial decision, so you need to be sure about borrowing the money.
Get All Your Documents Together
Most loan companies will require you to have certain documentation in order to be accepted for a loan, so it is important that you know what those documents are and have them ready. For example, ADCB is a personal loan company that provides low-salary loans to ex-pats, and they will require you to have a valid passport, VISA, and EIDA card copy. Additionally, you will need to have a copy of the last 3 months of bank statements, a salary transfer letter, details of existing loans, and a salary certificate that is issued to ADCB. This salary certificate must be dated 30 days or less from the date of loan application.