Summary of How to get Instant Loan | Personal Loan App in UAE | Personal Loan in Dubai

The video discusses various Personal Loan Apps available in the UAE, highlighting their features, loan terms, and interest rates. It emphasizes the convenience of obtaining quick cash through these apps for unexpected expenses.

Main Financial Strategies and Business Trends:

Popularity of Instant Loan Apps: These apps are gaining traction due to their quick approval process and minimal paperwork, appealing to workers and professionals.
Loan Duration: Loans can be taken for periods ranging from 91 days to 5 years.
Interest Rates and Fees: High-interest rates are common, with some apps charging up to 35.9% annually.
Legitimacy of Lenders: It is crucial to verify the authenticity of lenders, as borrowing from unauthorized parties is illegal in the UAE.

Key Loan Apps Discussed:

Cash Now:
- Loan Amount: 500 to 10,000 AED (first-time max 1,500 AED).
- Loan Term: 91 to 181 days.
- Interest Rate: 25% with a 5% processing fee.
Tabby:
- Loan Amount: 500 to 10,000 AED.
- Interest-Free Option: Pay 25% upfront and complete payment within 4 months.
IOU Financial:
- Loan Amount: Personal loans from 5,000 to 10,000 AED; business loans from 10,000 to 500,000 AED.
- Loan Term: 6 to 16 months.
- Interest Rate: 12% to 25%.
Easy Money:
- Loan Amount: 1,000 to 10,000 AED.
- Loan Term: 6 to 24 months.
- Interest Rate: 10% to 18%.
Deem Finance:
- Minimum Salary Requirement: 5,000 AED.
- Loan Term: 1 to 4 years.
- Interest Rate: 15.99% to 34.99%.
- Additional Feature: Protection plan for critical illness or death.

Methodology for Using Loan Apps:

Check Authenticity: Ensure the lender is authorized.
Understand Terms: Review interest rates, loan terms, and eligibility criteria before applying.
Prepare Documentation: Have necessary documents like Emirates ID and mobile number ready.
Choose Wisely: Opt for loans only when absolutely necessary due to high-interest rates.

Presenters/Sources:

The video does not specify individual presenters but discusses various loan apps available in the UAE.

Notable Quotes

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