How to Get Loan without Credit Score Check in UAE

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Personal Loan in UAE
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Personal loans can be a saviour in case of financial crunches during the most crucial events of life including weddings, higher education, home renovation, and more. While applying for a personal loan, a lot of people always end up questioning if they can get a personal loan without a credit check. 

Simply put, no bank and top lending institutions provide personal loans without a credit check in the UAE. The prerequisite to getting a personal loan in the UAE for the majority of the banks is a good or excellent credit score along with a monthly salary of AED 5,000 or more. 

If you, too, are planning to apply for a personal loan, it is important to note that even if your monthly salary exceeds AED 5,000 but your credit score is low or poor, you would still not get a personal loan application approved. 

Credit scores and report checks are important factors that most banks consider to gauge your creditworthiness as a borrower. Let’s understand why banks check your credit report and score in this article. 

Reasons Why Banks Check Credit Report

Banks and other financial organisations check your credit report and score to determine your creditworthiness, i.e. whether you can be expected to be a trusted borrower. A hard pull on your credit report enables lending institutions to decide on your application’s approval and how much interest they should charge you. 

When checking your credit report, banks look into whether you have been punctual in repaying your debts, the amount of credit you currently have, and how wise you are in managing the same. Banks also check your financial relationship with other financial institutions in the UAE after seeing your credit score. 

If you have a poor or low credit score, it will be harder for you to get the best personal loans in the UAE. Most banks in the UAE prefer to provide loans only to people with good credit scores. Thus, it is important to work on improving your credit score. 

Read: Check AECB Credit Score in UAE for FREE

How to Build a Good Credit Score for the Best Personal Loans in the UAE?

So far into the write-up, we have understood that credit check is a crucial step in the processing of credit applications. When you apply for a personal loan, most banks in the UAE check your credit score and report for the same. 

With a good or an excellent credit score, you can enjoy not only quick approvals but favourable interest rates as well. 

So, if you are hesitating to get your credit report checked because of your poor credit score and weak credit history, here are some tips to improve the same - 

  • Pay Bills on Time - One of the main reasons why your credit score might be low is that you are not punctual with clearing your monthly dues for credit card bills and utility bills. You should work on paying your bills on time so that you appear to be a responsible borrower, which will improve your credit score
  • Avoid Multiple Loan Applications - When you apply for a personal loan, the bank performs a hard pull on your credit card, which ends up affecting your credit score. So if you apply for multiple personal loans at once, it can severely impact your credit score and hurt the chances of getting your applications approved. 

Credit Score - Policybazaar uae

Read: Minimum Credit Score required to get a car loan in UAE

Thus, avoid applying for multiple loans frequently. 

  • Manage Your Debts Smartly - One of the best ways to improve your credit score is to repay your existing debts on time and in full. There are several ways to manage your debts including balance transfers (on your credit cards), debt consolidation, and more. 
  • Maintain a Low Credit Utilisation Ratio - Make sure that your credit utilisation remains below 30%. In other words, no matter how high your credit limit on your credit card is, you should aim to use only 30% of it. Completely exhausting the limit or spending on the higher end of the credit limit can hurt your credit utilisation ratio extensively and bring down your credit score. 

It is important to note that credit scores cannot be improved overnight. It requires consistent and disciplined work. However, by focusing on the above-mentioned practices, you can certainly improve your credit score. 

In addition to the mentioned tips, you should avoid or optimise early loan settlements, perform soft checks on your credit score, and make sure that you don’t have bounced cheques. 

Credit Score for different types of Loan
Credit Score for Car Loan Credit Score for personal loan Credit Score for Student Loan Credit Score for Home Loan

The Best Personal Loans in the UAE for Good Credit Scores

Once you improve your credit score, you can choose from the following best personal loan options with competitive interest/profit rates -

Personal Loan Features and Benefits  
Emirates NBD Loans for Expatriates
  • Minimum Salary - AED 5,000 per month
  • Fixed Rate - 3.03% to 8.72% per annum
  • Reducing Rate - 5.69% to 15.99% per annum
  • Loan Amount - Up to AED 2,000,000
  • Get up to 2 non-consecutive deferments in the loan tenure
  • Option to return the loan in 7 days
  • Complimentary zero balance account 
  • No guarantor or collateral is needed
  • First deferment of up to 90 days
  • Loan tenure of up to 48 months
  • 1st year free on Setup fee for Overdraft (OD)
  • Credit life insurance is available to cover the remaining amount in case of an unfortunate event
  • Salary transfer is required
Apply Now
Emirates NBD Loans for UAE Nationals
  • Minimum Salary - AED 5,000 per month
  • Fixed Rate - 2.75% to 8.72% per annum
  • Reducing Rate - 5.15% to 15.99% per annum
  • Loan Amount - Up to AED 4,000,000
  • Loan Tenure - 48 months (60 months for Ministry of Defence employees)
  • Get up to 2 non-consecutive loan deferments during the loan tenure
  • Salary transfer is required
  • Option to return the loan within 7 days of application 
  • Option to move your loan from other banks (worth AED 25,000 to AED 2,000,000) at a competitive interest rate
  • Complimentary zero balance account 
  • No need for collateral or a guarantor
  • Credit life insurance to cover the outstanding amount in the event of any mishappening is provided
  • Get a credit card (1st year free) with Miles and Points
  • 1st year free on setup fee on overdraft
Apply Now
Commercial Bank of Dubai Quick Loan
  • Minimum Salary - AED 8,000 per month
  • Fixed Rate - Starting from 7.6% per annum
  • Reducing Rate - Starting from 14% per annum
  • No salary transfer is required
  • 100% digital application within a few clicks
  • Your Emirates ID is the only document required 
  • Loan Repayment Tenure - 48 months
  • Instant loan approval within minutes
  • Instant loan approval for an amount up to AED 150,000
  • Loan facility available to both existing customers and those new to the bank 
  • Paperless loan application process
  • Monthly interest rate starting from 1.17%
Apply Now
Deem Finance Personal Loan
  • Minimum Salary - AED 5,000 per month
  • Reducing Rate - 15.99% to 34.99 per annum
  • No salary transfer is required
  • Minimal paperwork involved
  • Flexible Loan Repayment Tenure — 1, 2, 3, or 4 years
Apply Now
Emirates Islamic Personal Finance for UAE Nationals
  • Minimum Salary - AED 10,000 per month
  • Fixed Rate - 2.79% per annum
  • Reducing Rate - 5.11% per annum
  • Finance Amount - Up to AED 4,000,000
  • Flexible Finance Repayment Tenure - Up to 4 years
  • Straightforward and quick finance approval
  • Option to consolidate debt into an easy payment plan
  • Sharia-compliant product — Follows Murabaha structure
  • Free Takaful coverage
  • Salary transfer finance
  • Nominal processing fee
  • Grace period of up to 120 days
  • No over limit charges or additional charges
Apply Now
First Abu Dhabi Bank Non-Salary Transfer Personal Loan for Expatriates
  • Minimum Salary - AED 15,000 per month
  • Fixed Rate - 8.3% per annum
  • Reducing Rate - 15.49% per annum
  • Loan Amount - Up to AED 600,000 
  • Flexible Loan Repayment Tenure - Up to 48 months
  • No salary transfer is required
  • Personal loan available for customers working in a company not listed in the FAB’s Approved List of Employers
  • Comprehensive Life Insurance Coverage
Apply Now
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To Conclude

You cannot get a personal loan without a credit check in the UAE. When you apply for a personal loan, the concerned bank will check your credit report and score to determine your creditworthiness and estimate the appropriate interest for you. 

As a personal loan applicant, improving or maintaining a good credit score is pretty important in addition to getting a credit check. With a good credit score, you can get a favourable interest rate and high loan amount and enjoy swift approvals. 

To improve your credit score, simply follow the practices mentioned in this guide and be financially responsible. 

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