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Having a medical emergency in your family and urgently need money for the same?
Or are you short of money to make payment for the education of your child?
In all these situations, your bank can come to your rescue through the option of personal loan. It is a fast and simple way of accessing funds.
Personal loans can prove to be a blessing when you are in urgent need of cash during an emergency or even when you wish to reduce your overall burden of debt by settling the higher-cost loans.
First, let us understand what exactly is a personal loan?
Unlike a car or home loan, a personal loan is a simple and clean loan for which your bank does not ask for any collateral. Since it is an unsecured loan, the bank’s risk is considered to be higher because, in case of personal loan, they only have the legal process for resorting to if there is a default. This is the reason these loans have higher rates as compared to the loans with collaterals.
We already know that a financial emergency may not be very favorable for your savings. You can, however, find a solution to this problem fast and without any hassle through an instant personal loan in Dubai.
Here are some situations wherein this loan could be very helpful.
Uncertainties can be considered as a synonym of life. Mishaps or accidents can happen at any time and anywhere. Moreover, the rising medical costs related to the treatment of end-stage diseases also need immediate cash availability.
Considering all these things, it is recommended that you must have appropriate health insurance in place.
However, sometimes even after having insurance, you may have an urgent requirement for some extra money. In this case, a personal loan can protect you from financial stress and make the required funds available to you for your medical treatment.
The option of personal loan is amongst the best options for settling up the debt on your credit card. It takes only a short duration for the debt on your credit card to rise significantly, considering the high rates of interest on it.
This not just harms your savings but also makes you financially unstable in the long run. Hence, making use of funds from a personal loan for repaying the outstanding debts on your credit card is an ideal choice.
Since these personal loans come with lower rates of interest as compared to credit cards, making use of these loans for settling outstanding debts can help you save money.
An urgent personal affair or a business deal may require you to travel hurriedly. A personal loan helps in such situations. Getting a personal loan from leading financial institutions in the UAE market is a hassle-free and quick process.
All you need to do is fill up an online application for a personal loan and upload the soft copies of the required documents.
After the lender has approved your loan, the loan amount usually gets disbursed within 24 hours. However, this time may vary from lender to lender.
All of us want our weddings to be special. It is something we cherish all our lives. A personal loan in Dubai is capable of helping you in realizing your perfect dream wedding.
Because of the high expenses involved with weddings, it may get difficult to arrange the cash required in a short span of time.
Hence, getting a personal loan for your wedding can prove to be very helpful.
One needs a huge amount of funds to establish a startup. Instead of spending all of your savings, getting a personal loan is a more feasible option.
You can get a personal loan in the market of the UAE at competitive rates of interest and flexible options for repayment.
Moreover, you also get the option of customizing your personal loan as per your requirement and preferences.
To Sum Up!
In the case of financial emergencies, the option of personal loan turns out to be the preferred choice for a lot of people. This is because of the easy application, attractive rates of interest, minimum documentation, flexible tenure, and fast disbursal.
It can be used to deal with various situations such as weddings, medical emergency, vacation, educational fees and more.
Since a personal loan is an unsecured loan, your lender would not ask for collateral. Since there is no collateral, the lender levies high fee and charges on the personal loan.