Money lending through various finance companies is getting famous day by day because of tough competition in financial markets worldwide. In ancient times, people were more interested in taking loans via the banking sector. But now the time is changed and many privately owned financial companies are prevailing and giving tough time to the banks. When it’s about UAE, there is also the same factor exists regarding lending money. But there are some special rules and regulations here to take loans from companies other than banks.
Lending money in UAE is not a big problem but there are certain issues attached to it. There can be lots of private companies operating their functions via several kinds of sources. They try various techniques to attract a huge number of audiences. Especially they use social media platforms to introduce their private corporations with attractive loan deals. The major purpose is to make their clients and give them loan facilities in their crisis time according to their own rules. Furthermore, these are classified into two major categories, in which the first one is legal and the second is illegal private company. This article is all about these companies, that running their businesses privately in UAE.
Role of Private Financial Companies in the Lives of People
Your priority should be the legal way of obtaining a loan in UAE so that you will not face any mishap related to the loan. Legal firms means those companies that are registered legally and provide authentic services according to the governmental rules about lending money in UAE. Banks of UAE also fall in this category and is a well-known authentic way of getting loan. But if some kind of issue arises from the legal company or bank side. Or if the company is declared the candidate not eligible for lending money due to various factors.
At this time, most people think about taking loans via illegal ways or from a non-registered private finance company in UAE. Most of the expats living here in UAE have no idea about these companies. And what are the rules of this region for taking loan from such private companies? First of all, everybody should have awareness of the rules that are specified by the government of UAE for money lending. Because if you take money from an illegal way or firm, it will consider a terrible and severe kind of crime against both parties.
Because private illegal companies apply their own rules and take advantage of innocent people by putting too much burden of interest on loan. Another reason is, that they behave weirdly with their customers if they fail to pay installments within the time limit. So, it is a good idea to avoid such companies because they are not following the exact rules and doing criminal activities.
Features of Authentic Private Finance Companies in the UAE
When it’s about the authenticity of the loan-providing company, you should observe them through various sources. Particularly, nowadays the online source is famous where you can obtain your required info about these companies. Keep in mind their specific features and search on the internet via various loan websites of the private sector. Those specific features are as mentioned below:
- An original company will always ask about your details, in which your details about you and your profession are included.
- These real companies will make proper contract papers about money lending in UAE and will take your sign on those papers.
- They ask about your own experience of any kind of job or business, via this, they can get an idea about your installment delivery capacity.
- These companies will treat you the same as banks because they also work like the banking sector of UAE.
- They may ask about your salary range and will ask about your age. Because before allowing you the loan they will confirm your maturity level.
- They will get your an ID card with the photocopies of a valid Passport and visa, Especially from the expats that are applying.
- A private finance company in UAE will give you some time for the delivery of money. It will usually take 2 to 4 days for approval.