If you are thinking of borrowing money in UAE you must have noticed a wide range of banking resources available to you. You may need the funds in emergency for a festive or somber occasion; you might have to pay university fee or need money for an interesting entrepreneurial venture. Many loan options such as personal loan, salary transfer loan, etc. must have crossed across your eyes but as a layman in financial affairs you must surely be confused as to how to proceed. But do not worry, moneyingulf.com will help you and guide you towards the best possible financial solution to your woes. Credit card loans are a banking option that prospective lenders can look towards.
How does it work?
Unlike personal loans, these loans do not require extensive time or paperwork for approval. If you find the process for applying for a personal loan daunting; opt for the loan on card option instead. The documentation process is minimal because the bank already has the applicant’s details and history.
Banks look at the credit history of the customer before approving the loan and it is ideal for those people who need quick access to funds. The installments are deducted through billing.
Benefits and disadvantages:
The benefits of credit card loans are:
- No complicated documentation involved
- Quick approvals
- No salary transfer required
- Prompt access to funds
Disadvantage:
The biggest disadvantage is the high interest rate compared to other banking options. That is why it is important to make sure that the applicant does not bite off more than they can chew by applying for this loan.
Eligibility criteria:
To qualify as an eligible candidate for this loan, the client must exhibit a good credit history with the bank in question. Banks usually do not place their trust on applicants who have bad credit or other loans to be paid off. Other factors considered are monthly salary, age, etc. but different banks have different eligibility criteria.
Just log onto moneyingulf.com and engage the help of their financial experts on the matter. They will guide you if your financial history qualifies you as a good candidate for this type of loan.
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