Need Funds for Financial Emergencies? Try Personal Loan!

Need Funds for Financial Emergencies? Try Personal Loan!
  • Is there a medical emergency in your family and you are in urgent need of money?
  • Want to get out of that debt spiral created by a high-cost loan that you have been struggling to repay?
  • Are you unable to afford higher education for your child?
  • Or you want to organize a dream wedding for your kid and trying to get funds for the same?

These are very common situations in our regular life; however, they are a major source of stress. But there is an easy solution to such financial emergencies- personal loan in UAE.

It is a simple and quick way of arranging funds when needed. Personal loans can turn out to be a financial blessing when a person is in dire need of cash at the time of an emergency or simply when he or she wishes to reduce the overall debt burden by settling the credit card balance or higher-cost loans.

Before discussing anything else, let us first understand what is a personal loan exactly?

Unlike a home or car loan, a personal loan is a clean and easy loan where your bank will not ask you to provide any collateral. The risk for the banks is considered to be more in this case as it is an unsecured loan. Therefore, if there is a default, then your bank will get you legally. Due to this risk factor, the personal loan interest rate in UAE can be higher as opposed to secured loans, that is, the loans with collaterals.

Since financial emergencies can take a toll on your savings, the best alternative to this problem is opting for an instant personal loan quickly and without any hassle.

Listed below are some of the situations where this loan can be very helpful.

Consolidating Debts

A personal loan is amongst the best alternatives for settling up or clearing all your credit card debts. The debts on your card will take a very short span to significantly rise due to the high-interest rates charged on it.

Not only credit card debts, but you may also have pending instalments on your loans that would push you further into a debt trap. This will not only have a bad impact on your savings but also make you financially unstable in the long-term. Therefore, for the repayment of your outstanding debts, obtaining a personal loan can be an ideal option.

The personal loan interest rate in UAE is lower as opposed to high-cost loans and credit cards, using the former for clearing outstanding debts may help you in saving money.

Money Needed for Wedding

A wedding is a one-time occasion that everybody wants to be special for themselves and their families. It is an occasion that is cherished for our entire lives. If you want a big lavish dream wedding but are struggling with the funds to arrange one, a personal loan in UAE will help you in making this dream come true.

Since there are many high expenses involved in a wedding, it may become difficult to arrange funds in a short period of time. Due to quick approvals and disbursals, obtaining a personal loan for your wedding can turn out to be the most suitable option.

Money Needed for Medical Emergencies

If there is something that can be known as the inevitable part of life, then it is the uncertainties. Accidents and unfortunate events may take place anywhere and at any time. Furthermore, the ever-rising prices of medical costs for the treatment of critical or end-stage diseases also require instant availability of funds.

Keeping all of this in mind, it is suggested that you buy suitable health insurance beforehand. However, sometimes even though you have an insurance plan, you may face an urgent need for additional funds. In such cases, a personal loan in UAE will be able to help you avoid financial stress and provide you with the funds needed for the medical treatment quickly.

Money Needed for Travel

Some urgent business deal or a personal situation may demand your immediate travel. In such situations, a personal loan can be your best bet. Obtaining a suitable personal loan from any leading lenders in the UAE market is a quick and convenient process.

All that is needed is for you to fill and submit an online application form and upload the necessary documents on the concerned website. After the financial institution or lender approves the loan, the amount will generally get disbursed within 24 hours. Keep in mind that this disbursal time may differ from one lender to another.

Money Needed for your Business

Establishing a start-up involves a huge amount of money. Rather than spending all your savings for the business, applying for a personal loan can be a better and more feasible alternative. A personal loan can be obtained from the UAE market at competitive rates of interest as well as flexible repayment options.

Moreover, you can also enjoy the option of personalizing the loan according to your preferences and needs in the business.

Money Needed for Education

Your child may be dreaming of going to a certain university all his life and unfortunately, when the time arrives, you are unable to afford the fees for the same. Instead of stressing about breaking your child’s dream and his heart, you can apply for a personal loan to avail of funds for the fees.

To help you further, we have listed a few tips below that will help you in selecting a personal loan in Dubai.

  • Go through your credit report before applying for the loan
  • Plan the financial budget in advance
  • Calculate the Annual Percentage Rate or APR, that is, the personal loan interest rate in UAE
  • Beware of the risk factor included in secured loans
  • Stay aware of all the fee and charges involved in the loan such as early settlement charges, processing fees, and more
  • Apply for a loan amount that you require, nothing more than that

The Bottom Line!

Whenever there is a financial emergency in our life, the alternative of personal loan in UAE ends up being a preferred choice amongst a lot of individuals. The reason is that it includes attractive interest rates, simple application, quick disbursal of the loan amount, flexible repayment tenure, and minimum paperwork.

This loan can be utilized for dealing with many financial hurdles in life. Because a personal loan falls in the category of unsecured loans, the lender or financial institution concerned will not ask you to provide collateral. And, since no collateral is involved, the lender may charge high charges on the personal loan.