Loans no credit check in Dubai-UAE

Many a times I have come across locals and expatriates looking for personal loans and or credit cards without credit check and it seems many employees are in desperate need of personal loans without Etihad or credit bureau check. As a result, we partnered with a list of UAE Banks which offer credit cards and personal loans without checking your financial credit history but simply look and take into account, transactions appearing on the bank statement.

Credit bureau has a sole mandate of informing banks in UAE/Dubai, Abu Dhabi and all other emirates in the United Arab Emirates, the amount of debt a single individual has through either Get a credit cards, personal loans, auto loans, home loans, student loans, together with any debt attached to that particular client. Credit checks are mainly done to safeguard the bank’s assets and to also leave room for the client to breathe, as far as financial issues are concerned. Credit checks also help the intended applicant to live within their debt and not to over borrow from banks in Dubai. The major challenge with over borrowing is financial suffocation and this has to be managed at all costs.

With this regard, if a financial institution is checking credit bureau, this simply means that employees with existing high debt are not able to take up more debt, until they settle, or close off their existing debt with banks in Dubai. Many clients who are already in possession of financial bailout from banks and other financial continue to seek more credit facilities especially when their existing obligations to either pay or settle on a monthly basis accrue. As a result, they keep looking for funds, since failing to procure these funds at this crucial moment, will result in financial trouble.

Failure to meet financial obligations only entails returned checks, returned DSR’s appearing on the bank statement, and returned DDA appearing on the statement together with the returned cheque charges. When these returns come through, this is a very bad mark and result on the client in question’s bank statement, and this will hinder the ability to procure gulf finance from banks in future.

Some banks and financial institutions such as Finance House, saw the immediate needs of funds from employees and business partners with already existing debt, and decided to launch products which may at least satisfy the immediate needs of expats and locals with existing debt, and launched products whereby they do not check credit bureau and Etihad, but only enquire from the central bank to be aware of the “blacklisting” status of the intended applicants.

As a result, clients who are informed of their high Debt burden Ratio in ADCB Bank for instance, are free to walk in to Finance house pjsc and procure a personal loan, auto loan or credit card without Etihad check or credit bureau check as long as the debts in question do not appear on the salaried bank account. It should however be noted that, inasmuch as these financial institutions are not checking credit bureau, they do the DBR calculation just as all the other banks, but they calculate based on what is appearing on the bank statement only.

This has given relief to most employees in Dubai, Abu Dhabi and the UAE at large, since they are now able to close off their due credit cards, due payments and pressing financial requirements, and now focus on one personal loan. It is a great way of debt consolidation with simple processes.

For all your applications with regards to personal loans or credit cards in Dubai, Abu Dhabi or all other Emirates in the United Arab Emirates without salary transfer, we are happy to assist you and to introduce you to full dedicated bankers to help you solve your financial matrix. Simply fill in the application form, and specify your need for personal finance without credit check in the details section.

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