If you are a student, housewife, small businessman or a business owner and you need money in any emergency, then Payit app can be a good option for you. Payit app is a popular digital wallet in UAE which now also offers the facility to get loans. This app gives you the opportunity to get a loan in a straightforward and fast manner without lengthy bank processes.
Whether you are looking for a loan to meet your study expenses, for household needs, or to grow your small business, the Payit app can be the perfect option for you. The app offers you various loan options and convenient terms to meet your financial needs.
In this article, we will tell you how you can easily get a loan through Payit app and know about its various benefits.
Taking a loan is now even easier using the Payit app. Its user-friendly interface and quick process provides solutions to all your financial problems. Let us know in detail about taking a loan from this application.
Highlighted overview of Payit app
Payit app is a leading digital wallet in UAE that now also offers a loan facility. This app allows users to get loans without traditional banking processes.
Through the Payit app, you can get loan options ranging from 1,000 AED to 100,000 AED for personal and business expenses. The loan tenure ranges between 6 to 36 months, allowing you to choose a convenient repayment plan as per your financial situation. Payit’s interest rates range from 10% to 20% per annum, depending on your credit profile and loan amount.
Additionally, the loan approval and disbursement process through the Payit app is quick and simple, helping you get financial assistance as quickly as possible.
The highlighted detailed overview of Payit app is given in the table below which is as follows:
| Feature | Description |
|---|---|
| Application Name | Payit |
| Availability | Available on Google Play Store and App Store |
| Main Services | Money Transfer, Bill Payment, Mobile Recharge, Bill Split, Payment to Domestic Help, Payment Request, Cash Withdrawal |
| Partnership | Over 10,000 payment acceptance points in UAE |
| Loan Facilities | Facility to avail loan through digital wallet |
| Service Level | 1. AED 3,500 monthly limit (minimum verification) 2. AED 25,000 monthly limit (full verification) |
| Special Offers and Discounts | – 10% off at Il Forno – Travel offers at Musafir.com – Discounts at Swarovski.com and Sephora |
| Integration with the financial sector | Partnership with First Abu Dhabi Bank (FAB), services like Ratibi Card |
| Target User | SMEs, Freelancers, Online Businesses, Nonprofits, Individual Users |
| Financial Inclusion | No minimum balance required, services for the unbanked |
| Easy to use | User-friendly interface and simple design |
Main benefits of taking loan from Payit app
Taking a loan from Payit app is very easy and convenient. This app transfers the loan amount directly to your digital wallet, eliminating the need for any additional processing. You can choose the loan amount as per your requirement through the app and get approval quickly. The special thing is that you can borrow up to 50% of your salary instantly, which helps in meeting sudden financial needs. Payit also lets you pay bills and transfer money, and it is completely secure as it is operated by First Abu Dhabi Bank (FAB).
Some of the main benefits of taking loan from Payit app are as follows:
1. Send Money Instantly: You can transfer money instantly from the app.
2. International Transfers: Send money to 200+ countries and enjoy competitive exchange rates.
3. Mobile Recharge : Recharge your loved ones’ mobile numbers instantly.
4. Share Bills : Easily share bills with friends and family.
5. Secure ATM Access: Withdraw cash from nearby FAB ATMs.
6. UAE Bank Transfer : Transfer money to any UAE bank account.
7. Send eGift : Send personalized eGifts on any occasion.
8. Letsgo Card : Use Payit wallet to make purchases.
9. Bills Payment : Pay postpaid and prepaid bills right within the app.
10. Ratibi Card Loan : Borrow up to 50% of your salary instantly.
11. QR Code Scan: Scan QR Code to receive payment.
12. Secure Transactions : All your transactions are secure and instant.
13. Available for most users : Receive money from any Payit user in UAE.
14. In-App Marketplace : Shop and pay inside the app.
15. Discounted Exchange Rates : Get great exchange rates on international transfers.
16. Convenient Payments : Make instant payments to domestic helpers.
17. Track Money : Track and manage all your transactions.
18. Fast Loan Approval : Get fast approval for loans.
19. Simple Interface : The user-friendly interface of the app is easy to use.
20. Customer Support : Get 24/7 support for any issues.
Eligibility Criteria for Payit App
To avail a loan from Payit app, the applicant must be between 21 to 65 years of age and must have a valid residence certificate or visa in UAE. The applicant must have a stable income source, such as a salary or business, and a good credit score may be required. Additionally, the applicant must have an active and verified account on the Payit app and provide proof of financial ability to repay the loan. It is also important to be free from legal disputes or outstanding loans.
To take a loan from this app, one has to follow the following eligibility criteria which are as follows:
1. Age: The age of the applicant should be between 21 to 65 years.
2. Residency in UAE : Applicants must have a valid residence certificate or visa in the UAE.
3. Income Source : Applicants must have a stable income source, such as salary, business or other regular income.
4. Credit Score : A good credit score may be required, depending on the loan terms.
5. Verification Documents : Identity proof (passport and residence visa), income proof (salary slip or bank statement), and residence proof (traveler visa) may be required.
6. Payit Account : The applicant must have an active and verified account on the Payit app.
7. Financial Stability : The applicant will have to provide proof of financial ability to repay the loan.
8. Legal Status : The applicant should be free from any legal disputes or outstanding loans.
9. Permanent Employment : Preference is given to persons with regular and permanent employment.
Documents required to take loan from Payit app
To avail a loan from Payit app, you need to provide some key documents. These include a valid Emirates ID, a selfie, passport and residence visa, proof of income (such as a salary slip or bank statement), and proof of residence (such as a rental agreement or utility bill). Through these documents, your identity and financial status are confirmed, thereby completing the loan process smoothly.
| Document | Description |
|---|---|
| Emirates ID | Valid Emirates ID |
| Selfie | Recent Selfie |
| Identity Card | Passport and Residence Visa |
| Income Proof | Salary slip or bank statement |
| Residence Proof | Rental agreement or utility bill |
| Payit Account | Active and Verified Payit Account |
These documents will help in processing your loan application properly and increase the chances of loan approval.
Step-by-step process to take loan from Payit app
To take loan from Payit app, first download and install the app. Then login with your account and click on “Need Money” option. Accept the Terms of Conditions and check your eligibility. After eligibility confirmation, select the loan amount and click on “Request Money on Demand”. Then enter your PIN and submit the loan application. After approval, the loan amount will be credited to your Payit wallet.
1. Download and Install Payit App:
- Go to Google Play Store or Apple App Store.
- Search “Payit” and download and install the app.
2. Login or Sign Up:
– Open the app and login with your existing account or sign up to create a new account.
3. Open the app:
– After opening the app, four options will appear on the screen: Cashout, Request, Pay, and Need Money.
– Click on “Need Money” to take loan.
4. Read the Terms of Conditions page:
Read the Terms and Conditions page carefully.
– Click on “Yes, I agree” option.
5. Check Eligibility:
– After accepting the Terms and Conditions, your loan application will be processed.
– You have to wait for 5 minutes. You will get information about being eligible for your loan on this page.
– Click on “Okay” button.
6. Refresh the page:
– After refreshing the page, you will get information about the loan amount for which you are eligible.
7. Select Loan Amount:
– Choose the loan amount as per your requirement.
– Click on the selected amount. You will be redirected to a new page where you can see details of the loan amount, charges, and taxes.
– Click on “Check Eligibility”.
8. Request Loan Amount:
– Click on “Request Money on Demand” to get the loan amount.
– Enter the PIN of your Payit account.
9. Submit Loan Application:
– After entering the PIN, your application will be submitted.
– Payit will review your information and notify you about loan approval.
10. Get the loan amount:
– Once the loan is approved, the amount will be credited to your Payit wallet.
11. Repay Loan:
– Adhere to the loan repayment dates and terms.
– Pay installments from your Payit wallet or through the app.
Note: Under Payit’s “Money-on-Demand” facility, you can borrow up to 50% of your salary using your Ratibi Card.
Interest Rate on loan from Payit app
The interest rates when availing a loan from Payit app are competitive and usually range between 10% to 20% per annum. Interest rates depend on your credit profile, loan amount and other financial factors. Thus, your personal financial situation and the terms of the loan can affect what interest rate you will receive.
| Loan Features | Description |
|---|---|
| Interest Rate | 10% to 20% per annum |
Loan period from Payit app
When taking a loan from the Payit app, you can get a loan for a tenure ranging from 6 months to 36 months. The loan tenure depends on your financial situation and loan amount, giving you the flexibility to choose the appropriate option as per your repayment capabilities.
| Loan Features | Description |
|---|---|
| Interest Rate | 10% to 20% per annum |
| Loan Period | From 6 months to 36 months |
Loan amount from Payit app
When taking a loan from the Payit app, you can get an amount ranging from 1,000 AED to 100,000 AED. This loan amount is determined based on your financial situation, income and loan terms. The Payit app offers you various loan options that can be adjusted according to your specific financial needs.
| Loan Features | Description |
|---|---|
| Loan Amount | From 1,000 AED to 100,000 AED |
Comparing Loan Apps in the UAE, Features, Loan Amounts, and Interest Rates
There are many loan applications available in UAE which provide you instant personal loan facility. Here I have compared Payit Loan with some major applications, Payit Loan App has the highest loan amount (up to AED 100,000) and competitive interest rate (10 % – 20%), while CashNow App offers higher interest rates (25%) with smaller loan amounts (AED 500 to AED 10,000). Credy Loan and Cash U lag behind Payit in terms of loan amount, but they also come with flexible tenures and competitive interest rates (15% – 30% and 12% – 25% respectively). Mashreq UAE and ADCB Hayyak offer the highest loan amounts (up to AED 500,000) and lower interest rates (6% – 18% and 6% – 10%), making them attractive for long-term loans. On the other hand, apps like Tabby offer short-term loans without interest, which are especially suitable for purchases.
Here is a comparison of loan applications within UAE with their features, time period and interest rate in the table below:
| App Name | Loan Amount | Time Period | Interest Rate (% per annum) | Key Features |
|---|---|---|---|---|
| Payit Loan | From AED 1,000 to AED 100,000 | 6 to 36 months | 10% – 20% | Quick Approval, Customizable Options |
| CashNow App | From AED 500 to AED 10,000 | 91 to 180 days | 25% | Easy Application, Instant Cash Withdrawal |
| LNDDO App | USD 5,000 to USD 100,000 | 6 to 24 months | Competitive | Easy application, no assets |
| Creddy Loan | From AED 1,000 to AED 100,000 | 6 to 36 months | 15% – 30% | User-Friendly, Quick Delivery |
| Cash U | From AED 1,000 to AED 50,000 | 6 to 24 months | 12% – 25% | Simple usage, flexible repayment |
| Mashreq UAE | From AED 5,000 to AED 500,000 | 6 to 60 months | 6% – 18% | Instant Approval, Loyalty Program |
| Emirates NBD | From AED 5,000 to AED 200,000 | 12 to 60 months | Up to 14.99% | Quick Approval, Large Loan Amount |
| Citibank UAE | From AED 5,000 to AED 200,000 | 6 to 60 months | 5% – 15% | Competitive rates, no processing fees |
| RakBank | From AED 5,000 to AED 200,000 | 6 to 48 months | 6% – 12% | Simple financial management, competitive rates |
| Liv Bank | From AED 1,000 to AED 20,000 | 12 to 48 months | 8.99% | Quick Approval, Competitive Rates |
| Tabby | Based on purchase amount | 4 months (120 days) | Interest-free | No Interest, Instant Approval |
| ADCB Hayyak | From AED 5,000 to AED 500,000 | 12 to 60 months | 6% – 10% | Quick Approval, Flexible Repayment |
| E& Money | From AED 1,000 to AED 50,000 | 6 to 36 months | 10% – 20% | Quick Approval, Simple Process |
| Payby Mobile Payment | From AED 500 to AED 20,000 | 3 to 24 months | 10% – 25% | Mobile Wallet Integration, Instant Transfers |
| Simplylife | From AED 1,000 to AED 500,000 | 1 to 4 years | 12% – 25% | Priority call-back, flexible repayment |
| FinBin | From AED 1,000 to AED 100,000 | 6 to 36 months | 10% – 25% | Quick Decisions, Advanced Algorithms |
| Cash App | Individual: AED 1,000 to AED 50,000; Business: AED 5,000 to AED 100,000 | 6 to 36 months | 12% – 28% | Various Loan Types, Quick Approval |
| IOU Financial | Individual: AED 5,000 to AED 100,000; Business: AED 10,000 to AED 500,000 | Short-term: 6 to 12 months; Long-term: 12 to 60 months | 12% – 25% | Quick Assessment, Quick Transfer |
Similar Post
How to get loan from Payit App
To get a loan from Payit app, first download and install the app on your smartphone. Next, login or create a new account. On opening the app, click on the ‘Need Money’ option and accept the terms and conditions. The app will check your loan eligibility and show your eligibility details on one page. After viewing the loan amount and charges, click on ‘Check Eligibility’. Then click on ‘Request Money on Demand’ and enter your PIN. Once the loan is approved, the amount will be credited to your Payit wallet. Adhere to the loan repayment due dates and pay the installments through the app.
Is it safe to take loan from Payit App?
Yes, it is safe to take loan from Payit. Payit app is powered by First Abu Dhabi Bank (FAB), a leading and trusted bank. All transactions on the app are conducted using secure encryption technology, keeping your personal and financial information safe. The loan process is also transparent, and all terms and charges are clearly stated. Additionally, Payit regularly reviews and updates security standards, ensuring the safety of users.
How would it be to take a loan from Payit app?
Taking a loan from Payit can be a good option if you want to avail the loan in a seamless and digital manner. The app is powered by First Abu Dhabi Bank (FAB), a trusted bank, and the process is transparent and convenient. Payit’s “Money-on-Demand” facility lets you get a loan quickly and without any complications.
Additionally, the loan terms and charges are clearly explained through the app, which helps you in making financial decisions. However, it is important that you understand all the loan terms and interest rates and take the loan as per your financial situation. Overall, Payit’s loan management is simple and convenient, especially if you are inclined towards digital solutions.
What can happen if I do not repay the loan by taking loan from Payit app?
If you do not pay the installments after taking a loan from Payit app, it can have serious consequences. First, your loan may incur additional penalties and interest, increasing your total liability. Additionally, knowledge of your payment failure can have a negative impact on the credit score, making it difficult to obtain other loans in the future.
In case of non-payment regularly, Payit may block your account or even take legal action against you. Therefore, it is important to assess your paying capacity while taking a loan and pay the installments on time.
FAQs: Payit Loan Apps Related Questions
1. How to get loan from Payit?
Open the Payit app, click on “Need Money”, and select the loan amount and tenure. Then, click on “Request Money on Demand” and enter your PIN.
2. What are the eligibility conditions for Payit Loan?
To avail the loan, you need to create an account on the Payit app and eligibility will be checked based on your financial status.
3.What is the maximum and minimum amount of loan?
Loan amount on Payit can range from AED 1,000 to AED 100,000, depending on your eligibility and needs.
4. How much time does it take for loan approval?
Loan approval and amount are usually credited to your Payit wallet instantly or within a few hours.
5. What are the loan interest rates?
Payit’s interest rates typically range between 10% to 25% per annum, depending on the loan amount and tenure.
6. What happens if I do not pay the installments on time?
Failure to pay on time may result in additional penalties, and have a negative impact on your credit score.
7. How to repay the loan?
Loan installments can be paid through Payit wallet, and you can make the payment directly from your account.
8. Are there any additional charges for the loan?
Yes, there may be additional costs on availing the loan like processing fees and taxes. These charges may vary depending on the loan amount and tenure.
9. Are any documents required for loan approval?
Usually, you do not need to provide documents related to your identity and financial situation, but in some cases additional information may be asked.
10. What to do if I do not receive the loan amount?
If you do not receive the loan amount, contact Payit Customer Support so they can resolve your issue and track the amount.
Conclusion
Taking a loan from Payit app is a simple and digital process, which provides you quick financial assistance. In this article, you will have understood how to take a loan from Payit, its benefits, and possible challenges. Our website, inewkhusi.com, provides you with detailed information on bank account, credit card, personal loan, and EMI information along with how to calculate them.
We are here to solve your problems and respond to any of your issues or queries within 2 hours. Please share your experiences and questions on this article in the comments section. Your comments inspire us to improve our services. Try the Payit app to make your financial journey easier and contact us for any queries!
