Looking for a quick, Shariah-compliant personal loan in Saudi Arabia — without endless paperwork? You are not alone.
Here's the deal: Quara Finance Naqdi is one of the fastest, fully digital personal financing options in the Kingdom, regulated by the Saudi Central Bank (SAMA). You can borrow up to SAR 50,000, get instant approval, and receive funds in your bank account within 24 hours.
In this guide, you'll discover:
- Exact eligibility criteria for Saudis and expats
- Complete document checklist (100% paperless)
- Real fees, APR and management charges in SAR
- Step-by-step online application process
- Common rejection reasons and how to avoid them
- Official penalties for late payment under SAMA rules
Let's dive in.
Quara Finance at a Glance — Quick Facts
Before going deeper, here is everything important about Quara Finance in one place. Use this as your quick reference table.
| Feature | Details |
|---|---|
| Product Name | Naqdi Personal Financing |
| Regulator | Saudi Central Bank (SAMA) |
| SAMA License Number | 45/Ash/201605 (dated 02/08/1437 AH) |
| Commercial Registration | 1010262141 |
| Maximum Loan Amount | Up to SAR 50,000 |
| Maximum Tenure | Up to 5 Years (60 months) |
| Compliance | Shariah-Compliant (Murabaha method) |
| Approval Time | Instant decision online |
| Disbursement | Within 24 hours (working days) |
| Application Mode | 100% Online via App / Website |
| Early Settlement Fee | 1% of outstanding amount |
| Head Office | Riyadh, Al Wizarat District, King Abdul Aziz Road |
| Toll-Free Number | 8001188999 |
| [email protected] |
Eligibility Criteria — Can You Get a Quara Finance Loan?
The good news? Quara Finance accepts both Saudi nationals and resident expats. The bad news? You still need to pass SAMA-mandated affordability rules.
Here is what the official Quara Finance eligibility calculator confirms:
| Criteria | Saudi National | Resident Expat |
|---|---|---|
| Nationality | Saudi citizen | Valid Iqama holder |
| Age | 21 – 60 years | 21 – 60 years |
| Employment | Public or private sector | Private sector (T&C apply) |
| Salary Transfer | To a Saudi bank account | To a Saudi bank account |
| Iqama Validity | N/A | Must be valid for full loan tenure (subject to renewal) |
| SIMAH Credit Record | Active, healthy score | Active, healthy score |
| Debt Burden Ratio (DBR) | Within SAMA limits | Within SAMA limits |
Saudi Salaried Employees
If you are working in the public or private sector with salary credited to a Saudi bank, you are a strong candidate. Public sector employees usually get faster approvals because of stable income.
Expat Salaried Employees
Quara confirms on its FAQ page that "financing is available for private sector employees. Terms and conditions apply." This includes expats with valid Iqama and salary transfer.
For more on managing your KSA banking before applying, see our Saudi Bank Account guide.
Documents Required for Quara Finance Naqdi Loan
Quara Finance keeps things 100% paperless. Most verification happens automatically through Nafath and open banking.
Still, you must have these ready before starting your application:
| Document | Required For | Verification Method |
|---|---|---|
| National ID (Saudis) | Identity proof | Nafath (Absher) digital verification |
| Iqama (Resident ID) | Identity proof (expats) | Nafath (Absher) digital verification |
| Active Saudi Mobile Number | OTP / KYC | SMS OTP linked to Absher |
| Saudi Bank Account (IBAN) | Salary verification & disbursal | Open banking auto-link |
| Salary Certificate / Employment Letter | Income proof | Upload OR open-banking detection |
| Last 3 Months Bank Statement | Salary credit pattern | Automated via open banking |
| Email Address | Contract & e-statements | Email OTP verification |
Fees, Charges and APR — The Real Cost of a Quara Loan
Let me explain how Quara prices its Naqdi loan. The numbers below are taken directly from the official Quara Finance eligibility calculator page.
| Finance Amount (SAR) | Management Fees (Incl. VAT) | Tenure (Years) | APR* | Monthly Installment (SAR) |
|---|---|---|---|---|
| 50,000 | 575 | 5 | 38.26% | 1,668.71 |
| 40,000 | 460 | 4 | 39.84% | 1,500.64 |
| 30,000 | 345 | 3 | 41.83% | 1,333.75 |
*APR is illustrative and may change based on the financed amount, tenure and your individual credit score.
Other Charges You Should Know
| Charge Type | Amount / Rule |
|---|---|
| Management Fees | Collected in advance (per slab above) |
| VAT | Included in management fees as per ZATCA rules |
| Early Settlement Fee | 1% of outstanding finance amount |
| Late Payment Penalty | Up to double the agreed profit on defaulted installment (per Article 35, Finance Companies Control Law) |
| Profit Calculation Method | Shariah-compliant Murabaha |
How to Apply Online — Step-by-Step Process
Here's the deal: applying for Quara Finance is one of the simplest loan processes in Saudi Arabia. The whole thing takes about 10 minutes.
| Step | Action | What You Need | Time |
|---|---|---|---|
| 1 | Download Quara Finance app (Google Play or App Store) or visit quarafinance.com | Smartphone + Internet | 2 min |
| 2 | Register with mobile number, verify OTP, and log in via Nafath / Absher | Active Saudi mobile + Absher account | 3 min |
| 3 | Complete profile: personal info, employer, salary, IBAN | Iqama / ID + IBAN | 2 min |
| 4 | Authorize SIMAH credit check & open-banking income verification | Consent + bank login | 1 min |
| 5 | Use the financing calculator: select loan amount and tenure | Financing decision | 1 min |
| 6 | Receive instant decision, review the contract terms (APR, fees, EMI) | Few minutes review | 2 min |
| 7 | Sign the financing contract digitally | OTP confirmation | 1 min |
| 8 | Funds disbursed to your bank account | Just wait! | Within 24 hours on working days |
App vs Website Application
| Method | Best For | Pros |
|---|---|---|
| Mobile App (Android / iOS) | Smartphone users — most expats | Push notifications, biometric login, easier OTP |
| Website (quarafinance.com) | Laptop / desktop users | Bigger screen, easier document upload |
| Partner Branch Walk-in | Customers who prefer offline | Personal assistance from Quara partners |
Reasons Why Quara Finance Loan Gets Rejected
But wait — there's more. Not every application gets approved. Quara's underwriting follows strict SAMA consumer-credit rules.
The most common rejection reasons include:
Credit-Related Rejections
- Low SIMAH credit score — even one missed credit-card payment can hurt
- High Debt Burden Ratio (DBR) — total monthly EMIs exceeding the SAMA cap
- Active loan defaults with any KSA bank or finance company
- Recent loan rejections from other lenders (visible in SIMAH)
Income & Employment Rejections
- Salary not credited regularly to a Saudi bank account
- Employer not in Quara's approved list
- Short tenure with current employer (probation period)
- Income too low for the requested amount
Document / Identity Rejections
- Iqama expiring soon — most lenders require validity ≥ 12 months
- Mismatch between Nafath data and submitted application
- Incomplete or unverifiable bank statements
Penalties and Late Payment Fines
The result? If you miss installments, the cost can add up quickly. Penalties on Quara Finance loans follow the Saudi Finance Companies Control Law and SAMA consumer-protection rules.
| Scenario | Penalty | Legal Basis |
|---|---|---|
| Late installment payment | Fine up to double the agreed profit on the defaulted installment | Article 35, Finance Companies Control Law |
| Repeated default | Fine is repeated with each default | Article 35 |
| Violation of finance regulations | Fine up to SAR 500,000 and / or imprisonment up to 2 years | Article 35 (general) |
| SIMAH negative reporting | Damaged credit score, future loan rejections | SIMAH Credit Bureau rules |
| Persistent non-payment | Legal recovery action via Saudi courts | SAMA rules |
| Early settlement | 1% of outstanding amount | Quara FAQ (SAMA-aligned) |
Your Rights as a Quara Finance Customer
SAMA's consumer-protection rules apply to every Quara Finance contract. You are entitled to the following rights — guaranteed by law.
- Confidentiality: Your data and transactions are protected (Article 15)
- Transparency: Quara must disclose all fees, APR and total cost upfront
- Early repayment: Right to settle the loan early with capped fees (Article 33)
- Appeal: Right to appeal SAMA decisions in court within 60 days (Article 30)
- Complaint resolution: Via Quara's customer-care channel and SAMA escalation
How to File a Complaint
- Call Quara Finance at 8001188999 (toll-free), Sunday–Thursday, 8 AM – 5 PM
- Email [email protected]
- If unresolved, escalate to SAMA via the official SAMA consumer-protection channel
Frequently Asked Questions
Who is eligible for a Quara Finance Naqdi personal loan in Saudi Arabia?
What is the maximum loan amount and tenure offered by Quara Finance?
What documents are required to apply for a Quara Finance loan?
What is the early settlement fee at Quara Finance?
What happens if I miss a Quara Finance loan payment?
Why might my Quara Finance loan application be rejected?
Is Quara Finance Naqdi loan Shariah-compliant?
Final Verdict — Should You Take a Quara Finance Loan?
Here are the three biggest takeaways from this guide:
- Speed & convenience are real: Quara Finance offers a truly digital, 24-hour disbursal experience — rare in Saudi personal financing.
- The cost is significant: APRs starting around 38%+ are high. Always compare with banks and other SAMA-licensed lenders before signing.
- Discipline matters: Defaults trigger SAMA-mandated fines plus permanent SIMAH damage. Borrow only what your monthly budget can comfortably handle.
Ready to apply? Visit the official Quara Finance app on Google Play or App Store, or use the calculator on quarafinance.com to check your eligibility in 60 seconds.
Question for you: Have you applied for a Quara Finance loan before — what was your APR and how long did the disbursement take? Drop your experience in the comments below to help other readers.
If you found this guide useful, also read our related guide on UAE Personal Loan options to compare GCC personal-financing products.
Sources
All information verified from official sources on 14 May 2026.
Quara Finance — Naqdi Personal Financing — https://quarafinance.com/en/naqdi/
Quara Finance — Official Home Page — https://www.quarafinance.com/en/
Quara Finance — Frequently Asked Questions — https://quarafinance.com/en/faqs/
Quara Finance — Consumer Protection (Finance Companies Control Law) — https://quarafinance.com/en/consumer-protection/
Quara Finance — Terms & Conditions — https://quarafinance.com/en/terms-conditions/
Quara Finance — Contact & General Inquiries — https://quarafinance.com/en/contact-general-inquiries/
Quara Holding — Digital Personal Loan Product Launch (Open Banking) — https://www.quaraholding.com/quara-finance-launches-new-digital-personal-loan-product-with-open-banking-integration-driving-saudi-fintech-innovation/
Saudi Central Bank (SAMA) Rulebook — Rules Governing Calculation of APR — https://rulebook.sama.gov.sa/en/rules-governing-calculation-annual-percentage-rate-apr-0
Saudi Central Bank (SAMA) Rulebook — Customer Care Department Establishment in Finance Companies — https://rulebook.sama.gov.sa/en/customer-care-department-establishment-finance-companies
