Oumar Malik
Oumar Malik
Chief Financial Officer
Oumar Malik is the Chief Financial Officer of iNewkhusi.com, a top financial platform offering banking, loans, credit cards, and insurance. With deep financial expertise, Oumar is key in developing strategies for growth and effective management of financial products and services. Based in Al Hamriya, Dubai, Oumar provides valuable insights and innovative solutions to help individuals and businesses manage their finances.
One may have to face financial problems at any time and in such times it is very important to get money suddenly. Instant loan apps in the United Arab Emirates (UAE) have offered a simple solution to this problem.
Getting a loan from traditional banks can be a long and complicated process, but these instant loan apps have made it very easy.
Recently, the UAE has seen a 20% increase in the number of people using such apps, reflecting people’s changing needs and demand for quick financial assistance.
According to research from SkyQuest Technology Group, valued at $3.36 billion in 2019, the instant loan applications market is expected to reach approximately $8.79 billion by 2031, with a strong compound annual growth rate (CAGR) of 10.1% between 2024 and 2031 .
The purpose of this post is to present a list of the most trusted and best instant loan apps in UAE for 2024, so that you can choose the right option as per your need.
What are instant loan apps, and how do they work?
Quick loan apps are mobile applications that are designed to provide quick financial assistance. These apps allow users to apply for loans directly through their smartphones, avoiding the complicated process of traditional banks.
Using these loan apps, taking a loan becomes very convenient. These apps allow users to apply for loans from anywhere and anytime, requiring less documentation than traditional loan processes.
Additionally, these apps offer a quick approval process, allowing the needed funds to be received immediately.
Users should take certain precautions while using these loan apps. One of the major concerns is the high interest rates, which can be higher than traditional banks.
Additionally, the repayment period of these loans is usually short, which can lead to heavy penalties for non-payment on time.
Therefore, it is essential to follow responsible financial behavior and be aware of potential drawbacks when using these apps.
Important Considerations Before Using Quick Loan Apps
There are some important aspects that need to be considered while using instant loan apps.
First, it’s important to understand the interest rates and fees, as higher interest rates and additional fees can increase your total repayment amount.
Additionally, it is important to check the repayment terms properly to avoid penalties for not paying on time.
Lastly, it is also important to pay attention to the eligibility criteria, as different apps have requirements like minimum salary or resident status. Requirements may vary.
By understanding these points you can take a safe and balanced financial decision.
- 1. Interest rates and fees: Understand the real cost of the loan.
- 2. Repayment Terms: Check the terms so as to avoid penalties.
- 3. Eligibility Criteria: Be aware of the eligibility criteria of the apps.
Top 12 Instant Loan Apps in UAE (2024)
The list of top 12 instant loan apps available in the United Arab Emirates (UAE) in 2024 is an invaluable resource for those looking for quick financial assistance.
These apps allow users to get loans in a quick and convenient manner, which can help them cope with unexpected expenses or emergencies.
The detailed information on the apps included in this list, along with their benefits, and potential risks, will help users choose the right loan app that best suits their needs and situation.
1. CashNow App
CashNow is an instant cash loan app that provides residents of UAE and other countries the facility to borrow cash instantly. The app offers a simple application process, flexible repayment terms, and competitive interest rates, allowing users to easily meet their financial needs.
CashNow deposits cash advance credit instantly into users’ bank accounts while protecting their privacy. The loan requires only a valid Emirates ID and mobile number.
Loan tenure can range from 91 to 180 days, and the annual percentage rate (APR) can be as high as 35.9%. Repayment terms are flexible, allowing users to choose the installments as per their financial plan.
CashNow provides a quick and secure way that helps users meet their financial needs instantly.
2. RAKBank Cash Loan
RAKBank Cash Loan is a personal loan facility available to UAE residents and expatriates. This loan is provided with high amount, attractive interest rates, and without the need for salary transfer.
It requires a minimum salary of AED 5,000 and Albay Etihad Credit Bureau (AECB) score of 541. The interest rate is 14.99% per annum, and the processing fee is 1% (minimum AED 525 and maximum AED 2,625).
The maximum maturity age of the loan is 60 years, and it is necessary to ensure timely repayment, otherwise it may affect the credit score and increase the chances of legal action.
RAKBank Cash Loan is a convenient and flexible option for various needs and financial plans, but customers are required to carefully understand its terms and fees and make timely payments.
3. ADCB Hayyak
ADCB Hayyak is a premium banking service that facilitates UAE residents to open instant accounts, apply for personal loans and credit cards. Features of this service include quick account opening, applying for a loan or credit card in 10 minutes, and premium benefits like touchpoints and special offers.
Personal loans on the ADCB Hayyak app offer interest rate discounts ranging from 0.50% to 1.00% and no processing fees, although prepayment, partial settlement and other administrative charges may apply.
It is essential to ensure timely payment, otherwise late fees and prepayment charges may apply. ADCB Hayyak offers a seamless and transparent banking experience, allowing users to access quick and convenient financial assistance.
4. E&money App
E&money app is the UAE’s first digital wallet, licensed by the Central Bank of UAE. This fintech app offers users international and local money transfers, bill payments, sending gifts, and other financial services.
With just Emirates ID and mobile number you can easily register in e&Money and avail all the features. Key features of this app include no registration fees, no minimum balance requirement, and no need for a bank account.
Personal loan interest rates on this app typically range from 2% – 3% per month, and the virtual card is free of charge.
The loan tenure usually ranges from 3 to 12 months and payments can be made directly from the wallet.
E&money provides users with quick and secure financial transactions and is a new initiative as a comprehensive financial super app in the UAE.
5. Emirates NBD
Emirates NBD’s salary transfer based personal loan facility is available to UAE residents with attractive features. Under this scheme, applicants can avail loans up to AED 4 million, which includes free insurance and processing fees.
The main features of this loan are quick approval, easy application process, and high loan amount, making it suitable to meet financial needs. The loan tenure can be up to 48 months, and application requires a minimum monthly salary of AED 5,000.
Loan features include facility to defer first payment up to 120 days, facility to repay loan within 7 days, and free credit life insurance. To be eligible, salary must be transferred to Emirates NBD, and there is no minimum period of service required.
Documents required include copy of valid passport, Emirates ID, latest salary certificate, and last 3 months bank statement. Under Interest Rates and Fees, the processing fee for new loans is 1.05%, and late fees and other charges may apply if payment is not made on time.
Emirates NBD’s personal loan facility provides an ideal option for users to customize as per their financial needs.
6. Mashreq Bank
Mashreq Bank offers various personal loan options for salaried expatriates and Emirati citizens in the UAE to help buy a new car, build a house, or handle sudden expenses. These loans are offered up to 20 times your monthly salary, up to a maximum of AED 1 million, and include first EMI deferral of up to 90 days.
Online loan approval takes just 5 minutes, and free life insurance is offered. To qualify, you must have a minimum salary of AED 5,000 to AED 10,000, and you must have completed a service period of 6 months or more.
Interest rates range from 5.99% to 31.99% for expatriates and 5.99% to 12.99% for Emiratis. The processing fee is 1.05% and other charges such as late fees, prepayment fees, and loan rescheduling fees apply.
Mashreq Bank personal loans are designed to meet your financial needs, with attractive interest rates and a convenient application process.
7. Payit App
Payit, the digital wallet by First Abu Dhabi Bank (FAB), offers a range of financial services in the UAE, including loans from AED 1,000 to AED 100,000. The app provides a user-friendly interface for quick loan approvals, money transfers, bill payments, mobile recharges, and payments to domestic help.
It caters to various users such as students, housewives, and small business owners, with competitive interest rates ranging from 10% to 20% per annum and flexible repayment terms from 6 to 36 months.
Eligibility requires users to be between 21 to 65 years old, have UAE residency, a stable income, and a good credit score, with necessary documents including an Emirates ID, passport, residence visa, proof of income, and proof of residence.
Payit also offers additional services like secure ATM access, international transfers, and special offers through partner brands. The app’s integration with FAB and its extensive features make it a versatile tool for managing financial needs efficiently.
8. NOW Money App
NOW Money app, a secure and convenient mobile money app for migrant workers in the Middle East, allows users to send and manage money without the need to visit an exchange house. The app primarily features money sending, mobile account and Visa card provisioning, and P2P transactions, but does not offer any loan facility.
Users are required to receive payments through NOW Money from their employer, and use of the app is free, although transaction fees may apply. The app includes strong security features that keep data and transactions safe, and there are no repayment terms as the loan facility is not available.
9. Deem Finance app
The Deem Finance app offers a convenient personal loan option, allowing users to avail the loan with minimal paperwork, no salary transfer required, and affordable monthly installments.
The app offers a secured loan option with Deem Credit Life Plus protection plan, which covers the loan balance in the event of death or critical illness. Interest rates range from 15.99% to 34.99% per annum, and the processing fee is 1% of the loan amount. The loan can be repaid within 1 to 4 years, and the repayment terms are decided according to the loan amount.
The app’s process is straightforward and fast, allowing users to quickly check loan eligibility and meet their financial needs.
10. Liv Bank Loan
Liv Bank’s personal loan service is completely digital and paperless, available through the Liv App. The service offers users loans up to AED 200,000 with an interest rate of 8.99% per annum and a flexible repayment period of 12 to 48 months.
To qualify, users must be between 21 and 65 years of age, be a Liv account holder, and have a monthly salary of at least AED 5,000.
The processing fee is 1% of the loan amount, while prepayment and partial payment also attract fees. Charges also apply for late payment and payment holidays. The main features of this facility are digital processing, high loan limit, and low interest rates.
11. CashU Loan App
CashU is a leading loan app that provides fast and simple loan services in UAE, Jordan, and Egypt. The process of quick application and approval for loans is simplified through this app, allowing users to manage the loan directly from their smartphone.
CashU offers various personal loan options with interest rates as low as 7% per annum. To qualify, applicants must have an Al Etihad Credit Bureau (AECB) credit score of at least 541, be over 21 years of age, and have a monthly income of AED 5,000 or more.
Information regarding processing fees can be obtained on the app. Repayment terms can be adjusted as per the loan amount and financial status of the user.
12. Simply Life Loan App
Simply Life is an impressive personal loan app that offers loans up to AED 500,000, allowing users to meet needs such as family travel, business development, education, and weddings.
Key features of this app include an attractive interest rate of 6.99%, flexible repayment tenure up to 48 months, and no extra charges on early repayment.
The application process is simple and requires minimal documentation, such as passport, Emirates ID, salary certificate, and bank statement. Loan charges are 1.05% of the loan amount, and insurance charges are determined based on the loan amount and tenure.
Simply Life provides users with easy and affordable loan solutions to meet their financial needs seamlessly.
Bonus App
IOU Financial Loan App
IOU Financial is a leading lending platform that provides loans ranging from $15,000 to $1.5 million to small businesses to meet their business needs.
The app offers loan tenures of 6 to 36 months and daily, weekly, bi-weekly, or monthly payment options, making loans flexible and convenient.
IOU Financial is only suitable for businesses that have 80% ownership or more, have been established at least 1 year ago, and have annual revenues over $120,000.
Interest rates and charges depend on the business profile and loan terms. The platform provides an accessible and fast financial solution to small businesses, allowing them to easily meet their capital needs.
- Instant loan apps in the UAE provide numerous advantages, including fast approval processes, minimal paperwork, and flexible repayment options.
- These apps address various financial needs, from personal loans to business funding, offering quick access to capital without the complexities of traditional banking.
- With competitive interest rates and user-friendly interfaces, they streamline the borrowing process and effectively manage financial requirements.
- By exploring and comparing the available options, users can find the most suitable app for their needs, ensuring swift and efficient access to the financial support they require.
Frequently Asked Questions (FAQs)
1. Which is the best app to borrow money in the UAE?
The best app to borrow money in the UAE depends on your specific needs and eligibility. Popular apps include CashU, Liv Bank, and Deem Finance, each offering various features, loan amounts, and interest rates. It’s advisable to compare their offerings based on your requirements to find the most suitable one.
2. Which app gives you a loan immediately?
CashU and Deem Finance are known for their quick loan processing times, often providing immediate loan approval and disbursement. These apps leverage advanced technology to expedite the application process, ensuring fast access to funds.
3. Can I take a loan using my Emirates ID?
Yes, many loan apps in the UAE, such as CashU and Deem Finance, allow you to apply for a loan using your Emirates ID as part of the identification and verification process. However, additional documentation may be required depending on the lender’s policies.
4. Can I get a loan with a 2000 AED salary?
Getting a loan with a 2000 AED salary can be challenging, as most lenders require a higher income to qualify. For instance, Liv Bank and Deem Finance typically have a minimum salary requirement of AED 5,000 or more. It’s recommended to check specific lender requirements or explore alternative financial options.
5. What is the minimum salary for an ADCB loan?
For ADCB personal loans, the minimum salary requirement is usually around AED 5,000. This can vary based on the type of loan and the applicant’s profile. It’s best to consult ADCB directly or visit their website for the most accurate and current information.
6. What is the minimum credit score for a loan in UAE?
The minimum credit score required for a loan in the UAE varies by lender. Generally, a credit score of around 500 to 550 is considered the baseline for eligibility. However, some lenders, like CashU, may have specific minimum score requirements, so checking with the respective lender is advisable.
- The Inewkhusi.com website provides detailed information about banking products within the UAE. The information provided here is prepared after extensive research, and is available in different languages, such as Arabic, Urdu, Hindi, and English. On the website, you can avail services like opening a bank account, taking a credit card, purchasing products on EMI, calculating your EMI, and personal loans.
- This website has a dedicated and hardworking team who are experts in this field for the last 5 years and some of the team members have also worked on websites like Wikipedia. With their deep knowledge and interest, they provide reliable information about all banking products in UAE.
- If you need more information about any bank product or want a solution to any problem, you can comment on the website. The solution to your problem will be found within 2 hours.
