Small loans for young people and low income people in the Emirates via smart applications

rawda samy - | UAE

Electronic financing companies have recently spread in the Emirates, offering small loans to young people and low-income people via smart applications, with small amounts of money starting from 500 dirhams and up to 5,000 dirhams, with an interest rate of 9%.

Through the use of innovative applications, the Emirates government will provide low-interest loans to individuals with low incomes and young people.

The Emirates have recently seen an increase in the number of companies that provide electronic finance. These organizations give small loans to young people and those with low incomes through the use of mobile applications. The loans range from tiny sums of money beginning at 500 dirhams and going up to 5,000 dirhams, and the interest rate is 9%.

Electronic financing companies provide loans in small amounts through smart applications

Small loans can be obtained from organizations that specialize in electronic financing through the use of various mobile applications, People with restricted incomes, young people, and people who need rapid cash for an emergency can now receive loans in tiny sums starting from 500 dirhams and going up to 5,000 dirhams from financing organizations that operate totally "online" using smart applications. These companies have just become active in providing these types of loans.

Procedures for obtaining a small financial loan through electronic financing companies

The steps involved in applying for and receiving a financial loan of any size through online finance businesses, It should not take more than a few minutes to log in using the phone number, then upload the Emirates ID card and face print, if these companies' applications are to be believed, and it should not take longer than that. These businesses do not request any identifying documents from the employer, such as a wage certificate, and they do not request a credit inquiry from Al-Ittihad Company. In addition, these businesses do not request any financial information from the employer. Regarding one's credit history.

Conditions for allowing electronic financing companies to operate in the Emirates

The requirements that must be met before electronic financing companies can begin operations in the Emirates, These finance firms claim that they have a license that allows them to function within the country. They also claim that they are able to provide restricted financing activities to persons of any nationality, as long as they are at least 18 years old. In response to this, a banking expert named Amjad Nasr stated that any company that offers financing services within the country is required to obtain a license from the Central Bank. This type of lending is intended for individuals who want to obtain small amounts to pay for unexpected obligations, or for the group that finds it difficult to deal with banks because they are not qualified, which means that their salary is below a certain amount; examples of this group include the category of auxiliary workers, youth, and other individuals.

The amount of interest on financial loans from electronic financing companies

The rate of interest charged on financial loans made by companies that provide electronic finance, The interest rate that these companies charge on each loan is 9%, and they also charge a processing fee of 105 dirhams. The payback term must be split into three equal payments, with each payment showing how much of each payment goes toward paying off the loan principal and the collected interest rate.

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