Debt and loan consolidation in Dubai UAE

Debt and loan consolidation in Dubai UAE Debt and loan consolidation entails taking out one loan, enough to pay all your outstanding ones due to other sources (credit cards, car loans, personal loans, and so on) and to secure a lower interest rate, a fixed interest rate or also for the convenience of servicing only one loan.

It’s relatively easy to borrow money as a personal loan in Dubai. You will need a job with a regular salary or several months, at least, of company accounts and bank statements if self employed. Maximum loan amount will be up to 10-24 times your monthly salary/income.

If you have a banking relationship with an offshore bank, or a bank in your home country, you might be able to arrange a loan with them to pay off your debts in Dubai. If you are in trouble financially, consider cutting up your credit cards or at least take them out of your wallet or handbag so you’re not tempted to use them.

PDF download of new Central Bank rules and fees at www.centralbank.ae/en/pdf/notices/RegulationsRegardingBankLoans.pdf

Be careful of agencies advertising Debt and loan consolidation services in Dubai and the UAE. Often the only reliable and safe way to consolidate your loan in Dubai is by borrowing personal one from your bank in the UAE. There are both foreign and local banks in Dubai and the UAE ready to look after your money, or lend you someone else’s money.

There is a good chance of ending up even in deeper trouble since those agencies may either take a fee and disappear; in the worst case, a Debt and loan consolidation company might take a security cheque off you, promise to deliver funds but renege and attempt to cash in your security cheque anyway. Bouncing a cheque in Dubai and the UAE is an offence that can land you in jail, and this is not one of those theoretical laws that is often ignored.

Really, the only safe way is to either negotiate some sort of payment system with the bank, and/or borrow funds from a trusted source that also trusts you to pay it back. Or sell something if you have some assets to sell.
A bank in Dubai and the UAE might consolidate several loans into one for you and arrange repayment terms. This is especially desirable for those with outstanding credit card debts since the interest rate on credit cards is often upwards of 30% per annum, but on a personal loan might be 10-15%, or perhaps even lower if you’re lucky.

11 thoughts on “Debt and loan consolidation in Dubai UAE

  • March 26, 2013 at 1:07 pm
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    do you know of any bank in UAE that does debt consolidation?

    Reply
  • April 10, 2013 at 6:34 pm
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    I’m Marsha Goodman, and I’m a Mortgage Loan Officer committed to helping all of my clients fully explore their home loan options and feel confident about their choices. In my 35 years of experience working with third party affordable housing assistance programs, conventional conforming and “jumbo loans”, government loans, home equity lines of credit and investment property loans and more, I’ve been able to share my knowledge of the mortgage industry and especially the Peartrees City market. My website offers resources and calculators for your convenience, and I’m available to assist you at any point along the way toward meeting your home loan goals.Email Us: honestloans@outlook.com

    Reply
  • March 17, 2014 at 9:19 am
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    I want to clear all my debts & want an help at the earliest.

    Reply
  • October 21, 2014 at 2:34 pm
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    Hi

    I am looking for a debt consolidation loan. Is there any bank who can lend money without company being listed and salary transfer ?

    Thanks

    Neel

    Reply
  • September 8, 2015 at 5:57 pm
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    Dear Sir,
    I am looking for a debt consolidation loan . please contact me my mail or my mob 055 999 8248. please help me as fast as you can

    Reply
  • April 11, 2016 at 11:44 am
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    i am in debt trap , seeking consolidation of loan in uae???

    Reply
  • August 21, 2016 at 11:06 am
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    i am in debt trap , seeking consolidation of loan in uae???

    Reply
  • November 5, 2016 at 8:08 pm
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    Dear sir and madam,Urqent I need solution for my personal loan this is my contact number 0509250827

    Reply
  • November 5, 2016 at 9:08 pm
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    Dear Sir,
    I am looking for a debt consolidation loan . please contact me my mail or my mob 0509250827 please help me as fast as you can

    Reply
  • November 8, 2016 at 6:20 am
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    Dear sir,

    I’m in a serious debt trap, will you able to help me.. please contact me..

    thanks,

    Reply
  • December 27, 2016 at 11:38 am
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    I need Debt Consolidation Loan of AED 100,000. My Salary is AED 7000 and my company is not listed in any bank of UAE.
    Kindly help me on this.
    My mobile number is 0564603735

    Reply

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