The 5 Best Places for Payday Loans in Dubai
Need quick cash, but your current paycheck can’t cover it? Payday loans are a great solution when you need to buy something urgent and expensive.
Thankfully, there are many agencies and banks in Dubai that provide this kind of service.
So, we scoured the city to give you the best places for payday loans in Dubai. We also included the factors we considered in choosing.
Lastly, we answered some frequently asked questions about payday loans in Dubai.
How much does it cost to avail of a payday loan service in Dubai?
Payday loans charge high levels of interest depending on the loaner’s paycheck. The cost of this varies from one person to another.
Usually, for every AED100, payday loaners will charge around AED10 to AED30 for every AED100 borrowed.
On the top side, payday loans don’t require any collateral and getting one can be done in under an hour.
The Best Places for Payday Loans in Dubai
Before we get right into our top picks for the best places for payday loans in Dubai, here are the factors we considered for our entries on this list:
1. Emirates Loan
| Criteria | Rating |
| Interest Rates | ★★★★★ (5/5) |
| Accessibility | ★★★☆☆ (3/5) |
| Features | ☆☆☆☆☆ (0/5) |
| Flexibility | ★★★★★ (5/5) |
Providing a wide range of excellent quality financial services and financial products, Emirates Loans has a payday loan that can get processed in an hour.
Its interest rates are highly flexible with this agency representing its clients to other banks for loan applications.
And with 26 banks to choose from, its interest rates are excellent and accessible to everyone interested in applying for a payday loan.
When it comes to how fast and easy the application is, Emirates Loans is really up there with the big loaning agencies and banks.
Anyone interested only needs to present their Emirates ID card, and they will get an instant payday loan without fear.
However, we were disappointed that the application process still requires clients to go to the actual office, wait for their turn, and fill up a long form, which can be taxing.
On top of that, its payday loans do not have any features which is almost understandable since Emirates Loans only represent clients for loans, but we were still hoping that clients would get something for its services.
As for its flexibility, it is the same with its interest rates wherein it is highly adjustable due to its access to 26 banks.
Pros
- Has access to payday loans from 26 banks
- Payday loans can get processed within an hour
Cons
- Process can be taxing and have to be done in person
- No added benefits
Customer Reviews
Had a fantastic experience with Emirates Loan
“I had a fantastic experience with Emirates Loan. The application process was seamless and the staff was very friendly and knowledgeable. I received my loan in a timely manner and was able to use the funds for my business needs. I would definitely recommend Emirates Loan to anyone looking for a reliable and efficient loan solution” – Wajiha Fatima, Google Reviews
Experience was exceptional
“I recently applied for a loan with Emirates Loan and I must say, the experience was exceptional. The team was incredibly helpful and professional, guiding me through the entire process. The loan was approved in a timely manner and the funds were disbursed smoothly. I highly recommend Emirates Loan for anyone in need of financial assistance.” #EmiratesLoan #Loan #FinancialAssistance #GreatExperience #ProfessionalTeam #TimelyApproval #SmoothDisbursement” – Mia Richard, Google Reviews
2. Finovative Gulf
| Criteria | Rating |
| Interest Rates | ★★★★★ (5/5) |
| Accessibility | ★★★★☆ (4/5) |
| Features | ☆☆☆☆☆ (0/5) |
| Flexibility | ★★★★★ (5/5) |
Helping clients with their financial needs for over 15 years, Finovative Gulf’s team works 24/7, according to its client’s requirements, both personal and business.
We love that its interest rates are low but its payday loans can go as high as 20x their clients’ salary.
Its interest rates can go as low as 3.99% per year, which is already incredibly low compared to the usual payday loan interest rates.
As for its accessibility, its payday loans are also designed with expatriates in mind. This means that it is definitely accessible for both locals and foreigners working in Dubai.
However, Finovative Gulf’s payday loans have to be applied for in person, which can take a long time and can be taxing especially if it is a busy day.
On top of that, we were disappointed by the fact that it does not have any features that come with its payday loans.
For a loaning agency that has been in the business for more than a decade, we expected it to build on its loaning services with benefits.
However, it makes up for it with its flexible repayment that can be adjusted up to 48 months, which is great because clients get to have some negotiating powers over their tenure.
Pros
- Low-interest rates with high loans
- Payday loan packages are designed with locals and expats in mind
- Adjustable repayment tenure
Cons
- Applying has to be done in person
- No added benefits for its payday loans
Customer Reviews
They make the impossible possible
“A big shout out to Priyanka for making the impossible possible. Her kindness and patience gave me so much peace and confidence and I will be forever grateful to her for pulling this off. Extremely professional and quick service, absolutely transparent and trustworthy.” – Natalia Carvalho, Google Reviews
Experience was exceptional
“I would like to give a big applause to the team especially Ms. Hina start to the beginning and until the end of my journey to facilitate my loan even its take time but it’s worth it. I would like to recommend the team for 10 out of 10. Great job thumbs up. – : )” – Maricris Elitiong, Google Reviews
3. Bank by Choice
| Criteria | Rating |
| Interest Rates | ★★★★★ (5/5) |
| Accessibility | ★★★★☆ (4/5) |
| Features | ★★★☆☆ (3/5) |
| Flexibility | ★★★★★ (5/5) |
Launched by professionals in the banking industry, Banking By Choice has built an algorithm for perfectly customized financial solutions for any client.
With the understanding that each bank’s product offerings largely vary from one another, this company remains a unique neutral marketplace that takes into consideration your requirements and guides you to the right loan package.
And because Banking By Choice is a one-point solution, especially for loaning, interest rates are flexible.
Its network of banks allows clients to have their say in how much interest they want to pay, making it one of our immediate favorites.
The same thing can be said for its repayment period and the overall pricing structure of the loan that every client will be availing with its services.
We also love the fact that clients can find out if they are eligible within minutes of using its personal loan eligibility calculator through its website.
This way, everyone can avoid wasting time and energy by going down to Banking By Choice only to find out that they can’t apply for a loan.
However, they still would need to go to offices to apply for a loan, which is a disappointment because there are some banks nowadays that would let their clients do everything online.
When it comes to its features, sadly, Banking By Choice falls short. Because other than the usual benefits that come with personal loans, there isn’t anything else.
Pros
- Offers loan packages from different banks
- Has its own online loan eligibility calculator
Cons
- Applying has to be done in person
- No special features
4. UAE Cash Loans
| Criteria | Rating |
| Interest Rates | ★★★★★ (5/5) |
| Accessibility | ★★★★★ (5/5) |
| Features | ★★★☆☆ (3/5) |
| Flexibility | ★★★★★ (5/5) |
Working as a one-stop financial solution for loans in the UAE, UAE Cash Loans is dedicated to providing services focused on convenience, transparency, and client satisfaction.
It is, first and foremost, an online platform dedicated to helping and guiding clients with the best financial solutions and the best loan packages that will perfectly suit their needs.
By being affiliated with big banks such as Citibank, First Abu Dhabi Bank, ADCB, and many more, UAE Cash Loans is able to provide its clients with a flexible range of interest rates.
This means that clients have a wide range of options that are accessible to them, and at the same time will suit their needs.
And since it is primarily an online platform, applying for a loan can be done from the comfort of everyone’s home.
UAE Cash Loans conveniently connects its clients to their affiliated banks so that the process is much faster and much more convenient.
And since clients have a wide range of options depending on their wage and their needs, UAE Cash Loans can also offer flexible repayment tenures depending on the loan package from many different affiliated banks.
However, its weak point is definitely the lack of special features for its loan packages and overall service.
While others may argue that its online platform is already more than enough compared to our other entries, we were looking for more specialized features that come with its loan packages.
Pros
- One-stop online financial solution platform
- Affiliated with many local and global banks
- Flexible loan packages
Cons
- No specialized features for its financial products
5. New Best Credit
| Criteria | Rating |
| Interest Rates | ★★★☆☆ (3/5) |
| Accessibility | ★★★★☆ (4/5) |
| Features | ★★★☆☆ (3/5) |
| Flexibility | ★★★★★ (5/5) |
With over 10 years of market experience in both Romania and Dubai, New Best Credit takes away the overwhelming feeling of looking at all the banks and all of its loan products.
With a streamlined and convenient process, clients can get their payday loan almost instantly.
By getting a quote via its online website and meeting with the agent, the payday loan can be done in less than an hour.
So even though its online platform does not cover the entire process of the loan application, it still saves time and effort by letting the first step of the process be done from the comfort of their own homes.
However, without any affiliations with other banks, New Best Credit can only afford limited loan products that are relatively less flexible than our other entries.
This means depending on the loan, the interest rate may or may not be more expensive than other loan products offered by other banks.
This is made up by the fact that its repayment tenure is more than flexible, with loans payable for up to 300 months and loan amounts of up to AED4 million.
Its features are alright, nothing notable nor special about them. It lacks any specialization that gives it an edge over other banks and financial institutions.
Pros
- Streamlined loan application process
- Very flexible repayment tenure
- High loan amount limit
Cons
- Inflexible interest rates
- No special features
Customer Reviews
Highly recommend!
“Samah is a great person, I got full guidance and paperwork assistance, a lot of empathy, and coaching regarding my mortgage by providing the best choice. All was hassle-free. Strongly recommended.”- Sergey Androsov, Google Reviews
Good experience working with them
“It was a good experience working with New Best Credit, and will work with them in the future. They provide the best solution and guide you through the whole process. Supportive staff, recommend Maria who was extremely helpful and supportive.” – Indradeb Mukherjee, Google Reviews
FAQs about Payday Loans in Dubai
We hope this helped you in finding the right place for a payday loan in Dubai. Also, if you’re looking for other financial services, then check out these articles: