Short-term loans from UAE banks to ease your cash flow

Three of the best short-term loans to ease your cash flow - but remember, only borrow what you can afford to repay.

Silvia Razgova / The National
Powered by automated translation

Emirates NBD Short-Term Cash Loan

Benefits: UAE residents earning over Dh5,000 can apply for a short-term cash loan from Emirates NBD and receive a Dh500 voucher in return. The loan comes with a reducing rate starting from 3.99 per cent and can be used to cover shortfalls such as rent, medical charges, credit card debt and school fees. Beware of: The maximum loan tenure is 12 months. If you fail to make regular repayments, you will incur penalties.

ADCB Smart Cash Loan

Benefits: ADCB's Smart Cash Loans allows customers earning over Dh8,000 to borrow without transferring their salary to the bank. However, they will need to supply post-dated cheques. The product, which has a maximum loan amount of Dh150,000, comes with flexible tenures of up to 36 months. Customers signing up can also earn points for the bank's loyalty scheme.

Beware of: The loan has a high annual reducing rate of between 18 to 24 per cent.

HSBC 12-month personal loan

Benefits: UAE residents earning more than Dh7,500 can apply for a short-term loan to cover rent or other lifestyle demands. Applicants must be between 21 and 65, and those borrowing more than Dh50,000 will receive 20,000 Air Miles. Rates start from 5.99 per year based on a reducing balance. Beware of: To be eligible for any loan, your debt-burden ratio (the percentage of your income being used for debt repayments) must be under 50 per cent.

pf@thenational.ae

Follow us on Twitter @TheNationalPF