Money lending in the UAE is a complex topic that requires a lot of your attention, because if you aren’t aware of the facts you could be unintentionally breaking the law!
Read on through this useful guide, and avoid any issues when borrowing in UAE.
If you have found yourself recently or in the past short of cash at a critical time of need, we understand how much anxiety and stress it can bring. One of the first things you will probably consider when in need of urgent cash is to borrow from family, friends, or an associate.
It’s important to understand that this may be illegal! And oftentimes these loans come with the same pressures as bank loans do.
So, what is illegal about it?
Borrowing money from anybody that is not a licenced organisation certified by the Central Bank of the UAE is illegal. If you borrowed money from an associate who is expecting you to repay with interest, be careful. If this person is threatening you with collection agents who are out to recover payments, without documented evidence of a legal agreement, you are within your rights to file a police complaint.
Does this mean I can’t borrow money from friends or family?
Although borrowing money from a non certified organisation in the UAE is illegal, it is completely legal and Sharia compliant (halal) to take “friendly” loans, where the loan must be offered without interest on repayments. It is forbidden (haram) to profit from a “friendly loan” in the form of interest repayments.
What alternatives are there for legal money lending in UAE?
We realised that many people mistakenly believed cash loans are illegal in the UAE. That’s where the idea for Buyback Bazaar originated. We wanted to provide a safe, and affordable option for UAE residents to access emergency cash.
“A Smarter option to borrowing money”All you have to do is sell your gadget or luxury watch to a member of our extensive network of partner shops. They compete to give you their best price and you instantly get the highest price from across the network…..it’s like visiting dozens of shops across the country and getting their TOP price in a few seconds!
They will securely hold this for you and you can come back in 30 or 60 days to Buyback your gadget or watch!
With an extensive network of verified providers across Dubai, Abu Dhabi, and Sharjah it couldn’t be easier for you to get short term access to money without credit checks or minimum salary requirements.
We also take great care with your precious goods, and use specially designed tamper proof, security sealed packages. Nobody can access your goods until you return to Buyback guaranteed!