Your credit history score measures how likely you are to pay back debt, so getting a personal loan with no credit history in uae can be difficult now days. Those people applying for a loan with no credit history might have to work harder to secure a loan. however in this article we are going to expedite the available options available to get a loan or credit card with no credit history. Here are our top options.
Open Salary Account in a Bank where your company is listed.
Before you open a salary account in any bank try to check with your bank agent whether your company is listed with the bank and their conditions to offer credit products to your company. Check if they issue instant credit cards upon salary transfer and if they do then this is a great opportunity for you to start to build your credit history with the credit card offered to you. We recommend banks like ADCB, ENBD and Mashreq bank. After using your card for some time then you can apply for personal loan in any bank or a loan without salary transfer.
Look for Banks with Flexible Credit policy.
Try to apply for a personal loan or credit card through financial institutions like Dunia Finance, and other banks with flexible credit policies to apply for their products. These banks often offer their products at relatively high interest rates compared to the market rate. However you can use this opportunity to build your credit history and then apply later to banks that can offer low interest rates.
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How it works.
You register online from your computer or mobile device. Then your application is matched with different Banks in real-time. It’s very fast. The bank that is interested in you will give you a call back to discuss the terms and conditions of the loan. If you agree to the terms (and you may decline them), Then you schedule an appointment to meet the Bank agent to start the loan application. This is a free service and you don’t require paying any fees.start your online assessment.
Build your credit history with your first credit card.
Learning how to get a loan with no credit isn’t always simple. The smartest move is to apply for a credit card and use it well for a period like 6 months then you apply for a loan.
It’s not a quick fix, but if you build your credit before applying for a loan, you could find lower interest rates later.
Our conclusion!
Getting a Loan with no credit history is not the best option unless you need urgent funds, it’s usually better to build your credit history first before applying for personal loans. Even if your company is not listed you can still apply for a personal loan, it doesn’t mean you have to give up. Check how to get a loan for non listed companies.
Building credit history is an ongoing process and it all starts from your first credit product and starting off on the right foot will make a big difference throughout the rest of your financial journey.