How to Get Instant Cash Loan in the UAE

Unexpected expenses can throw you off balance. A medical emergency, a car breakdown, or an unplanned bill — finding an instant cash loan in a hurry is tricky at times. Waiting for days or dealing with complex paperwork is a luxury you can’t afford when every second counts. 

So, what’s a quick and reliable way out? Instant cash loans are the answer. 

And how can you avail that? Let us help.

What are Instant Cash Loans?

An instant cash loan is a short-term loan that provides immediate funds for emergencies. Common uses are medical bills, urgent payments, or unforeseen expenses. These loans usually have quick approval processes and minimal documentation.

How Instant Loans Work?

Quick cash loans in the UAE offer fast access to money right when you need it the most. These loans typically have a simple application process and leverage technology to ensure fast approvals and disbursals. Here’s a step-by-step breakdown of how they work:

1. Application Process: You can apply for instant cash loans online or in person, requiring basic documents like an Emirates ID and salary certificate, with some apps allowing document uploads via mobile for convenience.
2. Eligibility Check: After submitting the application, the lender will verify your eligibility based on factors like income, credit score, employment history, and residency status in the UAE, with some lenders offering loans to those earning as little as AED 5,000 per month.
3. Approval and Loan Offer: Instant cash loans offer quick approvals, with terms detailing the loan amount, interest rate, repayment terms, and fees provided for borrower review.
4. Disbursement of Funds: Upon approval, funds are typically disbursed to your bank account within 24 hours, sometimes via cash pickups or prepaid cards.
5. Repayment Process: Repayments are scheduled weekly or monthly and can be made via cheques, bank deductions, or online transfers. Lenders often offer flexible options, including penalty-free early payments and customized schedules.

Where to Get Instant Cash Loan in the UAE

These are the most popular ways to get instant cash loans in the UAE:

Mashreq Flash Cash

Mashreq’s Flash Cash offers instant funds for travel, school fees, or medical needs. The application requires an Emirates ID and a salary account with any bank. 

However, the eligibility includes a minimum monthly salary of AED 5,000, and only UAE residents who are at least 21 years old can apply. This means those earning less than a monthly AED 5k can not use this loan. 

Citi Ready Credit

Citi’s Ready Credit provides a high-limit credit option with instant cash access, offering up to six times your salary or up to AED 175,000—whichever is lower. Funds are directly deposited into your UAE bank account upon approval. 

However, to be eligible, your minimum monthly income must be of AED 8,000 and age 21 or above. However, if your salary is AED 8,000 or less per month, you are not eligible for this loan.

NEO Credit Instant Loan by Mashreq

Mashreq’s NEO Credit offers you instant personal loans up to AED 35,000. Repayment terms range from 2 to 18 months. However, you must earn a minimum monthly salary of AED 5,000 to be eligible for NEO Credit, and their interest rates range from 19.49% to 29.49%, which is quite costly. 

CashNow – Mobile Cash Loan App

CashNow is a mobile application that provides instant cash loans. You can get from AED 500 to AED 10,000. To be eligible, you need to be a UAE resident, 20 to 55 years of age, and have a personal bank account. However, they charge a hefty interest of 39.96% per annum.  

Which Option is the Best for You?

Each provider offers unique benefits. Let’s break it down which are the features that you must look for in a provider: 

• Quick Approval Process: To access funds rapidly, opt for providers with quick application processes, instant approvals, and minimal paperwork.

• Low Interest Rates: High interest rates can increase borrowing costs, so choose a provider with competitive rates that match your financial profile. Always compare annual percentage rates (APR) to get the best deal along with other benefits.

• Flexible Repayment Options: Flexibility in repayments helps borrowers manage their finances better. A good loan provider should offer various options, like monthly installments and penalty-free early repayment. Customizing the repayment tenure, from weeks to months, ensures the loan fits your budget and cash flow.

• 24/7 Availability: 24/7 availability is essential for loan providers. Digital platforms and mobile apps that allow loan applications and repayments offer convenience for those needing cash outside regular banking hours.

• Convenience: Choose lenders with easy-to-use apps for simple loan management. Look for minimal documentation and straightforward eligibility to reduce stress. 

Best Alternative to Instant Cash Loan in the UAE

However, if you don’t want to get into the trouble of securing a loan and paying interest, then there’s the best alternative to an instant cash loan in the UAE. Payit’s ‘Money on Demand’ service offers instant cash without any interest, and you get it with just a few taps on the phone from anywhere. 

Money on Demand by Payit

Payit, powered by First Abu Dhabi Bank, offers ‘Money on Demand’ for Ratibi cardholders. Eligible ratibi card holders can request a cash advance and receive up to 50% of their salary directly in their Payit wallet. 

Your employer must be registered with the Payit app to be eligible for Money on Demand. Not listed yet? Ask your HR department to sign up. If your monthly salary is between AED 1k and 5k, then you can enjoy instant cash from the app and manage your payments seamlessly, along with exclusive offers and deals.

Summing Up

Instant cash loans provide valuable support when you need money fast. Each provider offers unique benefits, but you need to choose based on what works best for you. 

If convenience, no interest, and transparency matter most, Payit Money on Demand is a reliable choice for instant cash. Experience quick, hassle-free borrowing with no interest and fixed fees with the Payit app. 

FAQs 

How can I borrow instant cash in the UAE? 

Payit offers a ‘Money on Demand’ service through which eligible users can get up to 50% of their salary as instant cash.  

Can I get a loan with an Emirates ID? 

Some providers offer instant loans when you produce your Emirates ID, but you must be careful when selecting the provider. 

Does Payit give loans?

No, Payit does not offer loans. Payit is a mobile wallet application, and you can send/receive money, pay bills, transfer money, receive instant cash through a Ratibi card, and do much more.