Zawya published an article giving readers a review of financial products in 2015 based on findings made by Souqalmal.com.
Personal loans became the most visited product category on Souqalmal.com , composing of one third of all visits on the website in 2015, with the number of visits having more than doubled since 2014. Banking data from the UAE Central bank also shows that total loans to UAE residents have grown by over 5 percent in year-on-year value (as of November 2015).
Here is what Ambareen Musa had to say:
“Within personal loans, non-salary transfer loans emerged as the most popular type. This could be attributed partly to customers with existing salary transfer loans or those who have other obligations and cannot commit their salary to a certain bank. The other reason could be the customers who get their salaries in cash or by cheques as well as those who get paid on a commission basis, and therefore cannot show a regular salary transfer in their bank statements.”
For the full article go to Zawya