What if you’re in desperate need of cash? Who would you turn to? Applying for a bank loan and getting it approved and disbursed could take over a week. And what if you’re not even eligible to apply for one? Unemployment, a less-than-stellar credit score, a high debt burden ratio – Could sabotage your chances of qualifying for bank loans. Using your credit cards would sound like a quick fix but it’s easily the most expensive form of debt you could take on. Reaching out to friends and family wouldn’t be easy either, especially during this pandemic when everyone’s already facing their own financial insecurities.

Wouldn’t that leave you with no option but to approach private moneylenders? Now this is where things get seriously messy. If there’s one problem that has plagued the financial stability of countless UAE residents, it has to be illegal moneylending. These illegal moneylenders or ‘loan sharks’ have left many vulnerable borrowers struggling financially and emotionally. From forcing borrowers to agree to extremely unfair loan terms, illegally holding on to their passports, and using intimidation tactics to threaten and scare them into repaying – Private moneylenders are known to use a no-holds-barred approach when it comes to debt collection.

At Souqalmal, we have encountered various cases of borrowers who are trapped in the vicious cycle of illegal money-lending, and numerous others who just don’t qualify for conventional bank finance when they’re in dire need of financial support. This led us to explore what other options are out there that can offer residents a safe and straightforward way to secure short-term funding without stripping them of their dignity. And BuyBack Bazaar’s solution has us absolutely hooked! The company that looks set to change the face of short-term finance in the region and beyond, offers a unique, transparent and hassle-free service that allows you to sell your electronics as well as luxury items and get instant cash in return. And as their name suggests, you have the option of buying back the items you sold, within a period of 60 days. This would allow you to meet your urgent cash requirements, without being forced to lose your asset forever.

It obviously sounds appealing. But we’re sure you have more questions about how this really works. So, our team decided to dig in deeper and tell you exactly what goes on behind the scenes.

How does it work?

BuyBack Bazaar gives you the option of selling your mobile phone, laptop, tablet, smartwatch or luxury watch, with or without the option of buying it back. Let’s say you have a laptop and you would like to get some cash against it. You hop on over to buybackbazaar.com, go to the ‘Sell Now’ dropdown and select the ‘Laptop’ option. On the next page you can select the ‘Sell Only’ or the ‘Sell and Buyback’ option based on whether you would like to get your laptop back or not. Choose the brand, model, specifications and condition. With the buyback option, you can even choose the exact date when you want to buy your laptop back, of course within the 60-day period.

Next, you simply click to get the highest price being offered for your laptop based on dozens of live bids by various shops. And we’re quite impressed with how transparent the pricing is – You’re shown exactly how much cash you’re getting for your laptop now and exactly how much you can buy it back for. You’re also shown a list of shops where you can head to and collect your cash. The best part – You can find shops listed across different emirates, along with directions on how to get there, cash payout time and contact details. You’ll get a QR code that you use to collect your cash at the store. Alternatively, there’s an ‘At Home’ service you can use if you want to avoid the hassle of dropping off your laptop and collecting cash physically from the store.

Worried about what happens to your laptop once it’s handed over? Don’t be! It will be stored in tamper-proof packaging, that can only be opened by you when you’re back to collect it.

How is this better than selling my item online on a classifieds advertising platform?

First and foremost, classifieds ad websites don’t give you the option of buying back your item. And BuyBack Bazaar doesn’t just offer you the buyback option. You get the highest market price available for your item, and you don’t even have to haggle for it, or have pesky potential buyers coming over to view the item only to lowball you with a very low price.

How is this better than applying for a bank loan?

Besides the fact that loan application, approval and disbursal can take a few days or even weeks in some cases, there’s another reason why bank finance may not be the ideal solution for short-term funding. If you were to default on your loan or credit card payments for any reason, this would have a direct impact on your credit report. Your credit score will take a big hit, which will affect your eligibility to qualify for bank finance in the future, when you really need it – Let’s say to buy a car or finance a home purchase. With BuyBack Bazaar there’s no such risk.

BuyBack Bazaar’s offering is simple, and devoid of hidden fees or complicated terms. Quite simply it empowers customers to choose how to manage their short-term finance needs as they see fit. By enabling users to take advantage of a no-risk and transparent way of using their electronic gadgets to get access to instant cash, this service also prevents them from going down the dangerous route of taking on expensive debt or falling prey to illegal moneylenders.

So, what do previous customers think about the service? Click here to find out what others have to say about their experience with BuyBack Bazaar. And if you have any more questions for us around BuyBack Bazaar’s services, type in your message below and we’ll get back to you shortly     !