The National published an article highlighting the level of debt among UAE residents.
Marcus did not particularly care how much his loans would cost him when he applied. At the time he just wanted the money.
But now, with four loans with annual rates ranging between 28 per cent and 33.36 per cent and little money to live on once he meets the monthly instalments, the Filipino, who did not want to reveal his full name, is beside himself with worry.
Here is what Ambareen Musa had to say:
“In the specific case of Dunia Finance, their non-salary transfer personal loan rates start from 14 per cent per annum, and go up to 39.99 per cent per annum based on the customer’s profile and salary,” says Ms Musa. “So, while an applicant earning above Dh22,000 a month can get a rate between 14 per cent to 34 per cent a year from Dunia, those earning between Dh5,000 to Dh7,000 can only qualify for finance at rates ranging from 36 per cent to 39.99 per cent.”
For full article go to The National.