Credit cards are not only a flexible way to move around cash but you can also avail loans on them. Financial emergencies often come unannounced and you can borrow funds quickly if you have this option.
Whether you want to transfer a large sum, pay a hefty educational fee, or make a big purchase such as a new vehicle, you can turn to this banking feature.
The credit card bill is issued along with some interest; if you settle monthly interest according to schedule this gives a boost to your credit score and will help you down the road in securing a loan.
How does it work?
The credit limit of the customer is treated as instant cash loan by the bank. Most banks have repayment period up to two years (48 months). The amount that you borrow will be blocked from your existing credit card limit. Repayment installments are made on monthly basis and appear in your next credit card statement after deducting the due amount.
- Applicant can instantly borrow amount according up to available credit limit online or at bank branch
- The amount can be repaid in easy installments in a duration up to 48 months
- No application form needs to be filled as the bank already has your background information
- No documents or long processing duration
However, keep in mind that the interest rates in credit card loan are higher than in personal loan. Apply for Loans, Credit Card Loan & Credit Card Leads in Dubai, UAE. We offer Skywards Credit Card, Lifetime Free Credit Card, Carrefour Credit Card, Free Movie Ticket Credit Card, Islamic Credit Card, Traveler Credit Card & Cinema Credit Card.
In order to be eligible for this funding option, the applicant must exhibit a reliable credit history. The candidate should ideally not have any pre-existing debt. Every bank has its own particular terms and conditions and interest rates so first of all visit moneyingulf.com and we will guide you on the best option for you based on your financial details. We will brief you about all the particulars so that you can make an informed decision.