I have lived in UAE for 30yrs I know how difficult it is if you have loan liabilities from different banks... I myself was stuck in this horrible 'LOAN' situation for several years...
This is how Dubai Credit Card and Loans system works...
No doubt the banks offer attractive promotions to it's customers and most of the offers are really beneficial.
Like some years back Citibank started it's promotion with 'Emirates Skyward points' ... if you apply for basic card you will get 15000 skywards points, if you apply for silver the points shoots to 25000 and gold was 35000 skywards points. I earned lots of skywards point which I redeemed against Emirates ticket and traveled to different Countries for FREE :-)
To apply for ANY credit card in UAE from ANY BANK you don't need to provide your salary certificate .. just a bank statement or payslip of the current month with passport copy... similarly same conditions were for personal loans and car loans .... and the money is in your account within 1 week.
This is just one example, there were several attractive promotions...
Tell me who will not like to benefit for such promotions.. but once you are into Loans ... you are trapped ... it is very difficult to come out due to other financial commitments (for majority of people)..
I am not saying everyone was same but majority for people from all over the world were into some kind of loan or loans in UAE.
Now since lots of Companies (specially constructions and real estates) are closing down and they are turning THOUSANDS of employees ... and lot other companies have already ceased their recruitment ... where the hell these people will go ?
If the bank comes to know that they have lost their jobs, banks will immediately freeze their exit from the Country, they cannot exit from any of the UAE cities because of centralized immigration control in the Country.
If I was in their place I would have done the same.
but since I owe the money to the bank .. I fell that it is my sole responsibility to return the money to the bank only once I find a new job anywhere in the world !
PS:
QatarIt... it's not cheating ... most of them flee the Country due the fear of landing in Jail ,., who will look after their families .. if he does not find a suitable job from where he will pay the Loan or Loans??
Country with loans?
I have lived in UAE for 30yrs I know how difficult it is if you have loan liabilities from different banks... I myself was stuck in this horrible 'LOAN' situation for several years...
This is how Dubai Credit Card and Loans system works...
No doubt the banks offer attractive promotions to it's customers and most of the offers are really beneficial.
Like some years back Citibank started it's promotion with 'Emirates Skyward points' ... if you apply for basic card you will get 15000 skywards points, if you apply for silver the points shoots to 25000 and gold was 35000 skywards points. I earned lots of skywards point which I redeemed against Emirates ticket and traveled to different Countries for FREE :-)
To apply for ANY credit card in UAE from ANY BANK you don't need to provide your salary certificate .. just a bank statement or payslip of the current month with passport copy... similarly same conditions were for personal loans and car loans .... and the money is in your account within 1 week.
This is just one example, there were several attractive promotions...
Tell me who will not like to benefit for such promotions.. but once you are into Loans ... you are trapped ... it is very difficult to come out due to other financial commitments (for majority of people)..
I am not saying everyone was same but majority for people from all over the world were into some kind of loan or loans in UAE.
Now since lots of Companies (specially constructions and real estates) are closing down and they are turning THOUSANDS of employees ... and lot other companies have already ceased their recruitment ... where the hell these people will go ?
If the bank comes to know that they have lost their jobs, banks will immediately freeze their exit from the Country, they cannot exit from any of the UAE cities because of centralized immigration control in the Country.
If I was in their place I would have done the same.
but since I owe the money to the bank .. I fell that it is my sole responsibility to return the money to the bank only once I find a new job anywhere in the world !
PS:
QatarIt... it's not cheating ... most of them flee the Country due the fear of landing in Jail ,., who will look after their families .. if he does not find a suitable job from where he will pay the Loan or Loans??
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