Emirates NBD offers top-up loans for 'good' or 'regular paying' customers. Sammy Dallal / The National
Emirates NBD offers top-up loans for 'good' or 'regular paying' customers. Sammy Dallal / The National

Lending options for credit card holders in chronic debt



For those in chronic debt, it’s important to take action immediately,” says Jon Richards of compareit4me.com. “Don’t let it drag on. You can request a copy of your credit report from the Al Etihad Credit Bureau, which will list all outstanding debt and give a full, clear picture of the situation.”

Mr Richards also advises comparing loan options and, if you are still unsure, booking an appointment with an adviser at your bank. Options to help residents ease their woes include:

Top-up loan

Emirates NBD and Mashreq offer top-up loans for “good” or “regular paying” customers. While Emirates NBD offers up to 120 per cent of the original loan, Mashreq offers up to 20 times your salary for a maximum of three years and with rates starting at 3.99 per cent, or a maximum of Dh1 million for up to two years, according to the bank’s website. But a top-up loan also comes with a double catch – it is considered a brand-new loan, which means paying an early settlement fee of 1 per cent on your original loan and a processing fee on the top-up amount.

Consolidation loan

A way of pulling all your debts together into one loan with the best rate, which will almost always beat a credit card rate. These are not always advertised so you will have to call banks and compare options yourself – and to reduce your monthly payment may involve increasing the loan term and total interest you pay. Kunal Malani of HSBC says: “We have seen this trend in developed markets to tidy up finances. However, it is very important that customers use this option sensibly and not allow further debt to mount on their credit cards.” Most personal loans will normally, in any case, offer you the option of refinancing existing debt.

Balance transfer credit cards

Credit card debt can be transferred onto a new credit card with a special offer rate. Mr Richards says these are a “great way” to manage finances, when themselves managed correctly. Emirates Islamic’s Easy Card, for instance, offers 0 per cent balance transfer for six months (to a maximum of 80 per cent of the new card’s credit limit), with a 2 per cent processing fee. While these can be a good short-term measure, again holders need to ensure they focus on paying off the debt without incurring further debt on the original card.

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Dengue fever symptoms
  • High fever
  • Intense pain behind your eyes
  • Severe headache
  • Muscle and joint pains
  • Nausea
  • Vomiting
  • Swollen glands
  • Rash

If symptoms occur, they usually last for two-seven days

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

The Vines - In Miracle Land
Two stars

The specs: 2024 Mercedes E200

Engine: 2.0-litre four-cyl turbo + mild hybrid
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Transmission: 9-speed auto
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On sale: November/December
Price: From Dh205,000 (estimate)

What to watch out for:

Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways

The hulls of three ships will be used for the roof

The hulls will painted to make the largest Italian tricolour in the country’s history

Several pillars more than 20 metres high will support the structure

Roughly 15 tonnes of steel will be used

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Michael Chiesa v Tony Ferguson
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Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

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Marital status: Single

Favourite book: Al Nabi by Jibran Khalil Jibran

Favourite food: Italian and Lebanese food

Favourite football player: Cristiano Ronaldo

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Dengue fever symptoms

High fever (40°C/104°F)
Severe headache
Pain behind the eyes
Muscle and joint pains
Nausea
Vomiting
Swollen glands
Rash

Star Wars: Episode I – The Phantom Menace

Developer: Big Ape Productions
Publisher: LucasArts
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EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

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Company name: Hoopla
Date started: March 2023
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Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
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