Money clinic

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In this month's Money Clinic - we examine personal loans.

No matter how good their intentions might be when they arrive here - most expatriates discover that borrowing money pretty soon after they get off the plane can be unavoidable in Dubai.

Settling down in any new country costs money - but in Dubai there is the added requirement by landlords for up to a year's rent in advance - money that very few are fortunate enough to have saved up.

Taking out a personal loan is the best way for expatriates to get themselves started in Dubai and to meet landlords' requirements.

Because of this Dubai's loans business is thriving and banks are positively jumping over themselves to give money away - and with no credit checking facility in place getting hold of that money is relatively simple.

But while it may be very easy for customers to get their hands on much needed cash from a personal loan - the products being offered by the banks can vary considerably - and it is important to take time to read the terms and conditions attached to them before leaping in.

When looking at a personal loan there are three main factors to consider: interest rates, processing fees and early repayment penalties.

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