Compareit4me.com, the UAE-based finance comparison site has seen a 70 percent increase in user applications in the UAE, just two weeks into Ramadan.
Jon Richards, CEO of compareit4me, which launched in the UAE in 2011, said that an increase in the number of people applying during Ramadan 2015 had exceeded their expectations, which could be past attributed to the earlier arrival of the holy month and the fact that children were still in school.
Despite many banks and finance providers seeing this month as an opportunity to offer discounts and promotions, and car dealers dropping prices and adding benefits such as free insurance or servicing, Richards cautioned consumers to consider their commitments and finances carefully before committing to additional finance.
“It’s easy to get carried away and purchase a new car or take out additional debt because it’s a good deal,” he said.
“Consumers need to think about the long term impact of the debt and most importantly, ensure they can afford the additional commitment should their personal circumstances change.”
The comparison website, which is now live in six regional countries, is poised to dominate the market with over 300,000 applications in 2015 – a big increase on its already impressive feat of 200,000 applications in 2014.
Richards added: “We want to democratise consumer finance in the Middle East and the first step towards achieving that is facilitating accurate product comparisons.”
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