# Bank Loans



## Jokerpack (Dec 21, 2014)

Hi Guys,

hoping someone can help me?

I am an expat here in Dubai, been here 3 months and am currently struggling financially. is it possible to get a loan from the bank even though you are on probation at work?

I have full visa and emirates id and all the other documents, but my bank HSBC require someone who is not on probation. do you know if any banks offer this service?

thanks in advance!

Jack


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## The Rascal (Aug 6, 2014)

Believe me, if you're struggling financially after 3 months then Dubai is not for you. Sorry if that sounds harsh. If you're already struggling with day to day outgoings then unless you have a guaranteed pay rise soon then you need to seriously consider your options.

Take a look at your lifestyle, can you cut out certain activities?

In answer to your question, RAK bank do as do others, but a credit card running an apr of nearly 40% (more than double the UKs average of 17%) is not the way to get out of your current situation.

It's a band aid repair for a hemorrhaging problem.


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## TT365 (Oct 14, 2014)

I don't fully agree with The Rascal as I would argue that there are a lot of upfront costs. For example in £ terms I have outlayed about £60k in just 2 months of being here but I don't need to worry about rent, for a good while and school fees for a few months but I am feeling the pinch so to speak in cash flow terms and I am considering getting a loan to buy a car as long term it will be better than the monthly rental I have at the moment. For me because of my company relationship then the bank will loan to me even though I have only been here 2 months (though I am not on probation so maybe that's a factor), and that is HSBC.

That said the Rascal is spot on if you are talking about day to day costs. If so you need to think about what's going to change in the next few months to make your current costs affordable. If you are confident things will change then (and while it might not be your preferred route) I would talk to family about a short term loan as it shouldn't land you in long term trouble and ultimately only borrow what you need where ever you get the money from.


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## Jokerpack (Dec 21, 2014)

thanks for your reply TT. I don't agree with Rascal really, he jumped the gun a little without considering the bigger picture. 

I think the probation thing is the issue unfortunately. I will be fine in 3-6 months time but looking for quick cash to tie me over.

I am assuming nobody knows of any other banks at out their that can do loans whilst on probation?

Thanks
Jack


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## The Rascal (Aug 6, 2014)

Jokerpack said:


> thanks for your reply TT. I don't agree with Rascal really, he jumped the gun a little without considering the bigger picture.
> 
> I think the probation thing is the issue unfortunately. I will be fine in 3-6 months time but looking for quick cash to tie me over.
> 
> ...


One can only reply on the information given.



The Rascal said:


> In answer to your question, RAK bank do as do others.


Erm.....


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## Balla Boy (Jan 3, 2015)

HSBC are providing me with loans in my probation period, and to be honest I could meet the up front costs of car, rent, security deposit, white goods, agency fees, DEWA deposit, final document accreditation etc without it.

It just means that things will be a little beat tight for the first 12 months.

It's been possible for me because my company has a relationship with the bank. Does your employer have a similar relationship with a bank? They seem to waive a lot of the standard requirements.


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## TT365 (Oct 14, 2014)

The thing with the Rascal is he always answers the question  I have heard RAK bank are ok, I would still try family first though.


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## Stevesolar (Dec 21, 2012)

Hi,
There are actually two factors that need to be considered.
The first is whether you are on probabtion or not - some banks wont loan until you are confirmed.
The second (and often forgotten) factor is whether your company is a "listed" employer.
This affects whether the bank will loan to you, along with the types of facilities they will offer.
People that work for listed companies usually get paid on time each month and are therefore seen as a better risk for the bank.
My first job in Dubai was with an unlisted company and they were useless payers - so the banks have a point!
Cheers
Steve


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## A.Abbass (Jun 28, 2014)

I just got a personal loan from HSBC during my probation.

For your nationality it should be easier. Are you advance/standard/premier ?


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## arabianhorse (Nov 13, 2013)

The Rascal is a cranky old b^gger, but most times he's right.

Taking a loan in this country is a big risk irrespective.

Taking a loan while on probation an even bigger risk.

If your job is very secure, and the loan is only to tide you over cause you have big upfront costs, then no issues.

Normally a letter from your HR department to the bank confirming that you re a permanent employee with salary details should suffice. Why do you have to tell them you are on probation?


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## A.Abbass (Jun 28, 2014)

arabianhorse said:


> The Rascal is a cranky old b^gger, but most times he's right.
> 
> Taking a loan in this country is a big risk irrespective.
> 
> ...


I have seen 2 STLs (salary transfer letters) from 2 banks for the purpose of availing a personal loan, one of which is HSBC's and both clearly asks the employer whether the employee is on probation & whether they are confirmed or not.

However, when I gave that format to my HR department they generated another letter, in the same context, that doesn't mention anything about probation or confirmation, it just mentions that the company will keep transferring the salary and that end of service benefits should be transferred to HSBC as well. Also in the event of termination the company will inform the bank.

I believe these are the valuable information to the bank not probation/confirmation.

To the OP, try to sort it out with your HR if you really need the loan.


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