Can Freelancers Get Credit Cards or Loans in the UAE?

A credit application is separate from opening a bank account. Professionals arranging a local account can read our guide on how to open a bank account in the UAE as a freelancer.

Can Freelancers Apply for Credit Cards in the UAE?

Banks publish different credit card requirements for employed customers and for applicants applying as business owners or self-employed customers. Freelancers should confirm which document route applies to their application with the chosen bank.

For credit card applications, Emirates NBD lists:

• Emirates ID and passport copies

• Latest salary certificate

• Trade licence for an applicant who owns a business

• Bank statements for the last three months

• Security cheque, where requested

Emirates NBD states that self-employed credit card applicants need an average bank balance of at least AED 50,000 over the previous three months. Under this route, the bank states that the applicant can be required to open a fixed deposit holding the minimum deposit amount for the selected card.

For credit card applications, Emirates Islamic lists:

• Original Emirates ID or passport

• Latest salary certificate for employed customers

• Trade licence for self-employed customers

• Bank statement for the last three months

• Security cheque, where applicable

Emirates Islamic states that a business owner, described on its page as self-employed, can apply when computed income meets the minimum income criteria for the chosen card. The bank also states that a credit card application can be rejected due to a low credit score or a high debt-burden ratio.

A trade licence requirement published for self-employed customers should not be applied to every freelancer without confirmation from the bank.

Can Freelancers Apply for Personal Loans or Personal Finance in the UAE?

Banks provide borrowing products with their own eligibility criteria and document requirements. Emirates NBD publishes personal loan criteria, while Emirates Islamic refers to its product as Personal Finance.

Emirates NBD Personal Loans

Emirates NBD lists the following personal loan eligibility criteria:

• UAE national or UAE resident

• Between 21 and 60 years old

• Minimum salary of AED 5,000

• Employment with a company on the bank’s approved employer list

The same page sets out separate requirements for self-employed applicants: the business should have been operational for at least two years, and the applicant must have a minimum six-month balance of at least AED 50,000.

Emirates NBD lists the following documents for personal loan applications:

• Passport

• Valid UAE residency visa and Emirates ID, with copies

• Staff ID, labour card or work ID

• Latest salary certificate

• Last three-month bank statement

• Security cheque

The bank states that self-employed applicants can apply through its website or at one of its business banking centres.

Emirates Islamic Personal Finance

Emirates Islamic lists the following documents for its Personal Finance product:

• Completed application form

• Copy of a valid passport with a valid UAE residence visa for expatriates

• Last three months of bank statements

• Salary transfer letter or salary certificate for salaried customers

• Account opening form for shares trading

• Liability letter for buyout cases

• Trade licence for self-employed customers

Emirates Islamic states that self-employed customers submit Personal Finance applications through its website or at one of its business banking centres.

The bank describes Personal Finance as a Shariah-compliant solution based on the purchase and sale of shares, commodities or certificates that the customer can keep or liquidate to generate cash.

Freelancers should review the product type, applicant route and supporting records requested by the chosen bank before submitting an application.

What Do Banks Review Before Issuing Credit?

A bank reviews an applicant’s financial position before issuing a credit card, personal loan or Personal Finance facility. For freelancers, the assessment can include income documents, recent account activity, current debt payments and credit history.

Income Documents and Bank Statements

The bank pages referenced in this article list salary certificates, salary transfer letters, trade licences and recent bank statements for specified applicant routes.

Bank statements show recent account activity. Income documents relate to the applicant route set by the bank. Freelancers should submit the documents requested for the chosen product and customer category.

Existing Liabilities and Debt-Burden Ratio

A new credit application is assessed alongside current monthly debt payments. The Central Bank of the UAE requires licensed financial institutions to examine a consumer’s credit record to verify solvency, ability to meet monthly credit obligations and past credit behaviour before providing credit.

The debt-burden ratio measures monthly debt payments against income. The Central Bank of the UAE states that the maximum debt-burden ratio under its individual lending regulations is 50% of gross salary and any other regular income from a defined and specific source.

Existing loan instalments and credit card obligations can affect an application for further borrowing.

Credit History

Etihad Credit Bureau provides individuals in the UAE with access to credit scores. The UAE government portal states that a credit score is a number that represents a person’s ability to pay loans and financial obligations.

Credit history forms part of a bank’s assessment. Emirates Islamic states that a credit card application can be rejected due to a low credit score or a high debt-burden ratio.

Which Documents Can Banks Request From Freelancers?

The table below brings together documents listed by Emirates NBD and Emirates Islamic for the products referenced in this article.

Document requirements depend on the bank, product and applicant route. Applicants should confirm current requirements with their chosen bank before submitting an application.

How Can Freelancers Prepare Before Applying?

Before applying for a credit card, personal loan or Personal Finance product, freelancers can:

• Review the eligibility criteria for the chosen product.

• Confirm the applicant route used by the bank.

• Gather the documents listed for that route.

• Review recent bank statements and current monthly repayments.

• Obtain a credit score from Etihad Credit Bureau.

• Ask the bank about further records requested during its assessment.

Submitting the records listed for the chosen product supports the bank’s assessment. The decision remains with the bank.

Before Applying for Credit in the UAE

Freelancers can apply for credit cards, personal loans or Personal Finance products where they meet the bank’s requirements. Before applying, review the documents requested for your applicant route, your existing repayments and your credit score. The final decision remains with the chosen bank.