Dec. 22, 2022, midnight

Being defrauded is possible when you request personal or institutional finance as unlicensed institutions may get you exposed to fraud and that may lead you later to face unneeded judicial problems.

Therefore, in the following article, we guide you on how to deal with financial institutions and how to avoid fraud from unlicensed agencies, also, show you the most important steps in requesting personal finance from licensed agencies on the internet smoothly.

Personal finance in 2022

Requesting personal finance is a trend nowadays for many purposes all leading towards improving living and satisfying needs. Personal Financing helps individuals achieve their goals rapidly, especially with the variety of payment systems and financial solutions in funding institutions these days.

However, the crisis is still facing fraud from unlicensed finance companies, so we are going to know how to detect unlicensed institutions to avoid dealing with them.

How do you detect unlicensed financial institutions?

Saudi Central Bank “SAMA” revealed the names of the licensed financial institutions in Saudi Arabia where you can get finance confidently.

You can know this list by the following:

* Visit the website of the Saudi Central Bank “SAMA”.

* You can enter directly through this link to get the list of licensed institutions from Here.

* The site will show you the names of licensed institutions and the license number beside each company.

* Write the name of the company in the search box to make sure that the company you are going to deal with is in this list and immediately the name appears in the box.

If you did not find the name in the list, this means it is not licensed and therefore you can not deal with it to avoid fraud and judicial problems.

Important recommendations before dealing with financial agencies

We show you the most important recommendations that must be taken into consideration when dealing with financial agencies in 2022 are as follows:

* Choosing a licensed financial agency: First, you should choose a licensed financing agency from Saudi Central Bank SAMA to avoid fraud from untrusted agencies.

* Read the terms: before your request for a personal loan, read the terms and make sure you are suitable for these terms.

* Financing calculator: several financial companies offer this calculator like Tayseer company as it enables you to calculate the monthly installment and the annual profit rate according to the finance amount you request and the duration of the installment. So we advise you to use this calculator before submitting your request.

* Preparing documents: prepare the requested documents completely to be able to get approval for your request quickly.

You can submit your request successfully and get it fast.

How do you protect yourself from online financial fraud?

We advise you to follow these tips to protect yourself from online financial fraud in 2022:

* Don’t respond to unknown phone calls or email message which claim that they are licensed.

* Protect your mobile from hacking by putting security programs against any unknown institutions.

* If you are being fraud, directly report Saudi Central Bank to take necessary procedures against the accused agency.

Personal financial solutions from licensed agencies are your support to meet your needs and achieve your goals. Don’t think a lot and get your finance from a licensed agency now.