Loans are an important financing method that contribute to achieving the financial goals and ambitions of many individuals. As time progresses and women’s conditions improve in our societies, loans have become a necessary financial tool that enables married women to achieve financial independence and achieve their goals.
There are many married women who dream of changing their lives for the better, to become entrepreneurs and business leaders if they obtain the necessary financial support. In this article we will explore the mechanism of granting loans to married women, and we will review the importance of these loans to them.
We will also take a look at the advantages and challenges of this type of financing, in addition to some useful tips for married women who are thinking about starting a financial project or achieving personal financial goals.
The importance of granting loans to married women
Granting a loan to a married woman is of great importance in empowering her in many ways, including:
Achieving financial independence
Loans enable married women to obtain capital that will help them start or develop their own project, whether commercial, industrial, or service. Thus, women become owners of their own businesses and are responsible for its management and development. Her ability to spend, save and invest increases, and improves her and her family’s standard of living and self-confidence.
Family support and economic development
Loans for married women benefit not only the woman herself, but also her family and community; A woman uses part of her income to meet her family’s needs for food, clothing, housing, and other things. It also contributes to paying the costs of education and health for its children, which raises the level of awareness in the family. Moreover, women participate in the normal economic activity in their society, whether by purchasing goods and services from others, or by selling them, thus enhancing the production process, collecting revenues and taxes, and creating new job opportunities.
Encouraging women to innovate and create
Granting loans to married women encourages any married woman to exploit her talents and abilities in creating innovative and creative projects. Where a woman can choose the field that suits her passion and experience, whether it is in trade, industry, services, or the arts. As a result, it can develop new or improved products or services that meet customer needs and exceed their expectations, and stand out in the labor market with the quality of its work and innovation.
Improving the level of education and culture for women and their children
Loans for married women help women raise the level of education, health, and culture for themselves and their children. She will become more aware and knowledgeable about her rights and duties, learn how to manage and develop her project, how to maintain her health and the health of her family, and she will learn about different cultures. She raises her children to love learning, creativity and integration.
Achieving gender equality and justice
Loans for married women contribute to achieving gender equality and justice in society. Women become more powerful and empowered in their field of specialization, so they will receive equal income with their fellow employees. A woman can also become more independent and free to choose her destiny, and make her decisions based on her interests and the interests of her family, not on what circumstances dictate to her, so that she can be a role model for other women, encouraging them to change.
Stimulating the spirit of entrepreneurship
Granting loans to married women enhances women’s entrepreneurial spirit and increases the culture of self-employment in society. When a woman becomes an entrepreneur, she will lead her project with courage and determination, and face challenges with the greatest possible creativity. A woman will benefit from the training, workshops, and guidance provided by loan-granting institutions, develop her skills in planning, management, and marketing, use technology to facilitate her work and increase its effectiveness, and build networks of relationships with her clients, its partners and peers.
Different types of loans for married women
Loans for married women come in different forms to suit their financial needs and goals. Here are some different types of these loans:
Personal finance loans
They are loans used for various personal purposes, such as education, travel, weddings, etc. These loans may not require the borrower to provide any physical security, as they can rely on trust, competence and credit history.
Real estate loans
These are loans used to purchase, build, renovate or develop a residential or commercial property. These loans require the borrower to provide fixed security, such as a property or title deed, to guarantee repayment of the loan in the event of default.
Entrepreneurship and small business loans
Business loans help married women start small businesses or expand their existing businesses, and are used to finance business activities such as small shops, professional services, or industrial projects. To apply for this type of loan, you must submit a detailed business plan explaining how the loan will be used and how profits will be achieved.
These are loans used to cover the costs of education, whether it is university study, training courses, professional certificates, or anything else. These loans may be with or without a guarantor, depending on the conditions of the granting institution.
Investment financing loans
These are loans used to invest in profitable areas, such as stocks, bonds, real estate, etc. So it can be used to increase income and improve financial investments.
How to choose a loan for married women
- Determine the reason for the loan: The purpose of the loan request must be determined, and the added value it will provide to the project. Is the loan to purchase equipment or raw materials, pay off debts, expand the scope of the business, or something else? The borrower must be clear and honest in determining the reason for the need for the loan, and justify it with evidence and documents.
- Determine the required loan amount: The borrower must carefully calculate how much money she needs to implement her plan, and avoid requesting a loan that is excessive or incomplete than required. It must take into account its ability to repay the loan and the interest it accrues.
- Determine the source of the loan: The borrower must search for financial institutions that provide suitable loans for her project, whether they are banks, financing companies, or other financing parties. You must compare the conditions and requirements of each source, and choose the best one in terms of flexibility, ease and cost.
- Determine the type of loan: The borrower must know the types of loans available in the market, and the advantages and disadvantages of each type. Do you prefer a loan with additional collateral or without collateral? Do you prefer a short-term or long-term loan? Do you prefer a personal or business loan? She must choose the type of loan that suits the nature of her project and its capabilities.
- Checking the interest rate: The borrower must verify the interest rate applied to her loan, and understand how it was calculated and applied; Is the interest fixed or variable? Is it advance or deferred interest? Is it simple or compound interest? You should choose the lowest and most transparent interest rate and work out whether you can repay it.
- Assessing the ability to repay the loan: The borrower must plan how to repay the loan and interest on the specified dates, determine her sources of income and expenses, and agree with the granting source on the repayment method that suits her, whether monthly, quarterly, semi-annual, or annual payments; It must adhere to its financial obligations and avoid delays or defaults.
How does Al Raedah help in granting loans to married women?
Al Raedah has become the main financing company for small and medium enterprises in the Kingdom of Saudi Arabia since its establishment in 2016, as it enables individuals and small enterprises to grow and achieve their commercial aspirations by providing cash liquidity and appropriate financial solutions that reflect positively on their business, with products that are in conjunction with Islamic Sharia controls.
The most appropriate financing solution can be chosen from a group of solutions to finance the commercial project and with the most appropriate payment method. Al Raedah Finance is distinguished by its speed and high flexibility in credit studies and in the method of financing repayment, which ensures a wonderful financing experience.
The most important features of Al Raedah products:
- Al Raedah provides innovative digital financial solutions that integrate human experience with technology.
- Financing solutions at Al Raedah Company are licensed by the Sharia Board.
- Fast financing; Once the required documents are completed, the financing amount can be obtained within 5 working days.
- Al Raedah requires fewer documents than any other competitor.
- Al Raedah provides support for the development of the business project wherever the person is throughout the Kingdom of Saudi Arabia, through one of several financing options.
- Al Raedah understands the challenges and financial problems that customers face, and always strives to solve them with flexibility, ease and speed.
- Al Raedah provides technical financing solutions without complex financial statements.
- Al Raedah enjoys a flexible payment mechanism through payment deductions without fixed monthly installments. So as not to hinder the client from continuing to develop his business.
- Al Readah allows you to obtain the liquidity your project needs without any guarantees.
- With Al Raedah, you can submit your application to the company online.
Types of financial solutions and loans we provide
Al Raedah financing solutions are designed to suit the unique and distinctive needs of small and medium enterprises. Because every activity is different from the other. As a direct lender, it offers fast and simple financing solutions, depending on the type of financing best suited to the size of the business.
Point of sale financing program at Al Raedah Company
Al Raedah launched a point-of-sale financing program to help male and female entrepreneurs who want to enhance, develop and expand their businesses by obtaining flexible financing in record time. Therefore, it designed a flexible and smooth program for them that helps them achieve their ambitions without any periodic monthly installments.
Features of the POS financing program at Al Raedah Company
- The POS financing program does not require a guarantor.
- No monthly installments needed.
- The maximum financing amount is 7,500,000 Saudi riyals.
- Payment method is daily through point of sale payments.
- The customer must have POS devices for at least three months.
- The client must have an existing business for 6 months.
- A one-time fixed administrative fee of 1.5% (SAR 5,000) is charged.
- Financing up to 21% of annual POS sales with a repayment term of up to one year.
- Financing up to 38% of annual POS sales with a repayment period of up to two years.
- Financing up to 50% of annual point-of-sale sales with a repayment period of up to three years.
E-commerce financing program
Al Raedah launched an exceptional e-commerce financing program for clients affiliated with business entities, commercial establishments, and partners with whom they have established strategic relationships, led by platforms active in the fields of technology and e-commerce. Al Raedah Company provides stores with the opportunity to obtain the financing service that best suits their needs, according to their monthly online sales.
Al Raedah provides loans that put the success of a married women’s project in their hands quickly and in a flexible manner, so wherever they are located in the Kingdom of Saudi Arabia, any Saudi woman can now simply apply for loans without a guarantor with Al Raedah, and obtain it within just 5 working days. Why wait? Get in touch today.