Dubai / Emirates Business
An emergency cash funding platform has been launched by two Dubai-based finance entrepreneurs aimed at helping UAE consumers to avoid entering a debilitating debt spiral by facilitating access to short term cash.
A new Online Service called BuyBackBazaar enables access to instant cash to customers who sell their possessions such as a phone or laptop and then have the option to buy it back at a later date. The company is operating from Dubai Technology Entrepreneur Centre in Silicon Oasis, the largest technology hub in the Middle East.
The system is the first of its kind exchange where multiple Member Shops provide their best price to buy specific gadgets for cash immediately and quote their lowest service charge for selling the same gadget back to the customer at a future date. All Member Shops on the exchange can see the market prices prevailing at the time across all items and can raise their bids or lower their service charges to ‘win’ the next customer deal. As a result, the customer is guaranteed the most competitive price available.