Singapore is one of the world’s most expensive cities to live in, their cost of living can be higher than other Southeast Asia countries. In line with these, people in Singapore are striving hard to cope up with their everyday expenses. Perhaps having a full time job will not suffice the needs of a family who is living in Singapore. Another job should be added to be able to earn money that can give your family a comfortable life.
Getting a car in Singapore can be so expensive, with 40-50% downpayment of the car’s value, it might be difficult for someone who does not have enough savings to own a car if they want to be a taxi driver. With more demand on grabdrivers, there are many lending companies and institutions in Singapore who are offering Grab loan. Driver loans can differ in many aspects, it all depends on the lending company on what they offer.
GrabTaxi is becoming more popular nowadays because of the many benefits that the passengers enjoy when riding this transportation. One is the safety of the passengers. Anybody who is riding a vehicle would always want to be safe from the time of pickup to the time when they arrive at their destination. Also, the driver can also be sure of their safety, the application being used to book a vehicle will filter the customer who is booking the ride. The driver will see who booked and the customer will see who the driver is. Also, the passenger can see the route of the journey to where they are going. The drivers are also experienced, trained and strictly screened. They have passed an examination to be able to penetrate the GrabTaxi industry. Another reason why this transportation is highly recommended. The drivers also have insurance, so whatever happens to them, they can be sure that they will be covered. Consumers can also enjoy the convenience of not waiting too long for their ride as GrabTaxis provide you with quick and accessible drivers that will pick you up where you are. It is also favorable for most drivers because they can control their own time. Riders can also enjoy the transparency of the transportation charges onset of their booking. They will be prompted with the amount that they need to pay before booking a driver and they have the option to go through with it or not.
Applying for a Grab financial loan
This may somehow be like a personal loan that is most of the time unsecured wherein you will not need to give a collateral or have a guarantor. Lenders will still need to check your credit grade to be able to be qualified. Ig you have a good credit score, chances are, you will get an easy and fast approval for your grab finance loan. You will also get a good amount of money plus lower interest rate with a good credit score. It just might take some time before you will be approved if the credit records that you have is not good at all but they can still consider you for the loan but with a higher interest rate compared to the one with good credit score. Drivers should also present their ID, driver’s license, taxi pass, job summary and specific documents like proof of income, billing, rental agreement of the car and annual income.
Advantages of Grab Financing
The process of getting a driver loan can be that of applying for a personal loan however, it is really important that you make sure to check that you are dealing with legit money lenders in Singapore so that you will not get in trouble in the near future. The legal ones will not cause you stress when you borrow money, the transaction is always smooth when it comes to them. They will give you a loan that will be able to help you that is why they make sure that the amount of repayments are being calculated based on your ability to pay. Most of the lenders are also very skilled in expediting the process of the loan that they handle. They also offer you interest rates that are mandated by the law of Singapore.
Things to look at when getting a driver loan
It is very vital to contemplate on things before getting into a conclusion. If you want to get a driver loan, you should always think of it a million times first before your final decision. You should first shop around for legal money lenders, check their offers, like the interest rate. These can be very important on the loan itself as the payment that you will give back will have interest rates. The lower the interest rate is, the better for you. There are also the fees and charges that a financial institution or company adds on your bill. Make sure there will be no hidden charges and make sure that every cent is transparent. You should also consider the term of repayments. The duration of your loan repayment matters because you need to know when you get out of the loan and ensure that you can make payments during the scheduled time of payment because not doing so will still impact your credit score and can affect your financial life in the near future.
To wrap it up, being a Grab taxi driver in Southeast Asia can also be challenging if you are not financially ready but there are driver loans that are available for you to avail from legit money lenders. The driver loan is basically the same as the personal loans, it’s just that this time, you will use the money that you will borrow to put more food on your family’s table by doing GrabTaxi.