Applying For A GrabTaxi Driver Loan in Singapore: 5 Things One Can Use a GrabTaxi Loan For (2019 Update)

 

5-Things-One-Can-Use-a-GrabTaxi-Driver-Loan-For

GrabTaxi drivers have it made!

As a GrabTaxi driver, you’ll get to enjoy various benefits from Grab’s partners such as discounts on fuel, servicing and other retail offers on beauty services and dining options.

Benefits Of A GrabTaxi Driver Loan

In addition to that, there are 3 major benefits that any GrabTaxi driver can look forward to:

1. An Increase In Income 

Riding on the good name of this company, Grab drivers are able to increase their clientele and the number of trips they make daily. The company works to ensure that they get at least ten rides daily. Those who accept short rides also see a revenue increase of as much as 40% monthly. There is also an additional cash incentive for those who are willing to take short rides.

2. Economy 

The company does its best to ensure that drivers save up on both time and fuel costs because one does not have to drive around in order to get clients.

3. Safety Measures 

Safety is of utmost concern for taxi drivers. The GrabTaxi app has been created in such a way that it shows passenger details and the itinerary so that the driver has enough information to feel comfortable about the ride.

That said, you can also use the pay slip from the taxi app as an income proof in order to take out a GrabTaxi driver loan. These are personal loans that are specifically tailored to match the needs of taxi drivers. Moreover, these are unsecured loans with a tenure that tends to be longer than usual. This means that by taking such a loan, you will have the added luxury of time to pay it off at a comfortable pace. But why would anyone take such a loan?

Why Apply For A GrabTaxi Driver Loan?

There are several reasons why one might need to take out such a loan. Due to the fact that they do not come restricted to a particular use, they can be used for the following and other reasons:

1. To Consolidate Debt 

Most people walk into the debt trap unknowingly. In fact, one or two mistakes can put you in over your head. Debt consolidation can help get you out of the trap so that you can comfortably lower your debts and even fully come out of debt. Debt consolidation is ideal if you find yourself in the following situations:

  • High interest debt – In the event that you have an existing debt for which you are paying very high interest rates for, a loan like this one that offers lower interest rates is ideal. Most times high-interest debt is in the form of credit card debt.
  • Different types of debt – When you have too many different types of debt, combining the debts so that he or she is only paying off one loan makes a lot of sense. The debts become manageable and no payment slips through the cracks.

2. Medical Expenses 

A medical emergency or even a medical expense that comes out of nowhere and is not fully covered by insurance can also require that you take out a loan like this one. Instead of using a high-interest credit card, especially when you know that the amount will not be fully paid off in one month, a low-interest loan works better. One of the major benefits with such loans is that you are often able to qualify for a larger loan amount compared to credit card loans.

3. Home Repair Or Home Improvement Costs 

Sometimes a home repair emergency comes up or in some instances there is a need to make a small home improvement that doesn’t need for you to refinance their home, get a new line of credit, or take out a home equity loan. On other occasions, you may have taken out a home renovation loan only to find that the money is not enough. Such a loan provides the necessary funds at a more affordable rate and with better terms.

4. Purchasing An Engagement Ring Or Paying For A Wedding 

These are important occasions in anyone’s life. Weddings are probably going to be one of the most expensive affairs in your life. With a little help from a good lender, you can turn your dream wedding into a reality. Additionally, paying for a wedding can be costly. Even a small, intimate affair can still cost a pretty penny. GrabTaxi driver loans can help offset such costs to make this most important day beautiful without necessarily being exorbitant.

5. Vacations

Taking a vacation is one of those things that you should be able to save for over time, but sometimes you may find that you fall short on the funds needed. A loan can provide money for the flight tickets, or for spending money during the vacation. If you’re looking to pay for a honeymoon but have already exhausted your finances to pay for the wedding, a loan can provide what is needed to ensure that you and your partner have a fabulous honeymoon that they will remember for a long time to come.

A Few Things To Note

Do note that having access to a GrabTaxi Driver loan does not provide you with an excuse to get deeper into debt. Such a loan should be used as a tool to help one out, and then get out of debt as soon as possible. There is a reason why it is important to pay off a loan as soon as possible.

In Singapore, the government has capped debt to service ratio at 60%. That means that the amount of money allocated to debt repayment should not exceed the 60% mark. This amount includes education loans, mortgage, credit cards, and every other debt that one accrues. Paying off debt as soon as possible keeps that ratio low which means that lenders can give one the money needed in the event of an emergency.

Your credit profile will be a major consideration when looking at GrabTaxi driver loans. With good credit, you’ll be able to get better credit terms in terms of interest rates. If you have a bad credit, you might still be able to receive the loan but the terms will be tougher. Most times the interest rates are above average. It is therefore important that you maintain your good credit score to ensure that you will not fall victim to higher interest rates.

Applying For A GrabTaxi Driver Loan With Horison

At Horison, we believe that loans should be made accessible to everyone. Hence, we have laid out simple eligibility requirements that you can meet easily. 

To apply for a loan, you will have to first fill out our online loan application form. If you wish to find out more, you can always speak to us. After doing so, we will be in contact with you shortly. Thereafter, all you have to do is to make a trip down to our office and provide us with a proof of identity in the form of your NRIC, along with your relevant payslips. In doing so, you’ll be able to receive your loan within the hour.

With a stable and reliable source of funding in the form of a GrabTaxi Driver loan from Horison, you can then put your finances at ease.