For the fifth year in a row, Singapore has been ranked as the most expensive city to live in, ahead of cities like New York and Dubai. Fortunately, the rise of ride-hailing apps like Grab and Gojek had served as a life-savers for many Singaporeans looking for an alternative source of income.
Being a Grab / Gojek driver allows countless Singaporeans to earn a good income along with benefits like flexibility and generous incentives.
However, just like any other businesses, there would certainly be difficult times when you are unable to get enough customers or when you have to pay for the increasingly costly car maintenance fees. If your Grab / Jogek career is going well, you may also decide to purchase a car which would cost you a minimum of 30% down payment! These are the periods where you would need urgent money to solve your cash flow problem.
Traditional banks would take weeks, if not months to approve a loan. You would also need to have an excellent credit score to get obtain a loan from them. Fortunately, there are other alternatives like a Grab / Gojek driver loan that could give you cash on-the-spot. Besides, it would only take 15 minutes to get approval!
What is Grab / Gojek driver loan?
Grab / Gojek driver loans are similar to personal loans. It is a financial package that caters to Grab or Gojek drivers with high flexibility at comparatively low interest rates. By using their income from Grab / Jogek, drivers could easily get cash to meet their urgent needs like medical bills or to repair a damaged car.
These loans DO NOT require any collaterals as they are unsecured loans. Therefore, borrowers do not have to bring any valuables or personal property during their application. This would make it much easier for Grab and Gojek drivers to apply for a loan!
The approval of Grab / Gojek driver loans depends on the credit history of the application. Fortunately, the requirements are not as strict as banks or other financial institutions so you do not need a perfect credit score or repayment history.
Grab / Gojek driver loans are generally offered by licensed money lenders who are recognized by the Ministry of Law and fully adhere to their regulations. Borrowers are fully protected by the rules set by the Ministry of Law.
Grab / Gojek Driver Loan Features
• Loan Amount: up to 6x monthly income
• Interest rate: As low as 1% per month
• Repayment Period: Up to 6 months
• No guarantor required
• No collateral needed
How to Apply for Grab / Gojek Driver Loan?
There are many licensed money lenders in Singapore offering Grab / Gojek driver loans.
However, borrowing from the wrong one would be a very costly mistake. Some unethical lenders may charge hidden fees or take advantage of you by setting very high interest rates. Therefore, we would advise you to follow these steps to find the right lenders.
• Do sufficient research
Always do your homework before engaging with any licensed money lenders in Singapore. We’ve prepared a checklist for you to help you find the best licensed money lenders.
1) Check if the money lender is officially listed under the Registry of Moneylenders. You could find the complete list at their website.
2) Ask people around you about the reputation of the licensed money lenders or check their Google Reviews.
3) Find out the interest rates, repayment periods and any relevant fees offered by the money lenders. You could do so by simply CALLING their office numbers. (NOTE: Always call the official office number of the business as stated on their website)
4) Check if the licensed money lender is located at a place that is convenient or easily accessible by you.
5) Shortlist at least 3 licensed money lenders and compare their deals.
• Make appointment
Call the licensed money lender you have chosen and make an appointment.
Tell them your situation and make sure that they are able to approve your loan before you go there. This would save up your time and effort.
Just imagine spending your precious time going to the licensed money lender’s office and getting rejected!
• Visit the Licensed Money Lender’s Office to get cash
Head to the office of the licensed money lender you have chosen to apply and get your Grab / Gojek loan approved!
**It is important to note that it is legally required for licensed money lenders to approve at the office of the licensed money lender.
Documents to Bring
To speed up the application process, you have to bring the following documents.
• Your National ID Card
• Proof of residency (could be utility bills or letters with your name & address)
• Latest bank statement (bank account where you keep your Grab / Gojek income)
• Latest 3 months payslips (Grab / Jogek payslips)
• Car rental agreement
• Aged 21 and above
• Singapore citizen / PR
• Currently employed as a Grab / Gojek Driver
Factors to Consider
These factors would determine whether you get a good deal from the money lender.
This means the length of time to fully pay off the loan. We suggest you to find a balance between what you can afford versus the higher repayments. Don’t let any licensed money lenders dictate the loan terms as you should only accept what is comfortable for you. Remember, you could always find another licensed money lender if you are not satisfied with the current offer.
Loan terms can range from as short as one week to 18 months depending on individual licensed money lenders and their policies. However, a good credit history would always help to get longer repayment periods.
You could choose weekly, bi-weekly or even monthly payments for your Grab / Gojek driver loan.
Always, always compare interest rates. It is one of the most important factors to consider as it determines your repayment amount.
According to the Ministry of Law, licensed money lenders can only charge up to a maximum of 4% per month. Of course, it would be wise to look for the loan with the lowest interest rates.
Remember to ask if the rates offered are on a weekly or monthly basis as some licensed money lenders may tell you a very low interest rate but it is calculated on a weekly basis.
Other Fees and Charges
Make sure to ask about all the relevant fees and penalties that may incur before accepting a loan.
The Ministry of Law states that licensed money lenders are only allowed to charge the following fees.
•a fee not more than 10% of principal of the loan
•a fee not more than $60 per month for late repayment
•legal costs incurred by the court for any successful claim by the licensed money lender to recover a defaulted loan.
Do report any charges that are unlawful to the Registry of Moneylenders.
The Singa Credit Advantage
With more than 20 years of service excellence, Singa Credit is the most reputable licensed money lender in Bugis. We are fully licensed under the Ministry of Law and adhere to the highest ethical standards to fulfill your financial needs.
• Fastest Approval
To save up your time, Singa Credit has formulated our own Grab / Gojek loan calculator. With this, we could get your loan approved in less than 15 minutes!
• One percent Loan
With 20 years of experience, we were able to pioneer the 1% loan program to help you navigate through hard times. We truly believe that loans should help relieve your burdens instead of getting your deeper into debt.
Our 1% financial package is now a fully-fledged product with excellent track record of benefitting Grab / Gojek drivers and helping them back on track with life. More importantly, we offer financial advice to help them stay financially healthy in the future. Get a free consultation from our loan officers now.
• Flexible repayment schemes
We want you to be comfortable with what you could afford. This financial package caters to Grab / Gojek drivers which means the repayment period is generally longer. This allows smaller repayments which would be better for drivers who would face hard times when business is slow.
We would always study your situation and come up with a repayment period and amount that caters specifically for you. Don’t worry, just tell us your concerns and we would customize the best financial plan for you!
• Easy access
Much to your convenience, Singa Credit’s office is located in Bugis Cube which is just a 1-minute walk away from Bugis MRT! You could find our location here.
At Singa Credit, we always understand that no two loans are the same. Our loan officers are trained to formulate financial packages that would address your unique concerns. Integrity, honesty and excellence are values that we always adhere to. With this, borrowing money from us would be totally safe.
Once you accept a financial package from us, you would have a loan assistant dedicated to your loan account. Singa Credit has excellent customer service so you could contact us anytime during our business hours. We are even open on Sundays!
Apply for a Grab / Gojek Driver loan with us now! Fill up our online application form here.
• Who can apply for Grab / Gojek Driver Loans?
Grab / Gojek drivers aged 21 and above are all eligible to apply as long as you can show proof of income.
• What is the maximum amount that I can borrow?
For Grab / Gojek Driver Loans, the maximum amount is
1) Annual Income < $20,000 = $3,000
2) Annual Income > $20,000 = up to 6 times monthly income
• Can I apply if I have existing loans with other lenders / banks?
Yes. Just be truthful to us. Our professional officers would assess your situation and structure a loan that caters to Grab / Gojek drivers like you.
• What is the interest rate?
Singa Credit offers interest rates as low as 1%. Apply now here.
• Can I apply for a bigger loan amount?
Definitely. We would offer bigger loan amounts to you once you fully pay the current loan without late payment records.
Apply for a Grab / Gojek Driver Loan on our trusted website now!