Since the Covid-19 pandemic hit, many industries have been badly affected, especially the travel and service industry. With new social distancing measures, there has been significantly lesser passengers on the road for taxi and private hire drivers. As driving may be their only source of income, many Grab drivers may be hit hard with this new normal. While their customers have greatly reduced, their rental fees and expenses still remain the same; thus, it can be challenging to sustain a driving career in Singapore. If you are a Grab driver, here are some reasons why you should consider a Grab personal loan to help you get through this uncertain time.
What is a Grab personal loan?
A Grab personal loan is designed specifically to alleviate the financial stress Grab drivers face. It is an unsecured personal loan that drivers can borrow from banks or licensed money lenders. It is a lump sum that can be borrowed and returned in fixed instalments over a period of time.
A Grab personal loan can come in handy in emergencies and unforeseeable situations such as the Covid-19 pandemic, which can greatly affect many drivers’ income. In such times, it can be difficult to make just enough money to cover your daily expenses. Having access to a lump sum of cash from a Grab personal loan can significantly help you ride through some tough months.
What can a Grab loan in Singapore be used for?
Instead of dipping into your cash savings or emergency fund, a Grab loan in Singapore can help you cover some expenses especially for bigger ticket items such as car repairs or accidents. If you are using your own car, your operating costs can be quite high as compared to taxi drivers. For instance, you will need to pay for your own commercial insurance, maintenance fees, petrol and emergencies.
A Grab loan in Singapore can be used to help you pay for these expenses upfront so that you can fix your car and pay your rental fees on time without affecting your job.
Why should you apply for a Grab loan in Singapore?
R2D Credit is a licensed and reliable money lender in Singapore providing quick and legal cash loans to our consumers. We are constantly improving our processes to provide our customers with the best financial solutions and strongly believe that every individual should have equal access to credit during financial crises.
R2D Credit offers Grab personal loans to meet every driver’s needs. Whether you are in need of urgent cash to repair your car or to tide through months where you are unable to drive due to family commitments and other emergencies, R2D Credit’s Grab personal loans have got your back.
For Singaporeans and foreigners living in Singapore, you can loan up to 6 times your monthly income when you apply for a Grab personal loan with us. This depends on 2 factors – your income and credit score. Licensed money lenders in Singapore typically offer lower interest rates compared to banks and credit cards. When you take out a Grab personal loan with us, do compare the interest rates across the market and find the best package to suit your needs.
We also offer flexible repayment terms of up to 12 months so that you can focus on driving on the road with lesser financial burdens. You can rest easy knowing that your loan applications are handled quickly and efficiently by our team of trusted financial consultants.
Ready to find out more about our Grab personal loans? Contact our friendly team of loan experts at R2D Credit today!