In this challenging period, more people are turning to become freelance drivers for ride-hailing apps, such as Grab and Gojek. They do it for a variety of reasons, be it supplementary income amidst pay cuts, or to maintain their living expenses as they search for a new job. Yet, the life of a Grab or Gojek driver is a difficult one, ranging from high starting costs to high repair bills in the event of untimely road accidents. Read on to find out more about how Grab loans in Singapore help protect our hardworking drivers.
They make it easier for drivers to take to the roads.
We all know how expensive it is to own or lease a car in Singapore. The high upfront costs of a car and car loan interest rates, coupled with high COE prices and miscellaneous fees such as car insurance and road tax, can amount to an exceedingly high barrier to entry. Rental fees are another alternative for drivers who cannot afford these costs upfront, but can eat away at monthly income over the long run, making committed drivers preferring to purchase their own car.
A Grab personal loan helps by making it easier to start owning a car and earning income through ride-sharing. With fast approval and affordable interest rates from licensed moneylenders, they offer a great alternative to take to the roads in your own car, and can be easily repaid with a few months of regular income.
They reduce the negative impacts of car accidents.
Nobody wants to get into a car accident, no matter how minor. For Grab and Gojek drivers, they have an even greater incentive to avoid them, as it directly impacts their livelihood – every day a car remains at the workshop is a day they aren’t earning money. A Grab loan in Singapore helps to compensate for such scenarios in dire circumstances, allowing the driver to rent a car temporarily and continue earning income while waiting for his car to be repaired, or to temporarily pay for general household expenses that would have been earned with daily driving.
In addition, most drivers prefer to settle minor accidents privately, rather than going through car insurance claims and affect their no-claim discount (NCD). A Grab personal loan provides a quick injection of cash for them to pay for repairs upfront, allowing them to maintain their NCD and save more on car insurance and costs in the long run.
Finally, hospital bills can easily exceed tens of thousands for more severe car accidents, especially if extended hospital stay and surgery is required. While many drivers can claim medical insurance to recoup the cost, the insurance payout may take months to arrive and medical bills must be paid upfront. A Grab personal loan helps to alleviate this issue and ensure that no additional higher interest loans need to be taken.
They help ensure drivers’ lifestyles remain stable.
With all the high costs required to maintain or rent a car, it can impact families who may not have enough to live on a day to day basis. This can hit them hard on days where drivers may not get as much business, and can lead to much uncertainty and an unstable quality of life. With all the stress that drivers already face on the roads and dealing with commuters, the last thing they need is being worried about the added burden of making ends meet.
A Grab loan in Singapore helps to provide a ready pool of funds for various basic necessities, ranging from water and electricity bills to general grocery shopping for household needs. It also allows families to not need to overly tighten their spending, helping to tide through rocky periods.
Interested in finding out more on how you can take a Grab personal loan? Visit R2D Credit today to find out more.