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Loans for Taxi Drivers: Where and How to Apply

Filled under: Borrow 

With so many banks, lending companies and financial institutions, not all of them offer loans to taxi drivers.

Taxi drivers are also like most Pinoys, tough financial times pushes them to get a loan.

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Where can taxi drivers get a loan?

  1. Relatives and friends

If you are a typical Pinoy who have a few close relatives and friends, there is a high chance that you have tried borrowing from them. Borrowing money, however, is a tough test of trust. Once you break it, it would be hard to mend.

Unless you are too thick skinned, you won’t be able to face the person whose trust was broken because you never paid up. This is an old cycle that seems to be a negative part of the Filipino lending culture. As much as possible, if you choose to borrow from a friend, make sure you will settle it on the date you have promised.

2. Online lenders

The future of lending is online. Yes, this is now possible since a lot of things can be done online nowadays.

No collateral, no co-maker and no CI! Online lenders will measure your credibility as a borrower by requiring the basic documents: valid ID, proof of income and proof of billing. Though these requirements are seemingly simple it tells that you really have a regular job and you can afford a home and basic utilities.

3. Cash advance from the operator

Drivers can ask for a cash advance from their operators. These can be deducted from their salaries. Easy right? Aside from no interest, you will also get the money on the same day (sometimes on the next day). However, we have to face the truth that not all operators give cash advance.

4. Pawnshop

There is nothing wrong with pawning your belongings however, it will be heartbreaking to lose them if you fail to pay up.

5. 5-6 lenders

The 5-6 lenders are known to provide loans with minimum required documents. They are also famous for the high-interest rate of 20%. You are getting a loan to have a financial breather, not to go deeper into financial disaster.

Loan for Taxi Drivers

Cash Mart recognize the needs of taxi drivers. This is why a loan has been created to help them out. To qualify for a loan you must have the following requirements:

  • Driver’s license (Professional with restriction code 1 & 2)
  • Certificate of Employment (Minimum of 6 months job summary)
  • 1 supporting government ID
  • Copy of OR/CR
  • Drivers and Operator’s Association (TODA) proof of membership
  • Proof of billing (preferably electric bill)
  • Proof of income:
  • Latest payslip from your operator
  • Bank statement from the past 6 months if you own the taxi
  • Bank account with ATM Card

These requirements are all very basic. They are the usual ones you already have. You can’t drive without a driver’s license. You can easily get a COE and payslips from your operator. Another supporting document can be your NBI clearance, TIN ID, Voter’s ID, or Postal ID.

How to apply for a loan at Cash Mart?

Step 1: Visit cashmart.ph

  • Use the loan calculator. You can indicate the amount you want to borrow and the loan term: weekly, bi-weekly or monthly.
  • Choose weekly if you want to pay every week, indicate bi-weekly if you want to pay every two weeks. The monthly term is a one-time payment. As you can see, the calculator can help you decide the best term and amount fit for your needs.
  • Click “Apply Now” to start your application process.

Step 2: Keep your phone line open and wait for the call from a loan representative.

  • Once you receive the call, do not hesitate to ask any question. The loan representative will be happy to assist you with the loan process. Expect that you will be asked for three references (a relative, a friend, and a co-worker).
  • It is better to tell your reference to keep their line open and expect a call from Cash Mart.

Step 3: Check your ATM account for the disbursed cash.

After getting approved. Expect a loan contract to be sent to you through e-mail. Read it carefully, sign each page and send it back via e-mail. Expect your loan to be forwarded to your bank account in just a day.

Pay your loans diligently to get a good credit score. This will help you get a car loan or housing loan in the future.

Cash Mart’s loan process is absolutely online. Taxi drivers can apply for a loan without personally dropping by the office. It saves time and it’s convenient.

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