Loans for Taxi Drivers: Where and How to Apply
Loans for taxi drivers updated on August 2022
With so many banks, lending companies, and financial institutions, not all of them offer loans for taxi drivers.
Taxi drivers are also like most Pinoys. Tough financial times push them to get a loan.
Where can you get loans for taxi drivers?
Relatives and friends
If you are a typical Pinoy who has 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 will 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. It is an old cycle that seems to be a negative part of the Filipino lending culture. So as much as possible, if you choose to borrow from a friend, make sure you will settle it on the date you have promised.
The future of lending is online. Yes, this is now possible since there are many things you can do 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 billing proof. Though these requirements are seemingly simple, it tells that you have a regular job and can afford a home and basic utilities.
Cash advance from the operator
Drivers can ask for a cash advance from their operators. These can be deducted from their salaries. It is easy, right? Also, you will get the money on the same day (sometimes on the next day). However, we must face the truth that not all operators give cash advance.
There is nothing wrong with pawning your belongings. However, it will be heartbreaking to lose them if you fail to pay up.
The 5-6 lenders are known to provide loans with minimum required documents. They are also famous for its high-interest rate of 20%. You are getting a loan for drivers to have a financial breather, not to go deeper into financial disaster.
Personal Loans for Taxi Drivers
Cash Mart recognizes the needs of taxi drivers. That 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 codes 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 basic. They are the usual ones you already have. For example, you can’t drive without a driver’s license. In addition, you can easily get a COE and payslips from your operator. Another supporting document is your NBI clearance, TIN ID, Voter’s ID, or Postal ID.
How to apply for a loan for drivers 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, and indicate bi-weekly if you wish 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 questions. The loan representative will be happy to assist you with the loan process. Expect you to 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. You can apply for a loan for drivers without personally dropping by the office. It saves time, and it’s convenient.