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How Uber and Grab Drivers Can Get a Loan?

Filled under: Borrow Car 

(Updated March 22, 2017)

It has been awhile since Uber and Grab has been advertised as a way to earn more while alleviating the worsening traffic in Manila.

Uber and Grab drivers may earn just like those working in offices (perhaps more). However, though earning may be as easy as these companies want us to believe, there are certain things you need to spend on in order to maximize your earnings as Uber or Grab driver.

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What Uber and Grab drivers usually spend on?

  • Food Allowance

You need to eat. You are a human being who needs to be fueled with food. If you are a full-time Uber/Grab driver, you will need to stop and grab a meal sometime during the day. Not eating may make you dizzy and this might be your ticket to an accident.

  • Gas

Your car needs fuel to run. Of course, part of your income will go to gas.

  • Carwash

If you have an extra time, then you can cross this one out. But there are still drivers who prefer driving to carwash shops and wait for 30 minutes or so. Riders appreciate clean cars and this could be a way to earn good reviews.

  • Internet

You use Waze aside from you Grab/Uber app. Of course, you will need a data subscription or a postpaid Wi-Fi service to use these apps.

  • License Renewal

Driver’s License renewal is mandatory, but it will never be free. This is the same with your car’s registration. Also, you need to set aside one day to renew your license. This means you won't have an income for a day. Time is money in this business.

  • Maintenance Fee

You are using your car on the daily basis. You need to maintain it regularly to prevent future vehicle problems.

Surely there will be times when your income falls short of sudden expenses.

Why Uber and Grab Drivers Usually Need a Loan?

  • Medical bills

Nobody wants to get sick, however, there will be times you or your loved ones will get sick when you least expect it. If you do not have any savings, then you will have to resort to loans.

  • Sudden car breakdown (for Car Owner-Driver)

Having a car breakdown is no joke. Unless you own the equipment and you have enough knowledge on how to fix the problem, then you need to spend on it.

  • School expenses of children

If your kids go to private school, then you know that every month or quarter, you need to pay off the tuition fee. If you don’t have enough cash and you can’t have a promissory note, then you need to get a loan.

  • Previous debts

If you have an existing loan which has an astounding interest rate, then you better pay on time rather than let it roll into a bigger snowball. Some individuals get a loan to pay off an old loan. Though we don’t think this is a good idea, this seems to be already a part of our lending culture.

  • Renewal of registration and license

If you have not enough savings, you will need a loan to get renewed.

Personal Loan for Uber and Grab Drivers

To qualify for Cash Mart’s personal loan you must have the following requirements:

  • Driver’s license (Professional with restriction code 1 & 2)
  • 1 government ID
  • License to drive UBER/GRAB
  • Copy of car’s OR/CR
  • Weekly income summary/ Summary of Payments/ Net of Service Fee
  • Proof of billing (preferably Meralco bill)
  • Has an existing bank account with ATM card (For cash disbursement)

How Uber and Grab Drivers Can get a loan in Cash Mart?

Get a loan in just 3 steps:

  1. Fill up the Cash Mart application form in cashmart.ph and upload your documents online.
  2. Receive a call from the loan manager. Keep your line open. There are some loan applications which are put on hold because the loan managers can’t contact the applicants.
  3. Get approved and check your bank account for the transferred loan.

Application Tips:

  • Use the online loan calculator to have an idea on how much you can borrow and which term can best fit your needs.
  • Read the website’s FAQ page. Most of your questions are answered on this page.
  • For faster processing, make sure your documents are clear and readable.
  • Read the contract carefully before signing. If you have any question, call Cash mart at (02) 829-0000.
  • Once you received your loan, pay on time to have positive credit records. Good credit reports can help you get a credit card, housing loan and car loan in banks.

Want to learn more about how to apply for a loan? Call Cash Mart at (02) 829-0000, 10 am to 8 pm on weekdays.

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