How Uber and Grab Drivers Can Get a Loan?

It has been a while 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 an Uber or Grab driver.

Credit: https://philhyundai.com/stories/drivers-should-know-how-to-register-in-grab-in-the-philippines-str51

What do Uber and Grab drivers usually spend on?

Uber and Grab drivers have several expenses to think of.

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, which 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 extra time, then you can cross this one out. But some still prefer driving to carwash shops and waiting 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 your 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 a 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 do Uber and Grab Drivers Usually Need a Loan?

Personal loans for Uber drivers are now available. Despite their effort to earn money, it is still not enough. Fortunately, money lending facilities designed a Grab Car Loan. Now you can use the instant cash loan for the following purposes.

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 savings, 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 have enough knowledge on how to fix the problem, you need to spend on it.

School expenses of children

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

Previous debts

If you have an existing loan with an astounding interest rate, 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 do not have 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 codes 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 an ATM card (For cash disbursement)