Look No Further – Here’s Everything You Need To Know!
It’s no secret that today’s professionals are endlessly looking for a second income steam – or even a primary income stream that offers them something above what they’re currently bringing in. For many in the United States, that choice has been to become a gig worker with the massive ride-share giant, Uber. Here in Singapore, we have something a bit different, but nonetheless something that many professionals are looking to join, Grab.
You might not know it, but Singapore has been consistently ranked amongst the top most expensive cities in the world. And in 2019, CNBC shared that Paris, Singapore, and Hong Kong were jointly named the most expensive cities in the entire world.
With that said, professionals all throughout the city are scrambling to thicken their income stream, so that they can continue to live the life that Singapore offers. For many, Grab has been the easy choice.
Now, if you’re specifically looking to start your own Grab business, you can actually apply for a specially designated Grab Driver loan from a select number of licensed money lenders in Singapore. These loans are similar to personal loans or small business loans and are designed to help you get up and running quickly. Let’s take a look at the advantages of a Grab Driver loan.
Grab Driver Loans Offer Fast Approval
When you need to get your loan quickly, Grab Driver loans often offer quick approvals because licensed money lenders don’t have to go through the intense process that banks and other financial institutions are required to go through legally when lending money. Thanks to this, most money lenders can actually approve your loan application on the very same day that you apply.
For most licensed money lenders, they’re able to pay out your Grab Driver loan almost instantly after they approve your loan application. In other words, you’ll have your payout instantly, without having to wait days or weeks. The goal is to ensure that your borrowing experience is quick, efficient, and entirely stress-free as compared to a bank or financial institution.
Compelling Interest Rates
Most importantly – and as with any loan – interest rates need to be taken into account. Grab Driver loans offer some of the most competitive interest rates in the market strictly because these rates are regulated by the Moneylenders Act. In some cases, you can find interest rates as low as 1%!
Now, your final goal is to ensure that out of the 150 or so licensed money lenders currently operating within Singapore, you find the right one to partner with. View our article on how to find the right money lender next!