In a COVID19 world, Singaporeans have adapted and found innovative ways to earn income during the pandemic, including being a part of the gig economy on service apps. Grab and Gojek are ride hailing and delivery service platforms (Grabfood) that have been integrated in our society in Singapore. These apps have helped a lot of Singaporeans in the gig economy who are always out looking for ways to earn extra income. But to be able to do this, you need to invest in modes of transportation, which often requires additional financial assistance. If you are looking to find out more about getting a Grab loan in Singapore, read on.
What are grab/gojek loans?
To be able to become a driver or rider for these app services, you would need to make large investments like paying rent for the vehicle that you would use for these jobs or payment for fuel. And in today’s dwindling economy, not everybody is financially equipped to maintain a car or motor vehicle. This is where licensed money lenders come in to provide Grab personal loans for those that are experiencing a shortfall of cash to grow their income in the gig economy.
Here are three things to note when getting a Grab personal loan in Singapore:
- How much you can borrow
There are requirements that you need to follow when it comes to borrowing large funds. Take note of the minimum and maximum amounts you can borrow below:
- If your annual income is below S$10,000, and you’re a Singapore citizen or Permanent resident (PR), then you can only borrow up to S$3,000. If you’re a foreigner, S$500.
- If your annual income is between S$10,000 to S$20,000, the maximum amount you can borrow is S$3,000 for Singapore citizens/PR and foreigners residing in Singapore.
- If your annual income is over S$20,000, then you can borrow up to 6 times your monthly income for both Singapore citizens/PR and foreigners residing in Singapore.
- Prepare proper documentation
To get fast loans in Singapore, make sure you prepare the right documents to speed up the application process. Typically you would need these documents to get your Grab personal loan approved:
- NRIC Identification Card
- Documents that show proof of latest billing (billed to your residential address)
- Last 3 months of Grab Payslips
Before you apply for the grab loan, do ensure that you are a Singapore citizen/PR/foreign worker with a valid working permit; above 21 years old; and are currently employed as a Grab or Gojek driver.
- Budget wisely
After you’ve applied for a Grab loan in Singapore, you need to have a plan on how to use the money wisely during your Grab employment. Now that you have instant cash, you won’t have to dip into your cash savings or emergency fund to pay for sudden emergencies. However, it is still wise to plan on how you would divide the funds appropriately.
For example, a Grab loan in Singapore can be used to help you pay for emergency expenses upfront so that you can get your car repaired, maintained and pay your rental fees on time without affecting your job. If you already own a vehicle, you would still need to bear the operating costs like petrol and commercial insurance fees.
Do also leave a portion of the loan funds for actual emergencies. There might be unfortunate instances where accidents happen. In cases like these, you will need enough finances to send the car for repairs, and pay for maintenance fees.