PRIVATE HIRE DRIVER LOAN
In a country like Singapore, where everyone is on the go, transportation is almost as important as oxygen. To be able to match up with the rising demand for means of transportation, you may want to make transportation available for a little more than yourself, your family and your friends.
Also, while doing this, you get to make money because you are merging transportation as a source of income to your primary enterprise, that is if you are not even totally into transportation. One upside to this is that transportation is not a kind of business that has wavering or uncertainty around profit realization. Going further, all you have to do is use your private car, or take a lease if you don’t have one. When talking about cars, there’s only one thing that comes to mind, and that’s private hire.
Private hire business is quite lucrative and rewarding. However, one must not forget that it also takes money to run it. If you are one who owns a car, then you’ll use part of your income to fuel the vehicle. Even, as you use the vehicle, depreciation begins to set in, and your car may need more servicing and repairs as time and use increases. The case is worse when you’re using the car on lease. Before thinking of fuelling and repairs, you have to sustain your use of the vehicle by paying bills for the rental. After this, you are then faced with maintenance bills too.
These expenses may heighten to the point where they gulp profits, leaving you with just the stress of labour or sometimes loss. It is at that point that you may want to opt for loans which the bank will most likely not grant.
You need not turn to money lenders; all you need to do is apply for the loan that is designed for private hire drivers. These loans are designed especially for private hire drivers. That means that these kinds of loans consider the urgent need and capacity to pay back. Here are reasons why you should opt for a private hire driver loan instead of typical loans:
• Eligibility requirements: this loan scheme does not have stiff requirements like other loans. Most of the time, all that qualifies you is your age and bank statements in the last two or three months. The essence of this is to prove that you are creditworthy, and you can pay back the loan in good time. Also, you wouldn’t need to provide a collateral or a guarantor to merit these loans.
• Longer loan tenures; the loan designed for private hire drivers have a longer time for repayment. When the loan is spread out, you pay back in small bits, so you can make profits even while settling debts.
• Lower interest rates: Since these loans are not meant for those whose profit is large scale, the interest rates are considerably low compared to other loan schemes. Whether the loan or the interest, private hire drivers are capable of paying back in time because the terms of the agreement are reasonable.
By and large, life as a private hire driver is not so hard after all. With specially designed loans for private hire drivers. So, you’re on the go, whether or not you can afford it.