Your income comes from time on the road. Every hour your car is in the workshop, or every week you are waiting on cash to cover an expense, is revenue you are not earning. Magnus Credit offers loans to Grab and Gojek drivers in Singapore. Assessment is based on your ride-hailing income. No CPF contributions required. No fixed payslip needed. Our office is at 301 Ubi Ave 1 — in the heart of the Ubi automotive belt, 3 minutes from Ubi MRT Exit A. The same area where PHV drivers service, repair, and upgrade their vehicles every day.
A Grab or Gojek driver loan from Magnus Credit is a personal loan assessed on your ride-hailing income. It works differently from a bank loan because your income structure is different. Banks score Grab and Gojek drivers as self-employed. Variable income, no fixed employer, irregular CPF contributions. Most bank loan algorithms flag this as high risk and reject the application before a human even reviews it. Magnus Credit looks at your actual earnings. Your Grab or Gojek driver income statements and bank statements showing ride-hailing deposits are what we use to assess you. Your earning pattern as a PHV driver is not unusual to us.
At Magnus Credit, we understand the unique financial landscape of ride-hailing professionals. That’s why we’ve tailored our Grab/Gojek driver loan process to be as flexible and accommodating as possible.
With years of experience serving the Grab and Gojek driver community in Singapore, we have in-depth knowledge of the financial needs and challenges faced by ride-hailing professionals. Our expertise allows us to offer the most suitable loan solutions for your specific situation.
As a licensed moneylender committed to supporting local ride-hailing drivers, we offer some of the most competitive loan rates in Singapore. We believe in providing financial support that empowers rather than burdens your driving career.
Whether you need a small sum for immediate expenses or a larger amount for significant investments in your vehicle, we can accommodate your needs. Our Grab/Gojek driver loans range from $500 to $50,000, subject to your income and our assessment. Repayment terms are flexible, typically ranging from 1 to 12 months.
We understand that in the ride-hailing business, time off the road means lost income. Our efficient process allows for:
We believe in complete transparency. All fees and charges associated with your Grab/Gojek driver loan will be clearly explained upfront. No hidden costs, no surprises.
Our experienced loan officers are trained to understand the unique circumstances of ride-hailing drivers. We're here to guide you through the process with professionalism and industry insight, ensuring you fully understand the terms of your loan.
At Magnus Credit, we offer Grab/Gojek driver loans to:
Grab or Gojek is your primary income. You have driver income statements and bank deposits showing consistent ride-hailing earnings.
You drive alongside another job. We assess your combined income from both sources.
You drive alongside another job. We assess your combined income from both sources.
EP or S Pass holders driving under a valid Grab or Gojek fleet arrangement may apply. Borrowing limits are based on declared income.
Minimum age of 21 years old
Singaporean Citizen, Permanent Resident, or Valid Work Permit holder
Minimum of 3 months experience as a Grab or Gojek driver
Minimum monthly income of $1,500 (including ride-hailing earnings)
Applying for a Grab/Gojek driver loan with Magnus Credit is straightforward:
Apply via Singpass Myinfo and skip the manual filling of loan application. Your details are pre-filled. No documents needed at this stage.
Our team reviews your application and contacts you with your eligibility, the maximum loan amount based on your driver income, and the monthly repayment figure. You know your numbers before making the trip.
301 Ubi Ave 1, #01-279. 3 minutes from Ubi MRT Exit A. Bring your driver income statements and NRIC. The appointment takes 20 to 30 minutes.
Every term is explained before you sign. You see the full repayment schedule. Nothing is finalised until you understand and agree.
Cash in hand the same visit. Back on the road the same day.
If you do not qualify, we tell you at Step 2. No wasted trip.
No fixed payslip required. No CPF contribution history required. Your driver earnings statements are your income proof.
There are no restrictions on how the funds are used once disbursed. Common uses among PHV driver borrowers at Magnus Credit:
Magnus Credit charges only what MinLaw permits. Every cost is disclosed before you sign.
| Fee | MinLaw Cap | How It Applies |
|---|---|---|
| Interest rate | 4% per month | On reducing balance only. Shrinks as you repay. |
| Admin fee | 10% of principal | One-time. Deducted from disbursement at signing. |
| Late payment fee | SGD 60 per month | Only charged when a payment is missed. |
| Early repayment | No penalty | Pay off early anytime. Interest stops immediately. |
Source: Ministry of Law, Registry of Moneylenders — rom.mlaw.gov.sg
At Magnus Credit, we encourage responsible borrowing. Here are some tips to ensure you make the most of your Grab/Gojek driver loan:
In the dynamic world of ride-hailing in Singapore, having the right financial partner can make all the difference. A Grab/Gojek driver loan from Magnus Credit can provide the financial boost you need to maximize your earning potential and overcome financial hurdles. Our commitment to “The Smart Way to Borrow: Lending with Integrity, Borrowing with Confidence” ensures that you’ll receive not just a loan, but a supportive financial partner who understands the challenges and opportunities of being a ride-hailing driver in Singapore.
Ready to explore your Grab/Gojek driver loan options? Contact Magnus Credit today at +65 6338 9891 or visit our office to discuss how we can tailor our loan solutions to meet your specific needs as a ride-hailing professional. Let us help you navigate your financial journey and fuel your success on the road with confidence and ease.
Remember, at Magnus Credit, we’re not just providing loans – we’re investing in your success as a Grab or Gojek driver, one financial solution at a time. Let’s drive towards a brighter future together!
Yes. Magnus Credit assesses Grab and Gojek driver loan applications based on your ride-hailing income. Your driver earnings statements and bank deposits showing consistent income are your proof of income. No fixed payslip and no CPF contribution history is required.
Your borrowing limit is based on your personal income under MinLaw's formula. If you earn SGD 20,000 or more per year, you can borrow up to 6x your monthly income across all licensed moneylenders in Singapore combined. Bring your last 3 months of driver earnings statements and bank statements. We calculate your exact limit at the appointment.
Bring your NRIC, your Grab or Gojek driver earnings statements for the last 3 months, last 3 months of bank statements showing ride-hailing deposits, and a proof of address. No fixed payslip required. No CPF history required.
Interest is capped at 4% per month on the reducing balance under the Moneylenders Act. Reducing balance means interest is calculated only on the outstanding principal you have not yet repaid. As you make monthly repayments, the interest charged each month decreases.
No. Magnus Credit reports to the MLCB, the Moneylenders Credit Bureau which is completely separate from the CBS used by banks and HDB. Your mortgage eligibility and bank credit card limits are not affected by a loan taken here.
If you apply via Singpass MyInfo today and your documents are ready, our team will call you during office hours with your eligibility. Come in the same day and funds are disbursed before you leave. The full process from application to cash in hand can be completed within one working day.
Yes. EP and S Pass holders with valid work passes may apply. Your borrowing limit is assessed on your declared income. Bring your passport, valid work pass, last 3 months of driver earnings statements, and proof of address.
Yes. Magnus Credit is at 301 Ubi Ave 1, #01-279, 3 minutes from Ubi MRT Exit A. The office is in the Ubi industrial corridor where many PHV drivers service and repair their vehicles. You can apply and collect your loan in the same area.
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