- Auto Title Loans
- Personal Loans
- Payday Loans
- Installment Loans
The most common loans applied by taxi drivers are Personal, Payday, and Installment loans, and each one has its share of benefits.
Personal loans are more versatile in terms of the amount you can qualify for, and between $5k and $40k is the typical average. You also get to pay off the loan over a long-term while enjoying lower interest rates if your loan application is qualified and approved. Unfortunately, the requirements for getting approved by banks or other loan institutions are strict. And only drivers with healthy credit scores can get into a position to possibly qualify.
The most obvious alternatives when you borrow money online would be Payday or Installment loans. Even though the amounts are smaller and the interest rate higher than what you would get from a Personal Loan, the immediate cash can be very helpful. Taking into account that Installment Loans can range between $2k and $5k while Payday Loans can get you between $300 and $2k, there is a lot that can be done on a professional level. And there are other benefits to think about as well. For starters, the credit score of a taxi driver wouldn't influence their chances of getting approved, and the money is available almost immediately after one of the lenders approves the loan request. This means the process to borrow money online will be incredibly quick if all the documentation and information is ready on your side. These types of short-term loans are great for covering emergency situations such as having to fix the taxi or cover the costs for a long trip, and for other situations when one needs to borrow money urgently.
