If you are looking for a private hire loan in Singapore, the first obstacle you hit is the bank. Banks require pay slips. Your income comes from weekly Grab or Gojek transfers, not a pay slip. That single difference shuts most private hire drivers out of bank loans entirely. Not because your income is insufficient. Because your income does not fit the format banks were built for.
Power Credit Enterprise is a Ministry of Law-licensed moneylender in Tanjong Pagar that has been assessing PHV driver applications since 2007. We accept platform earnings from Grab, Gojek, Tada, GrabFood, Food Panda, Comfort Delgro and any other ride-hailing or delivery service as proof of income. If money is hitting your bank account from a platform, we can work with it.
Reg No. 201528280Z | Established 2007
As a private hire driver, you face unique financial challenges and opportunities. Our Private Hirer Loan is specifically crafted to address these needs:
A transmission fault, worn tyres, or a failed aircon unit grounds your car — and cuts your income immediately. Every day off the road is a direct earnings loss. A private hire loan gets you back earning the same day you apply.
Your COE expiry date does not move. If your vehicle's Certificate of Entitlement is expiring and you need a bridging amount while arranging longer-term financing, a short-term private hire loan covers the gap without disrupting your driving schedule.
Both are mandatory annual costs. Neither can be deferred without losing your vocational license. A private hire loan ensures these fixed obligations are met on time regardless of where your earnings cycle sits.
Incentive payouts delayed. A slow week during school holidays. A medical leave that cuts your fares. A short-term loan of SGD 1,000–3,000 smooths the gap between a slow week and your next strong payout period.
Switching rental vehicles or upgrading to a larger platform requires upfront payment. A private hire loan bridges the deposit gap and gets you into a better-earning vehicle faster.
Grab and Gojek weekly transfers, earnings statements, and bank deposits are accepted as proof of income. You do not need pay slips, CPF statements. Bring 3 months of platform earnings statements.
Under Singapore’s Moneylenders Act, every fee is capped by law. Interest is capped at 4% per month on your outstanding balance. The administrative fee is capped at 10% of your principal, charged once. Late fees are capped at SGD 60 per month. Your total charges can never exceed your original loan amount. These are not our policies, they are the law.
Submit your application via Singpass MyInfo in 2 minutes. Our team reviews PHV driver applications the same day during office hours and contacts you to confirm your approved amount and repayment terms. No waiting days for a response.
Our office is at 1 Tras Link, #01-11 Orchid Hotel — a 100 metre walk from Tanjong Pagar MRT Exit A. In-person verification and disbursement happen on the same visit. Most PHV drivers are in and out within 30 minutes.
A bank rejection does not affect your application here. Licensed moneylenders check the MLCB (Moneylenders Credit Bureau) — a completely separate system from the CBS credit score banks use. Your moneylender borrowing history and your bank credit history do not cross. A bank rejection has zero impact on your MLCB standing.
PHV income is not fixed monthly like a salary. It moves with demand, incentives, and hours driven. Our loan officers structure repayment schedules that account for income variability — so your instalment fits within what you realistically earn, not what a generic calculator assumes. If your financial situation changes during the loan tenure, contact us early. Early communication gives you the most options.
Power Credit Enterprise Pte Ltd holds Moneylender License, issued by the Registry of Moneylenders under Singapore's Ministry of Law. We have operated from the same Tanjong Pagar location since 2007, nearly two decades serving Singapore borrowers.
We have been assessing private hire driver loan applications since platform-based driving became a mainstream career in Singapore. Our loan officers understand Grab's incentive structures, Gojek's payout cycles, and the variable income patterns of full-time and part-time drivers. You will not need to explain your income to someone unfamiliar with how platforms work.
Every loan offer from Power Credit shows you the exact monthly repayment, total interest payable, administrative fee, and total amount repayable, in writing, before you commit. Our loan officers walk through every line with you. Nothing is buried in fine print.
We assess each application based on your actual income and repayment capacity. If a loan amount would strain your cash flow, we tell you. We would rather approve a smaller amount you can comfortably repay than a larger amount that puts you under pressure.
“I needed to repair my car urgently, the aircon compressor failed and I couldn’t take any bookings. Power Credit assessed my Grab earnings the same day and I had the money in hand within the hour. Back on the road by the afternoon.” — Marcus Lim, Full-time Grab driver, Singapore
Yes. Private hire vehicle (PHV) drivers are fully eligible to apply. Platform earnings from Grab, Gojek, GrabFood, Foodpanda, Deliveroo, Comfort Delgro and other services are accepted as proof of income when supported by 3 months of earnings statements.
You will need your NRIC, a valid TDVL (Taxi and Private Hire Car Driver’s Vocational Licence), 3 months of platform earnings statements downloadable from your driver app. You do not need pay slips, CPF statements, or a letter of employment.
Yes. Banks assess loan applications using the CBS credit score. Licensed moneylenders assess using the MLCB, a completely separate credit reporting system. A bank rejection has no impact on your MLCB record and no bearing on your application with Power Credit.
Your borrowing limit is set by MinLaw based on your annual income. Borrowers earning SGD 20,000 and above can borrow up to 6 times their monthly income across all licensed moneylenders combined. For a driver earning SGD 3,000 per month (SGD 36,000/year), the maximum across all licensed moneylenders is SGD 18,000. This limit covers your combined outstanding balance, not per lender.
Applications submitted via Singpass MyInfo are reviewed the same day during office hours. If you visit our Tanjong Pagar office the same day, disbursement happens on the same visit — typically within 30 minutes of arrival with complete documents.
All fees are regulated by Singapore’s Moneylenders Act. Interest is capped at 4% per month on the outstanding balance. The administrative fee is capped at 10% of your principal, charged once and deducted from your disbursed amount. Late fees are capped at SGD 60 per month. Your total charges across the life of the loan cannot exceed your original principal amount.
Don’t let financial constraints hold back your career as a private hire driver. With Power Credit Enterprise’s Private Hirer Loan, you can invest in your business, manage your cash flow, and pave the way for greater success.
Contact us today to learn how our Private Hirer Loan can help fuel your journey in the private hire industry. Choose Power Credit Enterprise – your trusted partner in financial empowerment for private hire drivers in Singapore.
Remember, when it comes to your financial future in the private hire industry, choose a licensed moneylender who understands your unique needs. Choose Power Credit Enterprise.
