Tricycle Loan

The Tricycle Loan – The Question And The Answer

How can you earn extra while driving your own tricycle?

Through a tricycle loan, that’s how!

The Tricycle – A Curious Creature On The Road

A tricycle is a motorcycle with a sidecar or passenger cabin attached on a third wheel.

In the Philippines, this type of transportation is practically everywhere. Smaller road covering short distances are often the routes of these three-wheeled mode of transport.

Their engines range from 50cc up to about 125cc.

A Three-Wheeled Taxi Is Not Just A Loan Collateral

In the Philippines, this is a common mode of transport. In fact, it is safe to say that many prefer riding this because the passenger is dropped off at the exact address of destination.

It is so versatile that rural and urban areas are teeming with them. Servicing passengers rain or shine, it can go from one street corner to the next, the adjacent town or even the next city or province.

It can usually seat four passengers, including the driver. But somehow, both drivers and passengers connive to accommodate as many as possible. Thus, it is not unusual to see a tricycle with even 20 passengers.

Aside from people, this public conveyance can ferry hardware, furniture and appliances and even injured people, from point A to point B.

The Tricycle In The Context Of History

There seems to be no exact written account as to when the tricycle was first used as a mode of conveyance.

There are those who claim that they did not make an appearance on Philippine roads till after the second World War.

Despite being ubiquitous in recent history, the owners of these tricycles can still encounter financial difficulties.

Thanks to forward-thinking lenders, tricycle drivers have found solace in a product called the tricycle loan.

The Tricycle Loan – A Lifesaver

Open to tricycle owners, a tricycle loan allows the driver/owner have money while at the same time sustaining earnings from the tricycle itself.

The usual documents required to secure this type of loan include the franchise to operate, the Certificate of Registration (CR) and the latest photograph of the tricycle.

The amount that can be borrowed under the tricycle loan is usually around Php10,000.

This amount will certainly go a long way in helping the tricycle owner/driver. What’s more, lending companies often give a 12 month term for this type of loan.