The Guide To Rideshare Loans For Uber Drivers
Loans for Uber drivers or other rideshare drivers help cover unexpected costs like home repairs, car maintenance, medical bills, and so much more. There are plenty of positives to being a self-employed driver, but the main downside is the weight of financial responsibility. Luckily, you have plenty of rideshare loans at your fingertips.
In this article, we'll look at a few loans for Uber drivers and discuss why you may find it harder to get approved for financial products than other types of workers.
Can You Get Loans for Uber Drivers?
As an Uber or rideshare driver in the United States of America, you are eligible for loans. However, a few factors can make it more difficult for you to gain approval from traditional lenders. But there are loans available, so fear not. It's just a case of learning about the financial alternatives and potential obstacles.
3 Common Loans For Uber Drivers
But as we mentioned before, there's no need to panic — if you've tried to get traditional loans for Uber drivers and failed, you have other options, such as:
1. Short-Term Installment Loan
A personal loan or short-term installment loan is a good idea if you need a higher loan amount because they go up to $5,000.
On top of that, you typically have longer to repay the money you've borrowed, enhancing your affordability. Usually, every monthly repayment amount is the same throughout the loan's term. That said, it's important to read the fine print. After all, different lenders have their own interest rates, repayment terms, and fees (i.e., late penalties).
2. Payday Loan
A payday loan, otherwise known as a cash advance, is an ultra-short-term loan designed to bridge the gap between your pay periods. The loan amounts are often smaller than personal loans, capping out at around $500 to $1,000. As for repayment terms, it's usually a month or less. Thus, you need to ensure you can pay it back in full during this time to stay abreast of your financial climate. Again, you need to read the fine print, regardless of the type of loan you want to get.
3. Vehicle Title Loan
Finally, you can get a car title loan as an Uber driver. Here at Auto Cash USA, we connect wanting borrowers with direct, licensed title loan lenders so they can get the money needed to cover a financial problem.
Our vendors won't ask you why you're looking to get a loan. However, they should only be used for one-off emergencies and not to cover ongoing financial woes.Unlike traditional lenders, you don't have to deal with mountains of paperwork. Instead, you just need the following three items to get a title loan from one of our vendors:
- State-issued ID — Our vendor's customers usually supply their driver's licenses.
- Lien-free vehicle title — This proves you have no outstanding judgments or liens against your vehicle.
- Vehicle for inspection — Your vehicle determines how much money the lender is willing to offer you. The more it's worth, the more money you can get from a title loan.
How does a vehicle title loan work? It’s easy, and anyone who has the 3 items on hand may qualify. Once you've gathered your things, follow the steps below to get an auto title:
- Start by using the secure inquiry form to be connected with one of our licensed vendors.
- One of their friendly, knowledgeable loan representatives will give you a call to determine how much you can get from a vehicle title loan.
- Afterward, they'll set up a meeting location (you’re free to choose whatever location you like – be it your home, the nearest coffee shop, or your work).
- Meet with an agent at the time and place set during the phone call with your state-issued ID, lien-free vehicle title, and the vehicle itself.
- Wait while they assess your car and verify its VIN. If you're happy with everything, you'll need to sign a few forms.
- The representative will email you the loan packet and request an e-signature.
- Finally, you receive the money you need on the same or very next business bank day.
Is Getting Loans As An Uber Driver More Difficult Than Those Working Other Jobs?
As an Uber, Doordash, Deliveroo, or another driver, you work in the gig economy. Therefore, you're considered an independent contractor. Traditional lenders (i.e., banks and credit unions) tend to be reluctant to extend lines of credit or loans to independent contractors. Why? Because they often don't consider gig work as stable or steady.
In the lender's eyes, this means you're less likely to pay the loan back in full or on time. Simply put, they think you're a bigger financial risk. Not to mention that if you have a bad credit score, you'll find it even harder to get a loan in the traditional sense.
Get An Emergency Vehicle Title Loan As An Uber Driver Now!
Submit our inquiry form to get connected with one of our lenders specializing in online title loans for Uber drivers. They will be happy to help you with your request and offer the amount that may meet your expectations!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.