There are 20 million customers and one to 2 million drivers for DoorDash in 2023. DoorDash is a huge food delivery service if not the biggest one, overtaking Uber Eats and whatnot. Today we are going to talk about the instant cash advance for Door Dash drivers.
Instant Cash Advance for Doordash Drivers
This is something that is new and is really hot because there’s so many drivers out there that are struggling. They are just getting by, you know, they are paying high rent, the gas prices are higher, and things are just surmounting against them.
And I want to talk about this because I think it is a great service. It is a great platform to get up to $5,000 literally in 10 minutes from application to funds in your account in less than 10 minutes.
Instant Cash Advance for Doordash Drivers Requirements
So here are the requirements. The first thing you need is you need to be in business for at least three months. So you have to be an independent contractor and generate 1099 income. You need to at least make four deposits a month into your checking account.
Here’s where it gets really good because normally you need a business checking account for a business loan. But with this instant gig worker advance, you only need a personal checking account, but you need to be doing four deposits with your checking account each month with 1099 income.
So if DoorDash only pays you twice a month that’s not going to work. You have to have four deposits a month from a business. So it could be you could work for Lyft and DoorDash or a combination of two or three companies.
A lot of people already do that with Lyft and Uber. So I am sure that’s the same with DoorDash and Instacart. So many people are doing several companies so that is not usually a problem.
Instant Cash Advance for Doordash No FICO
The next thing is you have to be doing $3000 a month with your business. I may have already said three months in business and those four deposits. The other thing is there is no collateral and no credit score needed. These are basically cash advances based on your revenue.
The other thing is this is not in California or New York at this time. I know a lot of drivers live in those two states. We just can’t do those states right now because of certain regulations.
How Much Money Can a Doordash Driver Borrow
But here’s how it works. So you can click the link under this article and apply – it takes five minutes, and you can see if you meet the requirements then you will see a pre-approval amount of how much you can get.
You can either decline it or approve it and get the money right away. So we usually lend up to 25% of your monthly revenue. So if you are doing $5000 a month with your independent contractor business, then you could probably get up to $1,250.
Now this is good money if you have a flat tire and you don’t have an extra few $100 laying around. This could help if your laptop breaks down or if you are using any GPS equipment for your driving route and that breaks down.
You can use the money for that or you can help you know pay your rent for a month or you fill up your tank a few times just to get you through this rough patch so to speak.
Instant Cash Advance for Doordash Drivers Repayment
So the payments to pay back this advance it is weekly and it comes out automatically through ACH through your checking account. All right, the terms are 8 to 10 weeks and after you pay it off.
You can always draw on more money again and again almost like a business line of credit. This is something that you can get 24/7 because it’s completely automated. The algorithm looks at the health of your checking account and decides if you are eligible for this money or not.
But the three requirements are three months in business, $3000 a month or more with your business and those four deposits. So click the link under here and good luck!