To be looking for fast working capital, if you’re a Lyft driver, we offer up to $5,000. It’s called an instant cash advance for Lyft drivers and I’m gonna get into the requirements in a second. Lyft is a huge delivery service. It is a rideshare service. There are over 1.4 million drivers in America. It is $4.9 billion a year. Company. Here’s our review on how to get instant cash if you are an independent driver.
Instant Cash Advance for Lyft Drivers
Lyft is not going anywhere. It’s a huge company. A lot of drivers drive for Lyft and they drive for Uber as well. The average salary of a Lyft driver is $49,000 a year. However, in Texas, it is only about $29,000.
A lot of drivers are not making it right now with inflation with gas prices, and they need fast working capital in case they have an emergency like a tire pops or they need a new laptop for their business.
Instant Cash Advance for Lyft Drivers Requirements
We can help you get up to $5,000 in 10 minutes. So here are the requirements. You need to be doing at least $3,000 a month with your business. This has to be business revenue, it can’t come from any other job. It has to be 1099 income.
So if your Lyft company only paid twice a month, you are not going to qualify. But if you work for Lyft and Uber and get those four 1099 deposits a month, then you can qualify.
So there’s a difference there and it’s something that you have to take into consideration that you have to be in business for at least three months and make those four deposits into your checking account.
The good news is you only need a personal checking account for this. Typically a business loan, you need a business checking account, but with these instant cash advances for drivers, you don’t need that anymore. You only need a personal checking account, but you have to be doing that 1099 each month.
So these are no collateral, no FICO cash advances. So it is based on your revenue. It is not based on your FICO score. It’s not based on you putting up collateral of any kind. It is a fully automated application – from application to funds, if you qualify, you can see the pre-approval amount in eight minutes, depending on how fast you go through the application.
This is not in California or New York right now. I know those are the two most popular states for drivers but with regulations, we just can’t be there right now in 2023. So I am sorry if you have read this far.
Instant Cash Advance for Lyft Driver Rates
The factor rates are 1.20 to 1.60. The terms are eight to 10 weeks. Factor rates are a little different than interest rates. You can look up a factor rate calculator online. These are of course a little bit higher interest rate. If you had perfect credit and a business checking account, you could apply for other loans. We have a same day loan up to $25,000 but you need a business checking account, six months in business and a FICO 550.
But the good news is the application redirects you to the right loan program that we offer, depending on your answers. So if you only have a personal checking account though, the instant cash advance is the only loan at this time that you can qualify for.
So a lot of Lyft drivers are applying for this. They’re quickly becoming one of our number one clients because a lot of drivers are struggling right now, even if they work for two or three different companies.
We are proud to introduce this program. It’s only been around for one month and you can get as low as $500 all the way up to $5,000, and after eight to 10 weeks after you pay it off, you can get more money, additional funding.
So it is almost like a business line of credit. It is always there for you 24/7 365 days a year. Because it is automated. The application is automated. The funding is automated, it will be deposited into your bank account within 10 minutes unless your bank doesn’t do this on the weekends but you will get it pretty quick.
All you have to do is apply. I will leave a link under this article. I appreciate you watching and I wish you all the luck in the world. You know this money might keep you in business for a few more weeks that could get us past this rough patch right now – with the inflation and the gas prices.
You can use the money creatively to build your business or to expand your business. You could use the money for a down payment on a second vehicle. You could do advertising for your business. You can use the money for anything you want. So check it out and good luck!