There’s a new type of loan out there that is becoming very popular very quickly, and those are instant independent driver loans. Actually what is out there is not instant but what we have is instant and we are gonna get into the requirements and who can qualify for these types of loans.
Instant Independent Driver Loans – Receive Cash in 8 Minutes
So what exactly is an independent driver? It is all the DoorDash, Uber drivers, Instacart drivers that you see out there delivering food. There’s also rideshare drivers. Anyone who is an independent contractor can qualify for these instant driver loans.
Let’s get into the details. So who is it perfect for? Anyone who is an independent contractor, be it Uber drivers, Amazon flex drivers, Lyft and Grubhub drivers, Instacart drivers, DoorDash drivers, rideshare drivers, anyone who’s driving for a living and who fills out a 1099 at the end of the year and works for themselves. They are self employed. They either have a business checking account, or they don’t. It doesn’t matter in this case. So let’s look at the figures so we know our numbers.
Who Needs Instant Driver Loans
Independent contractors have soared from 13 million in 2017 to 54 million in 2023. There are 1 million Uber drivers out there in America, 100,000 DoorDash drivers, 500,000 Instacart drivers, 65,000 GrubHub drivers, 3 million Amazon flex drivers so it is a flourishing industry, and it is growing by leaps and bounds every single year.
Instant Approval and funding so after the application, you can literally receive the funds within eight minutes after connecting your bank account.
You can get anywhere from $500 to $5,000. It is based on your revenue, not your credit score. So FICO does not matter in this case. Of course on the questionnaire, you can still put in what you think your FICO is, but it is not a factor in getting the loan. The advanced cash I should say.
Instant Independent Driver Loan Requirements
So let’s talk about the requirements. So your revenue must be at least $3000 a month the last three months. This is non W2 income, so nothing from a job, it has to be 1099 income.
So if you are just an independent contractor, and you have clients and customers and you get a 1099 this is right up your alley. You need four non W2 deposits each month, and you only need a personal checking account. Whereas most traditional business loans you need a business checking account.
So this is a whole new ballgame. It is a whole new type of lending criteria where this is going to open up 50% of America that can now qualify for this just because of personal checking alone.
Also the $3000 a month revenue has dropped from the previous $5000 requirement. So the requirements are even more relaxed than they ever have before.
You can also have a business checking account to receive instant funding. The loan amount is 20 to 25% of your revenue. So if you are doing $10,000 a month, you could probably get a $2,500 advance. If you are doing $5,000 a month you could probably get around $1,250.
Instant Cash Advance Terms
You pay it back weekly. Terms are 8 to 10 weeks so you could pay it off in 10 weeks and get a renewal. You could keep getting this money almost like a business line of credit. And with your renewals, if you get a second advance or more, then you have up to 16 weeks to pay it off.
Instant Driver Cash Advances use factor rates instead of interest rates. The average is a 1.39 factor rate. The factor rate range is 1.29 to 1.60. The main advantage of the loan is no FICO needed, and only a personal checking account is needed – and eight minute funding.
Instant Independent Driver Loans Uses
So what can you do with the money? What is this used for? Here are some of the most popular ways to use the money: new tires for your car, obviously you are putting hundreds of 1000s of miles on your vehicle each year and you need new tires.
You know, you might be just breaking even with your income. You have to pay rent. If you live in a city like San Francisco or New York, most of your income is going to rent.
So if you pop a tire or you need new tires, and those tires are $1,500 you don’t have that working capital you don’t have that extra 1500 bucks laying around.
So this instant advance is perfect for that. Same as advertising. If you are a home based business entrepreneur, and you want to get more people to see your service, you could spend money on advertising.
You can buy more equipment, you can buy a new laptop for your business, a new phone, office supplies, you name it, whatever you need to keep on the road with this instant independent driver loan.
So all you have to do is click the link under this article as well as fill out the application. You will see if you are approved right away and then take it from there. Good luck to you and your finances.
