Doordash has recently taken 56% majority over food delivery services while expanding internationally and acquiring other companies, like Chowbotics and Wolt. Doordash works with over 450,000 merchants and has over 1 million drivers. However, Doordash drivers, like other independent contractors, barely break even after expenses. If an emergency occurs, especially after hours or over the weekend, the banks are unable to help. That is where we come in, by offering instant business loans of up to $5,000 24/7/365. Here’s our review of instant loans for Doordash drivers.
Who We Are and Why Loans for Doordash Drivers
We are a family-owned lender who works with over 80 lenders (17 in-house) to get business owners the fastest working capital online when the banks aren’t able to. We have been in business since 2015 and have helped thousands of business owners get fast funding so they can continue doing business.
We offer three loans or advances at the moment. We offer same-day business loans up to $25,000; we offer up to $2 million in 24 to 48 hours; and, now we offer 8 minute business loans for self-employed or independent contractors.
Why Use Instant Loans for Doordash Drivers
Doordash is a great opportunity for any independent driver. However, the average hourly salary of a Doordash driver is just $16.49 an hour. With gas prices and inflation on the rise, most drivers need to work for 2 or 3 delivery services to make ends meet.
If an emergency arises, like a flat tire, most Doordash drivers don’t have an extra $500 sitting around to fix it. With our instant driver loan, you can get up to $5,000 in as little as 8 minutes around the clock for such emergencies.
You can use the money as you see fit for your business. There are no collateral requirements, no fees, and the money is paid back automatically through ACH. You can also draw funds again and again, almost like a business line of credit.
Overview of Our Instant Doordash Loans
The requirements for our self-employment loans are straightforward: Must be in business for three months or more, be doing at least $3,000 per month the last three months (in business revenue only), and be making at least 4 deposits into your bank account each month that is 1099 income.
Other requirements to keep in mind are, you shouldn’t have more than 3 NSF’s in your bank account per month, meaning not too many negative days or have any outstanding loans. We also don’t offer our instant gig loans in New York or California right now at the moment.
Doordash Loan Rates and Repayment
The terms on these types of loans are 8 to 10 weeks, but you have up to 16 weeks if you take out additional loans. The factor rates range from 1.20 to 1.60 – which is a typical range for loans requiring no FICO and only a $3,000 revenue with only a personal checking account.
Most bank loans require you to have a business checking account, whereas we made these available to business owners who only have a personal checking account as well.
How to Apply for Instant Loans for Doordash Drivers
If these terms and requirements are something you think you have, then it wouldn’t hurt to see if you qualify. It won’t affect your credit and you can view your pre-approval funding amount and approve it or decline it. It is up to you. We also offer Lyft Driver Loans, Uber Driver Loans, and Instacart Driver Loans. Click the link below to apply and the best of luck! I hope you get the funds you need.