Instacart was founded in 2012 by Apoorva Mehta in San Francisco, the same year as Lyft, and is a service where drivers shop for and then deliver groceries to your door. By 2015, Instacart had over 200 employees and went on to become a main contender in the driver-delivery industry. Even though they slashed their valuation by 40% in March of 2023, they are still a $24 Billion dollar company. However, with the price of inflation, gas, supply-chain issues, and rent, Instacart drivers are sometimes in need of additional working capital to stay working. Here’s our review of Loans for Instacart Drivers.
Who We Are and Why Loans for Instacart Drivers
We have been helping small business owners get incredibly fast funds to stay in business or to expand since 2015. We are proud to announce our new instant business loan that is specifically designed for the gig worker and independent drivers.
In the past, 80% of business owners who applied for our fast funding got declined because they either didn’t make enough money to meet our monthly revenue requirements or their FICO was too low.
We have solved both of those issues while providing nearly instant self-employed business loans. Right now, you can get up to $5,000 from application to funds in your bank (depending on your bank) in 8 minutes. No other lender has this. The quickest funding time we have seen before our program launched was 4 hours.
This opens up so much of the industry that was declined before, and also provides people with instant access 24/7/365. Since the application and funding is completely automated, we don’t need underwriters or banks being open to get you the money. You can apply at midnight on a Saturday and get funds.
Our Loans for Instacart Drivers
Our requirements are the easiest in the industry as well. Like we said earlier, many businesses were declined because they didn’t have the right revenue or FICO. On top of that, businesses were also declined because they only used a personal checking account for their business. Now, we accept personal checking accounts.
So, here are the requirements: You need to be doing $3,000 a month business revenue, have been in business for at least 3 months, and make four business deposits into your checking account each month. These have to be deposits from your business, like 1099 income, not W2 income from a job.
If you have these requirements and also have a somewhat healthy checking account (meaning you don’t have more than 3 negative bank days in a month) then you can get up to $5,000 in 8 minutes. We also have one application for all of our loan programs, so if you need more money and are doing more revenue, then we can help.
How to Use Loans for Instacart Drivers
If you qualify for a business advance, you will see a pre-approved amount after you connect your bank account. You are free to accept or decline the offer. You can also apply more than once if you have multiple businesses.
The money is for anything you need that is business related. Don’t worry, you won’t have to show proof what you use the money for, but ideally you use it for urgent issues that are business-related. Most independent drivers use the money to fix their car or to get new equipment needed for driving.
Instant Instacart Business Loan Rates and Repayment
These instant business loans have terms that range from 8 weeks to 16 weeks for renewals. You can draw more money after 8 weeks if you have paid back the first loan. Your loan will be paid back weekly through ACH to the bank you connected with. The factor rates are 1.20 to 1.60. There is no collateral needed or any penalties paying it off early. You also can get better rates the more you pay off on time.
How to Apply for Loans for Instacart Drivers
Instacart drivers, as well as Uber drivers and Lyft drivers can get immediate funds to stay in business for themselves in any situation. To apply, simply click the link below and see if you qualify. You can feel safe now that you have available funds anytime you need them, even in the evening or over the weekend. Thanks for reading and good luck my friend!