Lyft started out in 2012 as an additional service of Zimride (founded in 2007) and quickly became the powerhouse it is today. In 2019, Lyft went public and raised $2.3 Billion and was valued at $24.3 Billion. Although Lyft is a thriving company with over 700,000 drivers in the U.S. alone, Lyft drivers might need additional working capital to keep on driving. Here’s our instant Loans for Lyft Drivers review.
Who We Are and Why Loans for Lyft Drivers
We have been providing fast working capital to small business owners since 2015. We work with over 80 lenders to find business owners the fastest business capital with the best rates for those who cannot get funding from a traditional bank.
We have recently launched one of the first instant business loan programs in the Nation where you can receive funds in as little as 8 minutes, from application to money in your account.
Why Use Loans for Lyft Drivers
There’s over 53 million independent contractors in America. There is a dramatic shift happening where people are quitting their jobs and working for themselves. Companies like Lyft, Doordash, and Uber are seeing huge spikes in growth.
However, amidst great growth comes inflation, supply-chain issues, and debilitating rent prices. Lyft drivers are struggling to get by, even with working additional jobs and working overtime.
Instant loans for Lyft drivers allows drivers to seek additional capital for emergencies or to expand. Most drivers make good money, but they are just getting by with their bills and overhead.
When emergencies strike, a Lyft driver or any other independent driver does not have $500 lying around to fix a flat tire, or $1,000 lying around to get a new laptop for their business.
Brief Overview of Our Loans for Lyft Drivers
Our loans for Lyft drivers and other self-employed drivers are geared to the independent contractor who works for 1099 income. If you are a driver doing at least $3,000 a month in revenue the last three months, chances are great that you can get funded.
We do not look at your credit score and no collateral is needed. The main focus for our criteria in getting you approved for funding is the health of your checking account. Do you have more than 3 negative days in the bank (NSFs) or is the cash flow not steady?
If you make $3k per month revenue and are making four deposits into your checking account for your business each month – even if it’s a personal checking account, then that is a great advantage. You can get up to $5,000 in as little as eight minutes.
Instant Lyft, Doordash, Uber Business Loan Rates and Repayment
Our instant funding program has terms ranging from 8 to 10 weeks. If you seek additional funding after your first funding you can get up to 16 weeks to repay the advance.
Since no FICO or collateral is required, the factor rates are 1.20 to 1.60. The rates reflect our high-risk industry that we serve who typically cannot get a traditional bank loan. The payments are withdrawn on a weekly basis through your checking account via ACH.
How to Apply for Instant Independent Driver Loans for Lyft, Doordash, Uber, etc.
We have the first truly automated application sequences online. We use specific algorithms to get you a pre-approved amount within minutes. Depending on your questions on the application, you might be redirected to one of our other programs that can get you more money but are not instant.
Rest assured, if you only have a personal checking account and/or have a FICO under 500 or do under $5,000 per month with your business then you will go to our instant business loan for independent drivers. I hope you get approved for Our Loans for Lyft Drivers. Click apply link below to apply!
**Sorry, not available in California or New York right now.
Erik C. Johnson