Payday Loans For Uber Drivers
Personal and payday loans for Uber 1 drivers are very difficult to receive because Uber considers that their drivers are expendable and are absolutely not an essential part of their business 4. At a moment when the quantity of people working for the gig economy increments exponentially 2, Uber 3, whose business model is regarded as broken 6, does not consider drivers as workers 5 who issue a 1099 form, 7 despite the fact that Uber maintains a harsh control in the human resources workforce 8 through a technological supervision 9 , and also controls the methodology of working exercising a complete right of control 10 .
Payday loans for Uber drivers are available in the amount that ranges from $100 to $3,000 as payday loans. Furthermore, Uber drivers can also become eligible for installment payday loans in the amount that varies from $1,000 to $15,000.
Uber drivers are treated by the company just in the same way as workers who fill a W-2 form 11. Uber drivers, who are not entrepreneurs 12, do not possess right to pensions 13, health insurance 14, paid sick leave 15, right to the constitution of a workers´ union16, no legal protection from discrimination 17, and of course, no right to enjoy paid holidays 18 reimbursed by Uber. Thus, Uber drivers do not have rights to redundancy packages 19 or dismissal notice periods 20.
Different Options In Payday Loans For Uber Drivers
- Cash advances and payday loans: Payments are due in two weeks to a month.
- Installment loans: They have lower APR than payday loans and can be returned in monthly installments.
- Car title loans: These loans are issued with a registered vehicle as collateral.
Applicants for loans for Uber drivers are required to apply with bank statements that can evidence incoming payments in their checking account, even when the flow of incoming transfers is subject to fluctuations as they are attributed to the oscillation that are typical in the gig industry.
The characterization of Uber as independent contractors is changing completely in Europe, as Netherlands considers them employees 21, the European Union as a whole is following this trend since 2022 22, and outside the EU, we include the UK 23 in this trend.
Uber is an American concern that furnishes services such as bicycle sharing, peer to peer ridesharing, food delivery and other services. It is operating worldwide and customers and partners can access their services online. It has produced such a large transformation in the economy that created a term called Uberization. It has more than a hundred million customers and a large share in the transportation business in the United States.
An entrepreneur can normally have business loans available to face business expenditures and emergencies, and also hard money loans. However, this endeavour becomes difficult for workers in the gig economy. I refer here to Doordash, Lyft, and Uber drivers.
This happens because Uber drivers do not have a status as salaried employees, have not developed a sufficient credit history to show creditworthiness, and their income is subject to fluctuations. Fluctuations that are not their fault, it is the gig economy instead that has permanent oscillations.
But here it is not a problem, with your tax forms or your bank statements that show incoming payments, you can apply.
In your bank account, filter those movements that are only incoming payments. From those, take as many months as you can. The goal is to evidence that there are permanently payments going to your account, even if they fluctuate every month. That does not matter, you are an independent contractor, that happens frequently and a lender understands these oscillations.
Reasons Why Uber Drivers Require Loans
Traditional lenders do not understand the nature of the gig economy or the independence of a Uber driver.
Many people, especially those who do not rely on their vehicles as much as Uber drivers, can afford to make other transportation arrangements to go to and from work or to perform other necessary tasks until their vehicle is serviced and prepared to be utilized again.
However, Uber drivers must repair their vehicles in order to continue operating. It is thus possible that failing to pay for auto maintenance may have disastrous repercussions.
In the case of independent contractors such as Uber drivers, they are not considered workers in the traditional sense. To put it another way, being accepted for conventional installment loans, cash advances, or payday loans for Uber drivers is in principle difficult for them to do.
Because of the uncertain nature of their job status, financial institutions often reject the applications of gig tradespeople, such as Uber drivers after doing a credit check, a Teletrack scrutiny, or learning about their employment history. Non-salaried contractors are considered high-risk consumers by credit intermediaries because of the lack of a steady and regular income.
Cash advances, as opposed to conventional loans, are less reliant on credit ratings, allowing drivers to take advantage of same-day approval. Furthermore, the acceptance rate for payday loans for Uber drivers is quite high.
A borrower’s money may be in their checking account by the following working day if the transaction is completed on time. Uber drivers often cite the following as some of the most common reasons for applying for a payday loan:
- Car repair maintenance.
- Fuel and gas, or solar batteries.
- Car inspections and DMV paperwork required.
- Insurance for the car utilized for the service with Uber.
Let´s see more in detail which are the typical expenses of Uber drivers, and of course, I guess with all workers in the gig economy.
1. Medical Bills
Health emergencies happen sometimes, and we never expect them. Furthermore, since you are self-employed while rushing, you will not be compensated for any medical leave taken. They are also not going to finance any therapies.
When faced with large medical costs, your only options will be to either pay them out of your assets or obtain money elsewhere, such as a title loan, installment or payday loans for Uber drivers or other kind of financing.
2. Vehicle Repairs As The Main Cause Of Loan Applications For Uber Drivers
Many people, especially those who do not rely on their vehicles as much as Uber drivers, can afford to make other transportation arrangements to go to and from work or to perform other necessary tasks until their vehicle is serviced and prepared to use again.
Independent delivery drivers must repair their vehicles in order to continue operating. It is thus possible that failing to pay for auto maintenance may have disastrous repercussions.
The majority or loans for Uber drivers are issued to perform repairs in the vehicle. And this is fine, as cash advances and payday loans are financial instruments that should only be used to cover emergencies and urgent repairs.
3. Repairs At Home, For Example, Electrical Installations, Plumbing, And More
The majority of home repairs are not covered by homeowners´ insurance. So many people needs payday loans or similar loans to pay for repairs, that of course, are always unexpected.
For example, I had to replace or pigtail the old aluminum wiring at home. This is quite expensive to do, in fact electrical costs are the highest in many countries. Home Advisor considers them as one of the most expensive. Also, for example, the home renovation site Eigentumsobjekt considers that an hour of electrician can cost up to roughly almost 120 dollars per hour of service.
It is possible that, as an Uber driver, you will not always be in a position to handle large-scale home repairs, particularly those related with damage caused by natural catastrophes. You might want a large sum of money in order to deal with this sort of emergency.
And if you do not have enough funds in your bank account, you may want to think about getting one of the vehicle title loans for Uber drivers, or other type of cash advance.
With us, you can get about $15,000, that will be paid in different installments, depending on the value of your vehicle to pay for the urgent house repairs.
Which Types Of Loans For Uber Drivers Are Suitable For You?
Loans for Uber drivers are a very generic category of financial instruments, so we have to disaggregate among several types of these loans so you can understand better which is the one that better suits to your requirements.
There are many types of loans for Uber drivers. As I have explained earlier, the important thing is that the Uber driver can prove a source of income, and it is accepted that this source of income is subject to fluctuations because we understand how the gig economy behaves. Some months you will do very well and some other you do not.
The loans for Uber drivers available are:
- Cash advances and payday loans. Payday loans for Uber drivers have payments that are due in two weeks to a month. Not necessarily in an actual “payday”.
- Installment loans: They have lower APR than payday loans and can be returned in monthly installments.
- Car title loans: These loans are issued with a registered vehicle as collateral. The vehicle can be used by the borrower as normal.
They look similar, but when we study them in detail, they are actually quite different. Let´s go into more detail with each type of these financial instruments available.
Payday Loans And Cash Advances Online Are The Most Common Type Of Loans For Uber Drivers
Payday loans are accessible online and are returned with a portion of your next salary or simply retrieved from the lender from your checking account at the due date.
They are often available for a two-week period up to one month. They can be renewed and extended, what is called a “rollover”. Payday loans often feature high interest rates due to their short duration and lack of good credit scores.
Even when you can rollover the payday loan during an additional month, it is not a good idea to do so because there are high interests, and you could incur in delinquency if you do not pay the loan at its maturity date.
Furthermore, remember always that loans for Uber drivers are simply short-term loans envisaged to cover a specific determined emergency or unexpected event, such as a vehicle breakdown, a medical condition, a basement that suddenly appeared flooded and the homeowners insurance does not cover it, and cases like that. They should not be utilized to pay entertainment or holidays because they have high interests.
In contrast with one of these loans for Uber drivers studied here, a conventional loan from a traditional financial institution will require a credit check. It entails getting your credit report from one of the three major credit bureaus (Equifax, TransUnion, Experian) and then analyzing your credit score.
Let´s see some typical cases of loans for Uber drivers.
- Amounts to Pay: Up to $1,000 are requested by the borrower
- Due date: The due date is up to one month after the approval. They can be extended if agreed between parties.
- Interest: From $10 to $30 for every $100 borrowed; This is a high interest. The lender compensates the risk inherent from your bad credit with a higher interest. This approach is typical in all loans for Uber drivers.
- Repayment: The money will be retrieved from your checking account at the maturity date.
- Rollover: Possible if you inform to the lender that you require an extension. Try not to extend it during many months because in this case, it is cheaper for you to go through an installment loan, as we will see below.
Installment Loans For Uber Drivers
Installment loans are also a kind of short-term finance that are available from direct lenders.
This is my favorite type of financial instrument in the category of loans for Uber drivers, even when they do not have a completely guaranteed approval from direct lenders.
They fall somewhere amidst personal loans and cash advances in terms of costs and convenience (lower interest than payday loans, and even allow to pay in several months).
In contrast to payday loans, you may borrow substantial sums of money and return them to the lender over a longer period of time and lower APR.
Installment loans are an acceptable option if you require more than $ 1000 and have a bad credit score.
For installment loans online we have do not credit check at all, and they enjoy an almost instant approval if the eligibility requirements are met, such as being able to pay the corresponding installments.
Furthermore, installment loans can be split in several months and have lower interest rates than payday loans. These loans are suitable if you request more than $1000.
So in installment loans, you do not have to repay everything in two weeks or in one month or at your payday. In installment loans you have to pay the installment every month, so the total loan amount is split in several months and does not stretch your budget so much.
Prospective borrowers possessing credit scores below 580 encounter distress to become eligible for conventional loans for Uber drivers. Moreover, when a hard inquiry is performed to the credit bureaus, the credit score becomes once more affected.
Instead, with these loans, you can apply with very bad credit. The requirement is that you can evidence some proof of income, to show a steady source of income so that, despite the poor credit score, it becomes clear that there is an ability to pay the loan at its due date.
In payday loans, installment, and auto title loans, the lender does not perform a hard check that can hurt your credit score afterwards.
Let´s see an example of an installment loan. This is still part of the loans for Uber drivers category of financial instruments. Therefore, you should anyway expect high interests.
- Amount: up to $5,000 or even up to $15,000 depending on several factors;
- Terms: Can be paid in several months, depending on the amounts borrowed and your preference.
- Interest: Much lower APR than payday loans for Uber drivers, but still high and distributed along several months.
- Repayment: In fixed monthly installments over several months.
Auto Title Loans
The auto title loans are secured loans that have as collateral asset, your car title. Only the title, because the car remains with you, the borrower, and can be utilized freely.
You can still utilize the car with Uber, because auto title loans only pledge the title. The car can be used in any way you want.
These auto title loans are known as “secured loans” because an asset is pledged as collateral. The rest of the loans for Uber drivers that we have discussed here are regarded as “insecure” because there is no asset determined as collateral of the financial instrument so the lender has more difficulties to determine the trustworthiness of the borrower that can just offer an evidence of his ability to repay the obligation at the due date.
A secured loan like this one, will compel the borrower the pledge of an asset that will serve as collateral of the obligation, in the case of a default in the payment of the obligation.
The direct lender will have the requirement that this collateral, the car in our case, has a value of at least 75% more than the amount requested by the prospective borrower when filling the form.
While auto title loans are not absolutely “guaranteed approval”, they are very fast and represent a preferred option if you have a car in good condition or if you are a driver in the gig economy such as a Doordash or as in our case, a Uber driver.
Just like in a house that you can have a mortgage, in a car you can have a car title loan wherein the car will be utilized as a collateral of the loan agreement. As the car itself, pledged to the title loan, is an asset that suffices to prove your ability to repay the loan, there are very high chances that you become approved even without a steady employment and very bad credit score.
So allow me the frivolity of the comparison, the auto title loan is the “mortgage” of your car. Sorry for this easy comparison, it is just to give an idea if you are not familiar with these types of loans.
The downside to car title loans is the high interest that lenders charge to these loans. Therefore, and the same as with payday loans, the auto title loans should only be utilized to cover emergencies or repairs that were unexpected.
So as a conclusion of this paragraph, there are three types of loans for Uber drivers that are payday loans, installment loans and auto title loans, wherein the latter pledges your car to the loan agreement. If you need less than $ 500 dollars, a payday loan will get you out of an emergency and is paid usually a month after the approval. If you need more than $ 500, than you could request an installment loan and split the amounts to repay in several months so it will not hurt a lot your wallet.
Eligibility Requirements For Loans For Uber Drivers
The problem for Uber drivers to obtain cash advances, short-term loans in general, is that they usually cannot demonstrate a steady source of income that depicts their ability to repay the obligation at the due date.
However, these loans for Uber drivers consider the fact that the income is sometimes subject to oscillations, not because they work less, but because the gig economy is fluctuating and Uber drivers have enough income to repay a loan, even when this monthly income is irregular.
Let´s see in detail the requirements for these loans for Uber drivers.
Minimum age: Be at least 18 years old.
American citizen or green-card holder. US citizen, green-card holder, or permanent resident. Prove it with an ID such as a driver license.
Some proof of residence to identify your address. If you are required to proof your residence, the rental agreement where you appear as a tenant, utility bills with your name in it, bank statements that declare your address, or credit card monthly statements are sufficient. In the loans for Uber drivers and in traditional loans for borrowers with a good credit score, the proof of residence is a mandatory requirement.
Social Security Number. Mandatory requirement. While there are some lenders that work with ITIN mortgage loans as subprime financial products, there are no loans of this type for drivers in the gig economy, whether it is Uber or Doordash, if you do not have a SSN identification.
ID and basic data from yourself. Provide your name and surname, a phone number (landline or mobile), an email address and your residence address. Have a valid identification, being enough with a driver license or a US passport.
Regular source of income just to show that you can pay the loan at the due date even if this income is subject to fluctuations each month. This income can have many different origins; it can be paychecks, alimony, partner income, unemployment benefits, social security income, pensions, child support, annuities, bank statements where you filtered your incoming payments, workers compensation, trust fund received periodically, installments of structured settlements and veterans assistance. Any evidence as a sole proprietor of current employment, that can demonstrate that you have a sort of regular source of income and that you can pay at least the interest of the loan at the due date.
Checking account or savings account. The direct lender will deposit the loan here in this account. Please check the data of your account because if you submit it wrong, you will have to complete the form again before the approval of the loan, and this will be probably ten minutes more.
Faxless. No fax is needed when working with us, because we work with direct lenders and not with brokers. Brokers need to forward information to the original lender through the fax and that is not our case because your lender will be a direct lender, not a broker.
Source Of Income Required For Obtaining Loans For Uber Drivers
Your bank statements should be sufficient depending on their content. Filter your bank statements and retrieve only the incoming payment line items that depict earnings pay history.
You work for yourself if you are an independent contractor. You are a Uber driver. You do not need a W-2 or a paycheck stub to prove income.
Another option is to go to the IRS site and request an EIN. Set up a small business name as a sole proprietor and the IRS will forward you an employee identification number in the mail. This is the EIN.
It is free and you can take this EIN certificate to a bank and open a business account and use that bank. Now all of your income goes to your business bank account which will make proving your earnings easier.
Any evidence as a sole proprietor of current employment, that can demonstrate that you have a sort of regular source of income and that you can pay at least the interest of the loan at the due date.
Step By Step: How To Take A Loan As A Uber Driver
The process for taking loans for Uber drivers is very simple. You will start by filling a simple form with data that you already know, such as your age, name and residence.
For proving your source of income, take the last incoming payments from your checking account, for the last few months and use them to prove your income.
1) The First Step In Loans for Uber Drivers Is To Fill A Form With Some Details
The application for loans for Uber drivers, installment loans, or a car title loans does not affect your credit score. Direct lenders do not perform a credit score check or a Teletrack scrutiny at all.
The first thing that you have to do is to specify how much money do you need. Simultaneously, enter information about yourself, including the mobile number of your home or workplace, as well as your email address.
You check the form and ensure that there are no typos and submit it.
Ensure that in the form, and allow me to insist with this, all the information is correctly entered and spelled without errors. Typos entered in the forms for loans for Uber drivers will have as a consequence, a longer processing time since it cannot be approved automatically and instead will demand the intervention of a customer service representative to ask you to correct the errors. Thus, it is very important that you perform a strict check in the application form before pressing the Submit or Send button.
No one can guarantee that a loan will be approved for you, so because of legal reasons nobody can ensure you a “guaranteed approval” of our loans for Uber drivers.
Nevertheless, you can receive an immediate decision upon completing our easy online application, which only requires the submission of basic information. So fill the form without errors for a faster processing.
Direct lenders will request solely simple documents from you, therefore it is almost sure that you have them with you already: an ID, an utility bill or any document that proves where you live. Therefore, all the required documents are already with you at home.
It is not a problem if you do not have an agreement in paper with the tenant and no utility bills on your name, or you just have a prepaid card without your address. Simply take your bank statement online, filter the item list and retrieve only the results where there are incoming payments of the last months. In this way, you prove a source of income
Therefore, for sole proprietors, independent contractors, and workers in the gig economy it is also easy. As you do not receive paychecks or paystubs, simply utilize the 1099 form, or bank statements of the last incoming payments.
Furthermore, with us, you can evidence your source of income for loans for Uber drivers with an alimony, the income of your spouse, unemployment benefits, social security income, pensions, child support, annuities, bank statements where you filtered your incoming payments, workers compensation, trust fund received periodically, installments of structured settlements and veterans assistance.
Any evidence as a sole proprietor of current activities, that can demonstrate that you have a sort of regular source of income and that you can pay at least the accrued interests of the loan at the due date.
2) Receive Approval
So, statistically, most of the applicants are approved and receive a proposal called “offer” for the loan agreement for Uber drivers.
Legally, nobody can guarantee an approval, despite the popular name of bad credit loans with guaranteed approval. Nevertheless, the immense majority are approved unless there is a typo in the form that raises an error or that the documents that prove the source of income are not uploaded.
3) Accept Or Reject The Offer
Accept a loan offer with a click.
Previously, analyze the due date, and the terms and conditions of the loan. After the conditions are read and you understand how much you will receive in your checking account, and how much you will pay at the due date of the obligation, then sign and accept the loan.
This part is the same for all of the financial instruments like these loans for Uber drivers.
4) Receive The Loan Amount In The Bank Account
Once the terms are agreed, the lender will proceed to transfer the amount to the checking or savings account that you have provided when you submitted the application to the loan.
The reason for that schedule in the transfer to your account is that normally lenders perform a cutoff at noon, and all the loans approved that morning, are included in a batch transfer order, or also called bulk transfer order. That bulk transfer order is broadcasted by the lender, through the financial institution of the lender, to the checking accounts of all the recipients of loans for Uber drivers and those loans for other borrower whose approvals were completed in the morning.
This batch transfer order, a bulk payment, is a remittance broadcasted to multiple payees, who are here the borrowers of loans issued that morning from the bank account of the lender to the bank account of the applicants. The lenders prefer to work in this way. They release a bulk transfer request to all the loan contracts approved during that morning. This is done inside the website of their bank that has an application for bulk transfers. Lenders can then manage their accounting easier, because each of these daily bulk transfers counts as a single debit item in their general ledger.
5) Repay Or Rollover The Loan
This is the final step.
The online loan (car title loan, installment loan or payday loan) is then repaid on the maturity date (the final payment date), at which time the principal (the actual loan amount borrowed) and all the remaining accrued interests are due to be paid.
The due date depends on each agreement, because you may prefer the loan divided in several installments or paying it in one month, or at your payday. Therefore, the due date will depend on the preference of each borrower.
For a car title loan, it will be the date agreed, for installment loans, there is an installment due every month until the loan is paid.
For loans for Uber drivers, the due date is normally agreed in two weeks, or in one month. But also there are borrowers that prefer to split the loan in several months, and that is fine too.
Ensure that your checking account is already provided with sufficient funds at the due date, because when the maturity date of the promissory note arrives, the lender will extract the payment from your account and therefore, the debt will be paid.
If the lender cannot retrieve the payment from your checking account because of lack of funds, the loan becomes delinquent and the lender will rollover the debt to the next month, so you have to pay next month with interest.
If you consider that you cannot pay at the due date or that you may require to extend the loan, the lender can convert the cash advance loan or payday loan into an installment loan. This applies, in general, to all of these short-term loans and not only to the loans for Uber drivers.
With an installment loan the amounts owed are split in three, six, or even twelve months, so it hurts less to the budget.
However, as this extension is likewise subject to interest, you should avoid rolling over and extending too much the loan. As I said before, if you think that you will require to extend the payday loan, better go for an installment loan, as it has lower interest.
Nevertheless, it is always better to take cash advances and loans only to cover urgent repairs, emergencies, and outstanding bills and not abuse of this financial instrument. Do not take loans for Uber drivers for paying entertainment or holidays because they come with high interests.
Pros And Cons Of Loans For Uber Drivers
Loans for Uber drivers come with pros and cons. If you take them to get out of an emergency and pay outstanding bills that otherwise cannot be covered at its due date, then they are useful.
Nevertheless, as they come with high interests, it is preferable to pay them at its due date without a request for rollover or you can also split them into several installment payments at a monthly basis that would affect much less your budget.
So, regarding loans for Uber drivers, let´s see in detail the advantages and disadvantages thereof:
Pros Of Loans for Uber drivers
There is no credit check done and no employment verification. Suitable for unemployment situations too.
The form you are filling with us is not affecting your credit score as there is no “hard check” performed. It is an application form without credit score evaluation and without Teletrack scrutiny.
Neither the Teletrack database nor the information from credit bureau agencies are being utilized, generally speaking, by payday direct lenders as a means of checking the credit history of the prospective borrower.
Most applicants of loans for Uber drivers will receive short-term loans regardless of their credit history, which makes short-term loans an attractive option for borrowers with bad credit. In general lines, as it has to be analyzed case by case, the borrower does not have to worry about the bad credit score being an obstruction toward the solution of the short-term financial difficulties.
Your bad credit score and history will not be an issue. As long as you show proof of a regular income, your past doings cannot necessarily affect your loan application’s outcome.
Any Source Of Income Enables Eligibility For Loans for Uber drivers
Regular source of income, that can be paychecks, alimony, partner income, unemployment benefits, social security income, pensions, child support, annuities, bank statements where you filtered your incoming payments, workers compensation, trust fund received periodically, installments of structured settlements and veteran’s assistance.
Any evidence as a sole proprietor, independent contractor, or current employment, that can demonstrate that you have a sort of regular source of income, even subject to fluctuations as with workers in the gig economy, and that you can pay at least the accrued interests of the loan at the due date.
Settle outstanding bills while maintaining your credit score
Instead of having the delinquency of an outstanding obligation and allow that circumstance to negatively affect your credit score, you will be able to pay that bill thanks to the loan obtained and maintain this aforementioned score. Apart from affecting your credit score, the penalty of a bill not paid on the due date can be usually higher than the interest of these loans for Uber drivers.
Spend the money in what you want, without restrictions
In most of the traditional loans, you have to spend the money in a certain way, for example, to pay the mortgage of an eligible HUD property in an FHA loan, to consolidate or settle a certain debt or outstanding bill.
With these loans for Uber drivers, you have complete freedom to use it in what you want. However, I will recommend to you that this cash advance represented by the loan is utilized only to cover emergencies, or outstanding bills, or any obligation that is approaching its due date and if unpaid will hurt your credit score. Do not use these loans for entertainment or holidays expenditures.
Any Credit Score Could Be Eligible With Loans for Uber drivers
For traditional loans, you require at least a normal credit score to become approved.
However, in loans for Uber drivers, and cash advances, what matters for the direct lender, is your ability to repay the debt at the due date, that could be two weeks, one month, or once a month in the case of installment loans.
Applying to a payday loan, cash advance, or installment loan will not affect your credit score, but will not improve it either.
Access To Cash The Next Business Day Or Probably The Same Day During The Evening
Loans for Uber drivers are almost always approved in a few minutes and then the money is deposited in your checking or savings account the next day.
But you can also receive the funds during the same day in some cases. If you have completed the form and managed to submit it early in the morning, then the bulk transfer order released may include your financial institution. Due to that batch or bulk order, you will receive the funds already in the evening.
Compared to other types of loans, loans for Uber drivers may be easier and faster to apply for, since the transactions can be handled from any Internet-enabled device within minutes.
Loan approvals can almost always be granted instantly unless further verification is needed, and in this case you will be requested to clarify some information or a customer service representative will call you.
Fast Turnout And Highest Approval Rates
When a credit check is circumvented, a loan can be approved the same day that the application is submitted. Moreover, the borrower generally receives the funds in their bank account the next business day, or the same day in the evening.
Faxless, A Great Advantage Of These Loans for Uber drivers
There is no paperwork of any sort involved in the process. The application, as well as its repayment, is a fully online process, right up to the final payment. Lenders guarantee a decision on a loan within seconds or a few minutes.
There is no fax sending, as in the majority of these loans. The process is done online, completely.
Direct Lenders, Not Brokers
There are only direct lenders, no brokers involved, and your application is processed instantly, and your loan is deposited directly into your bank account without the need for any paperwork.
The other advantage of applying for our loans for Uber drivers is that you will be able to save up time as well, since you will not have to wait for the lender to check your credit report, to check your Teletrack history, and then decide whether to approve your loan thereafter.
In other words, there are no middlemen or brokers involved in the lending decision, meaning you can get the loan approved much faster, almost immediately.
Secure Encrypted Data
The information contained in the online form is submitted always encrypted (256 bit SSL encryption).
Your data is not shared with other parties.
No hidden costs
You have to be informed how much you will receive in your checking account and clearly, how much will be retrieved from that account at the due date of the obligation.
This is for all types of loans, of course, cash advances, loans for Uber drivers, car title loans, and installment loans.
The appearance of hidden fees is the reason why we have limited our recommendations on tribal loans without teletrack: hidden fees in some very short-term loans where state laws are circumvented against the borrower.
You must know exactly how much you will receive tomorrow in your checking account and exactly how much you will reimburse at payday, or at the due date of the payday, installment or car title loan.
Only One Application Form (Divided In Two Small Parts)
So, it is only one application form divided in two parts. Here you must fill it with data that you already have with you.
As this is direct lending, the process is simple and some requirements for your eligibility can be waived in order to gain the opportunity to do business with you.
Repayments And Rollovers Are Possible
You can set up automatic repayments that will be automatically deducted from your next paycheck or at the due date of the loans for Uber drivers or at the maturity date of each installment, depending on the content of the promissory note of the financial instrument. Whenever possible, you should seek out lenders who do not charge prepayment fees or non-sufficient funding fees.
Furthermore, you can only pay the interest of the loan and rollover the main amounts for next month. Nevertheless, as the interests for loans for Uber drivers are high, it is preferable to avoid this practice of rolling over an existing payday unless there is an emergency or outstanding bills that can hurt your credit score if they remain unpaid.
With installment loans, as the APR is much lower, it is a different story. However, in any case, avoid entering in a cycle of debt because of the high accrued interests that payday loans and installment loans can entail.
No More Stress
Well, this is not a financial advantage, but you will feel much better to know that your outstanding bills will be settled completely, and your credit score will remain as before. It will not improve either but at least the bills will be paid and you will not become delinquent in those obligations.
Higher interest rates
Any direct lender that issues loans for Uber drivers is certainly taking a risk by lending to individuals with poor credit, and that is why the monthly installments are so expensive. The same applies with these loans.
Ascertain that you can afford the monthly payments; otherwise, you risk running into financial issues.
If the loan cannot be returned within the loan’s terms, there will be a rollover over the remaining sum into a new loan, giving the borrower additional leeway to pay back the debt.
However, as this extension is likewise subject to interest, so avoid rolling over and extending too much the loan. If you think that you will require to extend the payday loan, better go for an installment loan, as it has a lower interest and the amounts can be extended.
Limits In Some States To The Quantities Borrowed
In some states there are limits to the quantities that can be borrowed in these loans for Uber drivers. Therefore, the prospective borrower has to move to an installment loan in these states, which is an option with less interest and less APR than a payday loan.
Repayment Of Loans For Uber Drivers Only Maintain Your Credit Score And Does Not Improve It
This is because direct lenders do not do any credit score check when you request loans for Uber drivers. And because they did not check at that moment, the lender would normally not report when you pay either.
The major three credit bureaus do not conduct hard credit checks on instant payday loans because the direct lenders will not request them at all. Consequently, your FICO® or credit scores will not be impacted. Furthermore, your direct lender does not report your loan payments to the credit bureaus.
All these benefits will make the funding available to you the next business day in your bank account as soon as the business day ends. The process of getting your financial help without waiting weeks for approval and without any hassles is accomplished in one day.
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.