Lyft drivers, Uber drivers, and any other rideshare workers should be able to get payday loans. Whether you’re approved for a payday loan, personal installment loan, or any other type of loan will depend on your financial situation, and the lender’s qualifications.
Typically, lenders will like to confirm that you have a steady income. If you can prove that you have a regular income, many lenders will be willing to offer you loans. Payday lenders may not have very strict requirements, so your credit score and credit history may not even come into play. Other types of lenders may want to check your credit history.
If you have a low credit score but steady income, you might qualify for personal installment loans. This is an unsecured loan offered to borrowers with poor credit scores. On average, you can get more money from a personal installment loan than your typical payday loan. The repayment period is also longer than payday loans on average. Many payday loans need to be repaid within only a couple of weeks. Personal installment loans on the other hand may allow you to spread your payments out over the course of several months.
No matter which quick cash solution you choose, make sure that you thoroughly understand the terms and conditions. It’s ok to ask the lender questions and make sure that the loan works for you. In fact, taking these extra steps can help to ensure that you are able to repay the loan on time. Thus, avoiding late fees, defaulting on your loan, and your credit score dropping.
If you have steady income and need some fast cash, a personal installment loan is a good solution. You can still be approved for one even with a less-than-perfect credit score. Why opt for a lump-sum repayment in only two weeks when you could spread your repayment out over several months?
To learn more about payday loans, personal installment loans, and personal finance basics, read our blogs in the CreditNinja Dojo!