Yes, drivers who work for ride share companies like Uber or Lyft can access payday loans in areas where they are legal. Delivery drivers working for companies like GrubHub, PostMates, or even UberEats can also access payday loan funding.
In order to qualify for quick payday loans, most lenders simply require a few pieces of information. This info includes your income, place of residence, and a government-issued photo ID. Ride share drivers for a company like Uber can prove their income for a loan by showing the lender bank account statements, tax returns, or income documentation given to the driver directly from Uber. They can then show proof of residency with something like a utility bill or piece of mail with their name and address on it. Lastly, Uber drivers can easily use their driver’s license as a form of government-issued photo ID.
After receiving all the required information, lenders will then look at an applicant’s credit score in order to determine approval, as well as loan details like terms, rates, and funding amounts. Usually, borrowers with a high credit score have a better chance of receiving approval for personal loans with convenient terms, low rates, and higher loan amounts. Borrowers with a low credit score may have a more challenging time finding loan approval, or if they do, they are typically paired with higher rates and lower loan amounts.
If your credit score meets the lender’s qualification requirements, they will then draw up a contract for you to sign. Before signing your loan agreement, read it over carefully. The contract will have all of the official details of your loan, including interest rates, payback terms, origination fees, and more. Make sure everything in your loan agreement makes sense, and have your lender clarify anything you find confusing. Once you feel comfortable with your contract, you can sign it and receive your loan funding!
While the funding process may be easy, payday loans may not be the best financial investment. If you have other options available, utilize them first before turning to payday loans. You will most likely find you are able to find better rates, terms, and funding amounts elsewhere.