Personal Loans for Uber Drivers with Good & Bad Credit
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Best Rideshare Driver Loans for Bad Credit
How Do You Find the Best Loans for Uber Drivers with Bad Credit?
To find the best loans for Uber drivers with bad credit, check Acorn Finance. Our safe and secure platform allows you to check for prequalified offers from our many top national lending partners, all from the comfort of your couch – or from your driver’s seat between riders. Checking for offers has zero impact on your credit score and is completely free.
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Helping You Find Loans for Uber Drivers with Bad Credit
Frequently Asked Questions
What are rideshare driver loans for bad credit?
Rideshare driver loans for bad credit are specially designed loan structures for self-employed Uber, Lyft, or other rideshare platform drivers. These loans can be used for a number of things, but here are some common reasons rideshare drivers with bad credit may seek financing including the following.
- Vehicle repairs: Since their entire business relies on the ability to transport, an out of commission vehicle will need to be fixed ASAP. Personal loans for bad credit can be a quick way to obtain the funds for necessary repairs. Online lenders are known for less strict requirements and faster funding times, something to consider if you have bad credit.
- Gas money: With inconsistent income, there may be lulls in work followed by a demand for more rides, which leads to a need for supplemental gas money to bridge that gap in finances.
- Vehicle maintenance: Driving for multiple hours on a regular basis can be a heavy burden to bear for your car, which means you may be in and out of the auto shop more often for routine maintenance such as oil changes, AC recharges, tire rotations, brake pads, and more. These costs can certainly add up. If you don’t have the cash on hand or don’t want to empty your savings, consider using a loan.
- Down payment for a vehicle: Sometimes rideshare driver loans for bad credit are necessary in order to start an independent contractor journey.
How do loans for Uber drivers with bad credit work?
Loans for Uber or other rideshare drivers with bad credit typically work on an installment structure. An installment loan for bad credit is one in which a lump sum is dispersed after approval, and is repaid with interest over the course of the loan.
The repayment amounts can vary based on interest rates, loan amount, and length of a loan and are typically due on a monthly basis. Uber driver loans for bad credit also usually have a fixed interest rate, so a loan installment shouldn’t vary in amount from month to month. Like most personal loans, a rideshare loan for drivers with bad credit is typically unsecured, which means that there are no collateralized assets tied to the loan agreement.
Are rideshare driver loans for bad credit worth it?
If a rideshare driver loan for bad credit is necessary to get you back on the road or keep you driving without any gaps in employment or income, it can definitely be worth it. It is important to choose the loan that best aligns with your financial goals, and to not take on a loan that offers much more than necessary, as you will be paying interest on the total sum of the loan. There are many factors to consider, as every situation will be different.
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In a post-Covid world, due to both displaced workers seeking gig employment and families sticking with delivery options, the number of rideshare and delivery drivers has increased significantly.
In fact, Uber has a whopping 3.9 million drivers world wide, and 36% of Americans have reportedly used a ride-hailing app such as Lyft or Uber. This demand for independent contractors in the rideshare industry has led to a need for financing for those drivers to fill in gaps in an inconsistent income, a need for auto repair loans, and other driver-related expenses.
But, what is an independent contractor to do if they have bad credit and need a rideshare driver loan? Luckily, there are lenders who may be willing to finance rideshare loans for drivers with bad credit. Keep reading to learn where to find the best bad credit rideshare loans and what you can use one for.
What credit score do you need for rideshare driver loans?
There is no universal minimum credit score required to get approved for a rideshare driver loan. Lenders can have their own set of criteria, so what one may require, another may not. Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.
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