Where To Get Loans for Uber and Lyft Drivers in Atlanta, GA
You can get loans as a driver for Uber or Lyft in Atlanta both online and in-store, depending on the type of loan you wish to acquire. As a self-employed individual, you're eligible for a variety of loans that can help fund emergencies like medical bills, home repairs, and more.
Here, we'll explore the five best types of loans for Uber and Lyft drivers in Atlanta, Georgia, so you can decide which one is your perfect match.
5 Types of Loans for Uber and Lyft Drivers
1. Personal Loan
You might be pleased to know that Uber and Lyft drivers can qualify for standard personal loans and use them for various reasons. The trickiest part is deciding whether you actually need one — but that's an ordeal only you can solve.
It's important to understand that personal loans are fixed borrowing schedules. Your ridesharing business, however, is rather fluid. This means you'll still need to repay the same amount every month, regardless of whether you've made as much money as your previous paycheck. Because of that, getting a personal loan as a Lyft or Uber driver isn't a decision to take lightly. These loans come with no consideration for your slow months.
On top of that, you need to consider the eligibility requirements for personal loans, which are usually as follows:
- A good to excellent credit score
- State- or government-issued identification
- Proof of residence
- Proof of income
- Bank statement
Some of that criterium might be challenging to meet (especially the credit score part).
2. SBA Loan
The Small Business Administration (SBA) created programs that support small businesses under the CARES Act. These were mainly for COVID-19-related financial worries. However, you might qualify for other grants and loans offered by the SBA because they accept any self-employed person, gig worker, sole proprietor, or independent contractor. And yes, you fall under these brackets.
3. Secured Credit Card
For many drivers of Uber and Lyft in Atlanta, Georgia, secured credit card loans are the best option. They generally come with low-interest rates because you must supply collateral (i.e., an asset). But you might be able to receive an even better rate if you apply alongside a co-signer (i.e., somebody to shoulder the debt responsibility if you default). That way, you're even less risky to the lender. Just keep in mind that these loans are only offered to those with good to excellent credit scores.
4. Payday Loan
If you aren't blessed with a decent credit rating, you can try a payday advance instead. Granted, you won't be able to borrow as much money, but it should be enough to cover one-off emergency expenses. Plenty of these lenders are available but always do your research to find reputable companies. Check external review sites to find out what people really think before signing loan agreements.
Plus, remember they're generally due for repayment on your next paycheck. So, before getting this type of loan, calculate whether you can afford to repay it when the due date arrives.
5. Title Loan
Finally, you can get a Georgia title pawn (aka car title loan), allowing you to borrow up to $15,000 based on the value of your vehicle. Our process is super simple, and you only need three things to gain approval (no good credit needed).
The steps below walk you through our entire process:
- Contact one of your local store representatives directly by phone or use our handy online inquiry form to send your information to the location of your choice.
- If you choose the latter option, one of our loan associates will call you back to confirm your information. They will also explain the simple required items and answer your questions.
- During the conversation, you need to decide whether you'd like to meet at your nearest Georgia Auto Pawn, Inc. location or a more convenient place. We can come to your home or workplace.
- Wherever you decide to meet, make sure you bring your driver's license (or another kind of state-issued identification), lien-free title to your vehicle, and your car, truck, or van. Please note we don't accept motorbikes, RVs, boats, or other modes of transport.
- Wait while our loan representative conducts a quick inspection of your vehicle to establish the amount of money you qualify for.
- If you qualify, you will complete the approval process that involves signing a couple of documents.
- Finally, you get the money you need on the same or the very next bank business day.
Submit Your Car Title Loan Request Today!
Whether you're struggling to make ends meet this month, have horrendously high medical bills to pay, or need to make an urgent home repair, a car title loan is an option. Submit our easy form or give us a call to begin and get cash for your car title today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.