Why Uber Rideshare Gig Workers Are Getting Loans For Uber Drivers
The birth of Uber has seen decent-paying work made accessible to those who could otherwise find it difficult to get – and hold – a job. Starting with Uber could ease the burden of having to get loans for uber drivers. All you need is a car and a license!
However, as good as the extra money may seem, there are costs involved in becoming an Uber driver. Not only are there upfront costs, but also running costs to consider. All these expenses can bring back the option of taking out loans. Here are some reasons why Uber gig workers are taking out loans for uber drivers.
Reasons Why Uber Drivers Need Loans
1. Repairing A Vehicle
When it comes to getting loans for uber drivers, one way a loan could help is with vehicle repairs. Your vehicle must always meet a certain set of requirements to qualify for a driving position at Uber. The requirements for driving for Uber are:
- Your car needs to be less than 10 years old;
- Uber has to confirm that your car is in "good condition." This means it can't have any cosmetic issues like blemishes, dents, scrapes, or paintwork problems.
The criterium excludes many people on a low income. Sometimes, aspiring drivers will take a loan out to upgrade their current vehicle if they cannot purchase a better one.
2. Paying Overdue Bills
Another reason to get loans for uber drivers would be for overdue bills. Unfortunately, there may come a time when driving for Uber doesn't quite give you enough to pay the bills. For this reason, many drivers choose to take out loans such as auto title loans to help out when they find themselves behind on their bills.
3. Handle Medical Emergencies
Yes, the unthinkable sadly sometimes happens – usually when you are least prepared. Medical emergencies are always unforeseen and often have dreadful consequences. Uber drivers — and people in other professions, for that matter — may take out loans to cover the costs. This is a very valid reason to get loans for uber drivers and anyone else that needs help.
What Are Auto Title Loans?
A fast cash title loan is a short-term loan where you put your lien-free vehicle title up as collateral. As an Uber driver, you must own your vehicle, and since that is the main requirement for a title loan, it's an option for you to consider.
The requirements are limited, meaning you don't have to struggle through a bunch of paperwork or long processing times. You do have to make sure you are at least 18 and your title must be in your name and free of any outstanding loans.
If your title isn’t in your name or free of outstanding loans, you’ll have to get that handled at the DMV before coming here. You also get to keep your car while you are repaying the loan!
Should You Get An Auto Title Loan As An Uber Driver?
Whether you get loans for uber drivers – like an auto title loan – depends on a few things. They are definitely valid options to consider, but we encourage you to think about whether you genuinely need one.
These loans should be used for emergencies only, so it's worth asking yourself the following questions to figure out whether it's warranted:
- Will the situation get worse if you don't handle it right now?
- How long can you really wait to handle the situation?
If you have answered "no" to the initial question, we suggest trying other financial aids first. The same could be said if you answered "a few weeks" to the bottom question. However, if the opposite is true, then getting an auto title loan may well be the way to go.
Situations such as overdue bills, urgent home repairs, and medical expenses are typical scenarios where it comes in handy to take out auto title loans.
How Can Uber Drivers Get Auto Title Loans?
If you have come to the conclusion that auto title loans are the route for you, then we are here to help. By following the steps below, you can acquire between $300 and $15,000 to fund your emergency:
- Start the process by completing the simple inquiry form. It should take approximately 5 minutes. Wait for one of our friendly loan experts to give you a call. They will tell you about the auto title loan process, give you an idea of the required documents, and answer any questions. You can choose to either search for your local ‘Arizona title loan places near me’ or have us come to you.
- Head to the agreed meeting place – either the store location or your current location – with your driver’s license or state-issued photo ID, your lien-free title to your vehicle, and your vehicle for a quick inspection. This inspection allows us to determine just how much you could possibly qualify for if you are approved.
- When you arrive, you will sit with a loan representative who will look at your documents. They'll also inspect your vehicle to confirm its condition, make, model, and VIN. After they have evaluated everything, they will consider whether you qualify for approval. This will not take long for them to make a decision.
- If you do qualify, the loan expert will walk you through the loan terms and agreement. This is where they can really answer any remaining questions you have. If you agree with everything, they will then guide you through some extra paperwork. Once done, you'll receive the amount you qualify for on the same day or the very next bank business day!
Get Your Loans For Uber Drivers Today
Your vehicle is often your biggest asset as an Uber driver. Not only does it secure your professional future, but it also gives you a foolproof way of getting emergency money when needed. If now is the time for you to access an auto title loan, don't hesitate to get in touch. Fill out our online form to get the process started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.