Can Alabama Uber Drivers Get Loans?
Driving for Uber is a job. Therefore, the answer to your "can Uber drivers get loans" query is yes! For many of them, you don't need a perfect credit score; you just need to prove your identity and affordability.
We'll discuss the various types of Uber driver loans in this article.
Can Uber Drivers Get Loans In Alabama?
As an Uber driver, you can get many types of loans in Alabama. But we'll go over the top five today:
- SBA loans
- Personal loans
- Credit cards
- Title pawn
- Payday loan
The Top 5 Types Of Loans For Uber Drivers In Alabama
1. SBA Loans
The Small Business Administration (also known as the SBA) designed loan programs for small business owners and entrepreneurs around the country. Uber drivers have the CARES Act to thank for that!
The financial support offered through these programs extends to sole proprietors, self-employed people, and independent contracts. So, yes, drivers count.
However, due to the COVID-19 pandemic, the SBA funding programs haven't seen much funding. However, that should all change soon enough, allowing you to get the loans you need once more.
2. Personal Loans
To get personal loans as an Uber driver, you need to have a decent credit score or be willing to put an asset as collateral. The better your credit (or the more worthy the asset), the more attractive your rates will be.
You can use personal loans for many reasons, such as financing expensive car repairs, buying fuel, or funding an unexpected bill. Depending on the type of loan you receive, you won't need to clarify why you are acquiring the personal loan.
3. Credit Cards
If you are trying to offset a small bill, using a credit card might be the best answer to your "can Uber drivers get loans" question. After all, you probably already have one!
They are a straightforward way to access a line of credit for making small purchases. However, credit cards may come with a minimum payment limit. To stay afloat, you must pay the minimum amount before the predetermined due date. That way, you'll avoid fines and extra interest.
4. Title Pawn
As an Uber driver, you must own your vehicle, so getting a title pawn is an easy loan option. You don't need a brilliant credit score or a guarantor. Instead, the amount of money you can borrow is based on the value of your vehicle. But don't worry, you can keep using your vehicle as usual while repaying the loan!
To get one, you need:
- Driver's license or another form of state-issued identification
- Lien-free title to your vehicle
- Car, truck, or van
We don't accept motorbikes, RVs, boats, or other modes of transport.
Our borrowing limits for title pawns are between $300 and $15,000. With such a broad range, they're an option for funding more considerable expenses like medical bills and home repairs.
We consider the following factors when appraising your vehicle to decide how much money you qualify for:
- Odometer reading — The higher this figure, the less your vehicle is worth. It becomes even more apparent once your car clocks over 120,000 miles because it'll need extra TLC to keep it running smoothly.
- Age — Cars, vans, and trucks lose around 60% of their worth during the first five years of life. So, the older your vehicle, the less it is worth. This does not apply to classic or vintage cars, though.
- Make and model — Luxury cars with premium features have higher price tags. If you're lucky enough to own a fancy car, you'll benefit from the larger loan amounts.
- Condition — We consider the cosmetic condition as well as the mechanical condition. Bumps, dings, stained interiors, scratches, and more can impact your vehicle's value.
- Modifications — Putting a brand-new engine in an older vehicle boosts the value. On the other hand, adding spoilers and decals may lower its worth.
5. Payday Loan
Our payday advances allow Uber drivers to borrow between $100 and $500 to fund various emergencies. You don't need to have a good credit score. Just bring your ID, social security card, 30-day bank statement, most recent pay stub, and a blank check from your active checking account.
Once you've gathered your documents, follow the steps below to get a payday advance from us:
- Complete the online form.
- Pick up the phone when one of our loan associates calls to answer your questions and discuss the process.
- Bring your documents to your local store.
- Wait while they assess your ID and affordability.
- If you gain approval, complete the final steps of the approval process.
- Finally, receive the money in as little as 24 hours.
Get A Payday Advance Right Now!
So, can Uber drivers get loans? Absolutely! Just give us a call or complete our easy online request form to kickstart the process. One of our friendly loan experts is always happy to help.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.