Driving for Uber or another rideshare service can give you a flexible way to earn money, but it can also make your vehicle an important part of your income. When an unexpected car repair, medical bill, or other emergency hits, you may find yourself wondering how to get a loan as an Uber driver.
There isn't a special loan just for rideshare drivers at Texas Car Title and Payday Loan Services, Inc. Instead, qualifying Texas borrowers can consider three existing options:
- Payday loans up to $1,200*
- Installment loans up to $1,500*
- Title loans up to $15,000*
Each works differently and has its own requirements. The right option, if any, depends on factors such as your income documentation, whether you own your vehicle outright, how much you need, and how you plan to repay the loan.
This guide compares the three options so rideshare drivers can understand the differences before applying.
Key Takeaways
- “Rideshare loans” is a broad term rather than a separate Texas Car Title and Payday Loan Services, Inc. product.
- Payday loans are available up to $1,200* and require proof of income, identification, and a checking account.
- Installment loans are available up to $1,500* and require identification, proof of income, and a checking account statement in your name.
- Title loans are available up to $15,000* and require a state-issued ID, lien-free vehicle title, and vehicle inspection.
- Title loan amounts depend on vehicle evaluation and aren't guaranteed.
- All three loan options require approval of a complete application. Texas Car Title and Payday Loan Services, Inc. operates as a Credit Access Business, and loans are made by a third-party lender.
- Before borrowing, compare the repayment terms and total cost with other ways to handle the expense.
Can Uber Drivers Get Loans in Texas?
Being an Uber or rideshare driver doesn't automatically prevent you from applying for a loan.
What matters is whether you meet the requirements for the specific loan product you're considering.
For example, an installment loan requires proof of income and a checking account statement. A payday loan also requires proof of income along with a checking account. A title loan has a different structure because it uses a lien-free vehicle title as collateral.
If your rideshare income doesn't come with a traditional pay stub, ask a loan representative what income documentation can be reviewed for the particular product before beginning the application.
That can help you avoid assuming your Uber earnings automatically satisfy a requirement that calls for a specific document.
Here Are 3 Options For Getting A Loan As An Uber Driver
1. Get Payday Loans To Help
If you are looking into getting a loan as an Uber driver, one option you have with us is our payday loans. A quick payday loan is a loan that bridges the gap between pay periods when you need help. So if you already got paid but are hit with an emergency expense you can’t handle alone, instead of waiting for your next paycheck you can get this loan.
With Texas Car Title & Payday Loan Services, Inc., you can get a payday loan for anything between $100 to $1,200. And the good thing is you can qualify even if you have poor credit. All you need to find out if you qualify is your driver’s license or state-issued ID, most recent pay stub, and a blank check from an active checking account in your name.
2. Look Into Installment Loans
Another option we offer Texans is our signature installment loans. These loans are unsecured like our payday loans – which means you do not need to put anything up as collateral. The main difference is that instead of needing to pay back the loan with your next paycheck – which is usually in two weeks – you can pay back your loan in installments.
So if you do not have a lien-free title to use for a title loan and you need more time to repay the loan than a payday loan, this is a good choice. With this loan, you could get anything between $100 - $1,500. And like our other two loans, this loan is designed to help with emergency expenses – like any wear and tear your vehicle experiences while you drive for Uber.
3. Consider Getting A Car Title Loan
There are a lot of options that are available to Uber drivers who need to get a quick cash loan to cover an emergency expense. The third kind of loan that you can get with us is our car title loan. What is a car title loan? It is a secured, short-term cash loan that uses your vehicle’s lien-free title as collateral. And you can even qualify if you have poor credit.
You do have to make sure that your name is on the title and you are finished paying off the vehicle to qualify. We also use your vehicle’s condition and resale value to determine how much you could get – which could be anything up to $15,000. You can then use this cash for emergency expenses such as vehicle repairs, damage to your home, or urgent medical or utility bills.
The Process Of Getting Either Three Loans In Texas
The process of applying for either of our three loans with us is simple. To get started, you can either go on our website and apply online or give us a call and apply over the phone. If you are applying online, your application gets sent to your nearest Texas loans store location. After you do this, you will soon get a call from your loan representative.
They will make sure you have all of the items that you need for either three loans and they will schedule an appointment to finish the loan application. When it comes to payday loans and installment loans, you do have to come to the store to finish. With our title loans, you can have the loan representative come to you instead of you coming to the store.
Either way, when you meet with the representative, they will assess your items. This is also where they will either run your credit for installment loans or inspect your vehicle for a car title loan. After this, they will answer any final questions that you might have and they will help walk you through the last stages of the loan application process if you are approved.
Once you are finished with the paperwork that is it! You can even drive away with your car if you get a title loan. If you complete the application before noon, you will have your emergency cash that very same business day. Applications that are completed after noon are typically funded the next business day.
Get Your Loans When You Need Help Today
Sometimes, no matter how much extra money driving for Uber is getting you, you have to repair the vehicle that you are using for work. When you need help getting a loan as an Uber driver, come down to Texas Car Title And Payday Loan Services, Inc. to get help. Fill out the online form for one of our three loans today.
Frequently Asked Questions About Loans for Uber Drivers
Can I get a loan as an Uber driver in Texas?
Rideshare work itself doesn't prevent you from applying. You still need to meet the requirements for the specific payday, installment, or title loan you're considering.
What type of loan can an Uber driver get?
Texas Car Title and Payday Loan Services, Inc. currently offers payday loans up to $1,200*, installment loans up to $1,500*, and title loans up to $15,000* for qualified borrowers. Each product has different eligibility and documentation requirements.
Can Uber income be used for a payday loan?
The current payday loan requirements list proof of income such as a recent pay stub. Because rideshare earnings may be documented differently, contact a representative to confirm whether your specific income documentation meets the requirement before applying.
What do I need for an installment loan?
The current requirements include a driver's license or state-issued ID, proof of income, and a checking account statement in your name.
What do I need for a title loan?
You'll need a driver's license or state-issued ID, a lien-free vehicle title in your name, and your vehicle for inspection.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
