Financial emergencies happen at any time, right? One unexpected expense can wipe out your savings and put future purchases at risk. Uber and Lyft are big and well-known companies in the ridesharing industry, but still, rideshare gig drivers face income instability. Bad weather, low trips, and car-repairing costs are some of the major expenses for the gig drivers, as they need more money to cover them.
In such situations, a dedicated cash advance is available for gig ride-share drivers. In simple terms, a cash advance can help you get short-term money before your next payday, often offering a lump sum between $250 and $5,000 in some cases.
While it might be confusing, because even the best cash advance apps have their strengths and weaknesses. To make it easy for you, below we show what to consider when choosing one.
10 Best Cash Advance Options for Gig Drivers: Uber, Lyft, & Other Rideshare Drivers
Here are the top 10 cash advance options for hardworking gig rideshare drivers. Choose one and start using it today:
GigsCheck
GigsCheck gives fast and easy cash advances of $250 to $2,500 for Uber and Lyft-like rideshare gig drivers. No credit required and no early or late fees. GigsCheck is one of the second platforms after Giggle Finance that offers exclusive advances and loans for gig economy workers. Like most of the other cash advance apps, you can pay off your advances with your next paycheck.
- Funds cash advances fast
- Doesn’t charge high interest or late fees
- No credit checks required
- Maximum cash advance amount is low
- Have to sign up through a partner
- Low customer ratings and reviews
Giggle Finance
Like GigsCheck, Giggle gives financing to rideshare drivers. No credit score required; get a small part of your future earnings before your next paycheck. Giggle offers advances up to $5,000 with auto-debit from your account and a small service fee, too. Applicant and funding are fast, but you must have been working for at least 3 months to apply.
- Instant approval and funding
- No minimum credit score required
- Instant cash advance up to $5,000
What’s bad?
- Charges varying fees for advances
- Not transparent about rates
- Poor customer reviews
EarnIn
EarnIn is a popular financial app that offers cash advances through its “Cash Out” feature, allowing users, including gig drivers, to access up to $750 of their earned salary before their next payday. It includes two options for funds transfer: The Free option takes one to two business days, and the paid option takes only a few minutes, but includes a small fee.
- It offers up to $750
- Monthly subscription not required
- Only charges for fund transfer
- It requires direct deposit
- You must have earnings of at least $320 per pay period
- Fee for instant transfer
Dave ExtraCash
Dave’s ExtraCash feature can help eligible users avoid running low on funds. It offers advances with no interest and no fees, which make it a reasonable option for Uber and Lyft drivers. If you can wait for 2-3 business days for standard fund transfer, then it’s free of cost. But to get instant fund transfer on the same day, you have to pay a 1.5% express fee.
- Available to most US residents 18+
- No employer partnership required
- No interest or credit check
- Requires a monthly subscription
- Charges fast transfer fees
- Lower advance amounts of $500 max
Payactiv
Payactiv directly works by partnering with employers to offer exclusive cash advances based on their earned wages. You can request a maximum of 50% of your earned wages; however, some employers may put a limit on how much you can borrow. If you don’t work with an employer who does not enroll with Payactiv, you can still receive your paycheck up to two days in advance by signing up for a Payactiv Visa Prepaid Card, which is a debit card.
What’s good?
- Instant financing available
- Available to salaried and hourly employees
- No bank account required
- Instant funding requires Payactiv card
- Potential program fees of up to $5 per pay period
- Limited options if your employer isn’t enrolled in Payactiv
MoneyLion
MoneyLion is a special type of financial app that offers up to $500 per pay period. However, you can increase the limit by up to $1,000 by opening a RoarMoney account or by simply joining its Credit Builder Plus program, but it requires you to pay $19.99 per month. MoneyLion doesn’t credit check and doesn’t charge interest. Plus, it appears on rating platforms like Trustpilot and Google Play with high ratings and positive customer reviews.
- No credit check required
- No Interest and fee
- Offers many extra features
- Instant transfer fee up to $8.99
- Advance limit varies by account activity
- Limited state availability
Varo
Varo offers cash advances powered by Varo Bank, which provides an advance of up to $500 with no interest rate and late fees. Unlike other apps, there is no need for a monthly subscription to qualify. Plus, all fund transfers from your Varo account are instant, but it charges fees, which may vary depending on the amount borrowed. To be eligible for direct deposits, you have to maintain at least $800 monthly.
- Flexible repayment terms
- Has many other banking tools
- No monthly subscription
- Transfer fees up to $40
- Requires direct deposit
- All advances trigger a fee
CreditNinja
CreditNinja offers instalment loans to its eligible users, including rideshare gig drivers, starting from $300 to $5,000, with no credit score requirement, and it provides same-day funding. As compared to payday loans, its terms go up to 24 months, but rates are on the higher side. This loan might work in an emergency, but it’s an expensive last-resort option.
- Accepts bad credit borrowers
- Loans from $300 to $5,000
- Funding as soon as the same day
- Charges origination fees
- Does not disclose rates and fees before applying
- APRs could reach triple digits
Fundo
Fundo provide merchant cash advances mainly to small businesses, rideshare drivers, and other gig workers up to $10,000, with same-day funding. It doesn’t require a credit check and offers a discount on early repayment, plus lenient requirements to qualify. There are lots of customer complaints about high rates and processing fees.
- You can borrow up to $10,000
- Same day fund transfers possible
- Discount on early repayment
- Factor rates as high as 3.5
- Mixed customer reviews
- Doesn’t disclose rates or fees on its website
GigsMoney
GigsMoney is a dedicated financial app with more than 40+ lending partners. With a single application, you can compare multiple lenders at once and receive same-day funding for free. You can borrow up to $5,000 with no credit check and an early payment fee. Whether you’re a gig worker or rideshare gig driver, GigsMoney accept all types of employment and income types. However, rates and fees aren’t disclosed on its website.
What’s good?
- Fast funding possible
- Options for poor credit
- Lots of partnered lenders
What’s bad?
- Rates and fees aren’t disclosed
- Some loan options are pricey
- Full list of partners isn’t available
What Matters Most While Choosing a Cash Advance for Gig Drivers?
- What do they offer? Some cash advance apps provide up to $200, others up to $2,500. Check your cash needs and choose accordingly.
- How fast do they work? Do you need cash now? Make sure to check how fast you’ll get the cash advances. Some apps give you money in minutes.
- What’s the cost? Cash advances charge $10 to $30 per $100 borrowed. Pay advance apps skip the interest but charge in the form of monthly subscription or express fund transfer fees.
- How do you get paid? Some cash advance apps offer free fund transfers to your bank account, while others require you to pay an express fund transfer fee.
