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Loans for Lyft Drivers

Updated on April 9, 2024

At a Glance

  • Lyft drivers can explore various loan options, including secured loans with low interest rates.
  • Unsecured personal loans are available for those without collateral, and bad credit loans cater to individuals with a less-than-stellar credit history.
  • Applying for a loan involves choosing the type, comparing options, submitting an application, and awaiting a decision.
  • Common reasons for seeking a loan include maintaining or updating a current vehicle and purchasing a car to become a Lyft driver.

If you are a Lyft driver, you may know that securing a loan can be tough. Luckily, there are certain loans that Lyft drivers can turn to in times of need.

This article goes over what kind of loans Lyft drivers may be eligible for, how to secure one, and much more.

Different Types of Loans for Lyft Drivers

When taking out loans for either upgrading your old car or buying a new one, you need to know all the options. Here are some of the best options we’d recommend for Lyft drivers:

Secured Loans

This is by far the best type of loan you can obtain as a Lyft driver. These types of loans come with low interest rates in exchange for collateral. To obtain even lower rates, you can apply along with a co-signer.

Secured loans are mostly provided to rideshare drivers with fair-to-good credit scores. But a thing to note here is that if you fail to repay the loan, you might lose your car if it is part of the collateral, which in turn will make you jobless.

Unsecured Personal Loans

You also have the option of going for an unsecured personal loan. Unlike a secured personal loan, these require no collateral but are harder to qualify for.

If you prefer not to put your car up as collateral, an unsecured personal loan is a good option for Lyft drivers. We recommend comparing multiple lenders to find the best rates that you qualify for.

Bad Credit Loans

If you have a less-than-stellar credit history and you’re not eligible for collateralized loans, you can opt for bad credit card loans which have higher interest fees and more strict repayment terms.

On the bright side, once you start making payments on time for months in a row, you can refinance your rideshare loan to a lower interest rate.

>> Read More: Loans for Independent Contractors & 1099 Workers

How to Get a Loan as a Lyft Driver

Getting a loan as a Lyft driver is super easy and the whole process can be completed within a few days.

  1. Choose a loan type. First, you need to decide which type of loan you want to apply for.
  2. Compare options. Then you should compare loan options from various lenders. It’s important to shop around so you can find the best rates and most favorable repayment terms.
  3. Apply. Once you find one (or multiple) that you are interested in, you can begin the application process. You’ll be asked to provide personal and financial information in the form.
  4. Wait for a decision. Based on the information provided, your loan application will either be approved or rejected.
  5. Accept or decline your offer. If approved, you’ll receive a confirmation and the amount will be credited to your bank account if you accept the offer.
  6. Start repayment. Most institutions immediately set up an auto-pay which will automatically deduct money from your account at the end of the month to pay off the loan—though you can typically make manual payments if you wish.

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6 Best Personal Loans for Lyft Drivers

As a Lyft driver, obtaining a personal loan can be key to managing various expenses, from vehicle maintenance to personal financial needs. The fluctuating nature of gig economy income can pose challenges in securing traditional loans, but there are lenders who understand and cater to such dynamic financial scenarios. Here, we explore lenders offering personal loans that are well-suited for Lyft drivers, taking into account different credit situations.

Spotlight Loans (Best for Bad Credit)

Spotlight Loans offers personalized loan solutions tailored to the needs of Lyft drivers. Whether individuals are looking to finance a new vehicle or cover unexpected expenses, their specialized loan options provide quick and hassle-free financial assistance, helping drivers stay on the road and maximize their earning potential.

Spotlight Loans

Stilt rating
Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR

6.63% and up

Variable APR



  • Minimum credit score: n/a
  • Variable APR: 4.99% and up
  • Loan amounts: $100 – $5,000
  • Repayment: Depends on choice of lender


  • Be 18 years of age or older
  • Have a checking or savings account
  • Have regular income
  • Have a fair credit rating


  • Spotlight Loans is willing to work with individuals who have less-than-perfect credit, making it a viable option for those who may struggle to secure loans from traditional lenders​​​​.
  • Spotlight Loans offers same-day approval and funding, which is beneficial for those in urgent need of funds. This makes it a good option for emergency financial situations​​.
  • Unlike traditional payday loans, Spotlight Loans provides the option to repay the loan over a period of months, offering more flexibility in repayment planning​​​​.


  • One of the most significant drawbacks of taking a personal loan with Spotlight Loans is the potentially high interest rates. With APRs that can be much higher than traditional personal loan lenders, this can lead to substantial interest payments over time​​.
  • Spotlight Loans offers loan amounts that are relatively low, which may not be sufficient for all borrowers’ needs​​​​.
  • Spotlight Loans services are not available in all states, so it’s important to check if you reside in an eligible location before applying​​.

AmOne (Best for Okay to Good Credit)

AmOne is an excellent choice for Lyft drivers who have okay to good credit. As a platform that connects borrowers with a network of lenders, AmOne simplifies the search for a suitable loan. This can be particularly beneficial for Lyft drivers, whose income might vary, as they can find flexible loan options that align with their financial situation and credit history.

AmOne Personal Loans

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR


Variable APR



  • Minimum credit score: 600.
  • Fixed APR: 3.99%-35.99%.
  • Loan amounts: $1,000 to $50,000.
  • Repayment: 1 to 7 years.


  • Must be at least 18 years old.
  • Must be a U.S. citizen or permanent resident.
  • While there’s no specific income requirement, a consistent source of income is essential for the applicant.


  • Suitable for individuals with lower credit scores.
  • No cost for the matching service.
  • Attractive loan rates.


  • Acts as an intermediary, not a direct lender.
  • Risk of multiple contacts from prospective lenders.
  • Lack of clarity on lender details.

Spring Loans (Best for Bad Credit and No Credit)

Spring Loans is geared towards Lyft drivers who either have a limited credit history or have faced financial hurdles in the past. Their focus extends beyond conventional credit scores, evaluating broader financial indicators. This approach can provide Lyft drivers with bad or no credit access to funds that might otherwise be difficult to obtain, helping them cover both professional and personal expenses.

Spring Loans Personal Loans

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR


Variable APR



  • Minimum credit score: None.
  • Fixed APR: 27.00%
  • Loan amounts: $3,000.
  • Repayment: 48 months.


  • Demonstrate a recurrent income.
  • Minimum age prerequisite: 18 years.
  • Validate U.S. citizenship status with an SSN.
  • Provide a legitimate U.S. driver’s license or a state identity card.
  • Establish a functional bank account for incoming deposits.
  • Adhere to any specific demands by the loan provider.


  • Open to applicants with any credit background.
  • Four-year loan period aids in structured financial management.
  • The $3,000 offer addresses several short-term financial challenges.
  • Wide-reaching eligibility criteria invite a broad spectrum of applicants.
  • The focus on dependable income over job title benefits varied income sources.


  • The set 27% APR is higher than many alternatives.
  • Restriction to a $3,000 loan might not cover all financial outlays.
  • Possessing specific IDs is mandatory, sidelining some applicants.
  • A prerequisite for an ongoing bank account may limit certain users.

First Premier Lending (Best for Bad Credit)

First Premier Lending offers a lifeline to Lyft drivers with less-than-ideal credit scores. Understanding that a poor credit history does not entirely reflect an individual’s current financial stability, they offer personalized loan solutions. This can be especially helpful for drivers needing financial support to maintain or upgrade their vehicle, ensuring their ability to continue earning through Lyft.

First Premier Lending Personal Loan

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR


Variable APR



  • Minimum credit score: None.
  • Fixed APR: 27.00%.
  • Loan amounts: $3,000.
  • Repayment: 48 months.


  • Maintain a consistent source of income.
  • Must be at least 18 years of age.
  • Possess valid U.S. citizenship and a legitimate social security number.
  • Hold a current U.S. driver’s license or state-issued ID.
  • Keep an active bank account for direct deposit.
  • Satisfy any lender-specific criteria, such as credit rating, borrowing history, or place of residence.


  • No minimum credit score requirement allows accessibility for those with varied credit histories.
  • 48-month term provides clarity and allows for long-term financial planning.
  • Specific loan amount of $3,000 can meet many short-term financial needs.
  • Broad set of qualifications make the loan accessible to a wide range of people.
  • Emphasis on consistent income, not necessarily employment type, allows flexibility for borrowers.


  • A fixed APR of 27% is relatively high.
  • Loan amount is capped at $3,000, which might not cater to larger financial requirements.
  • Requirement of a U.S. driver’s license or state-issued ID could exclude some individuals.
  • Mandatory active bank account could be limiting for those who are unbanked.

Upgrade (Best for Good to Great Credit)

Lyft drivers with good to excellent credit will find Upgrade an attractive option. Known for competitive interest rates and clear terms, Upgrade can provide favorable loan options, making it easier to manage or consolidate debts, or invest in vehicle upgrades. Their efficient processing and customer-centric approach make them a strong contender for financially savvy drivers.

Upgrade Personal Loan

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR

8.49% - 35.99%

Variable APR



  • Minimum credit score: 560
  • Fixed APR: 8.49% – 35.99%
  • Loan amounts: $1,000 to $50,000
  • Repayment: 3 to 5 years (7 years on some larger loans)


  • Possess an active bank account.
  • Able to provide a legitimate email address.
  • Minimum age requirement: 18 years (19 for Alabama residents).
  • Credit score of 600 or higher.
  • Annual income of $25,000 or more.


  • Willing to accommodate borrowers with a credit score as low as 560.
  • Offers flexibility with a range of loan amounts from $1,000 to $50,000. This can be suitable for both small and large financial needs.
  • Provides options for repayment, allowing borrowers to choose a timeline that best suits their financial situation.
  • Once approved, borrowers can access funds in just one day, which is useful for urgent financial needs.


  • Origination fees can go as high as 9.99%, which might add a significant cost to the loan.
  • Apart from the origination fee, there are fees for late payments and failed payments, which can add up if one is not careful.
  • While there is an option to extend repayment for larger loans up to 7 years, it’s not standard for all loan amounts.

BestEgg (Best for Good Credit)

BestEgg caters to Lyft drivers who have maintained a good credit record. Their straightforward application process and quick funding response can be ideal for drivers in need of fast financial assistance. Whether it’s for unexpected vehicle repairs or other urgent expenses, BestEgg’s competitive rates and efficient service make them a reliable choice for drivers with good credit.

BestEgg Personal Loan

Stilt’s lender ratings reflect the findings and opinions of our editorial staff. Our scoring methodologies consider a wide array of factors and data points for every lender, offering, and financial solution.
Min. credit score


Fixed APR


Variable APR



  • Minimum credit score: 600.
  • Fixed APR: 8.99-35.99%.
  • Loan amounts: $2,000-$50,000.
  • Repayment: 3 to 5 years.


  • Targets borrowers with good to excellent credit; fair credit may qualify.
  • Minimum credit score of 600.
  • At least two years of credit history.
  • Minimum annual income: $3,500 from various sources like employment, alimony, and more.
  • Debt-to-income ratio: 40%, or 65% when including a mortgage.
  • Must be a U.S. citizen.


  • Soft credit check available for pre-qualification.
  • Offers a diverse spectrum of loan amounts.
  • Provides options for secured loans.
  • Direct payments can be made to creditors for debt consolidation.
  • Late fees are not charged.


  • Charges an origination fee.
  • Doesn’t offer rate discounts.
  • Initial payment date isn’t customizable.
  • Lacks a dedicated mobile app for loan management.

Reasons a Lyft Driver Might Need a Loan

As a Lyft driver, you’re considered an “Independent Contractor.” That means you’d need to incur all the costs associated with being a contractor.

One of the main criteria includes having your own vehicle. Running or maintaining a vehicle is expensive over time, let alone easy. It requires spending money to keep it in a healthy state and functioning.

Below are the two main reasons we see Lyft drivers seeking a loan:

Maintain and Update Current Vehicle

As mentioned earlier, an automobile is something that calls for maintenance every now and then, regardless of whether you use it or not. Most Lyft drivers work full time which can stretch to many hours in a row. This translates to many hours of work for the vehicle. So, needless to say, you’ll need to do some tuning for it to work smoothly.

Moreover, Lyft has certain requirements which vehicle owners need to meet to be eligible as a driver on its platform. The car being driven should not be more than 10 years old. Second, the interior should be clean with no visible blemishes or cosmetic tampering. On top of that, each state has its own regulatory requirements that commercial vehicles must comply with. All of these require money now and then.

Purchase Car to Become a Driver

For every car owner, a time will come when tuning and upgrading their car becomes no longer viable. In such cases, purchasing a new car is the best and sometimes only option.

As per the Lyft requirement, the car shouldn’t be more than 10 years old. So you have to purchase either a used car that is less than 10 years old or purchase a brand new one. For many drivers, the latter option appears far more appealing. That’s why they take out an auto loan to purchase the most suitable car model for them.

Use a Loan to Become a Lyft Driver

Becoming a Lyft driver has a lot of benefits. On top of the competitive earnings that Lyft drivers make, they also have the freedom to when and where they want to work.

But what if you don’t have a car or a car that meets Lyft’s standards? In this case, you can try taking out a loan to purchase a car so you can start your ridesharing career.

If you’re using the loan amount specifically to work as a Lyft driver, then here’s how you can go about it:

1) Buy a Car With a Auto Loan or Personal Loan

First, get in touch with a car dealership before you take out a loan. This will serve two things. First, you’ll get a better understanding of the car you want to buy and which one will be right for your needs. Car salespeople will often guide you in this regard. You’ll also learn the exact amount you’d need for purchasing the car.

Second, you’ll also come across some curated offers that the dealership may provide to you. Most, if not all, car dealers closely work with loan providers to offer you loans at competitive rates which you otherwise might not come across. Therefore, you can visit a few car showrooms to learn more about your options.

You should compare rates from other lenders, as well, to make sure you’re getting the best deal possible.

2) Apply to Be a Lyft Driver

Once you’ve purchased a car of your preferred choice, you need to apply to become a Lyft driver. This is straightforward and requires an application with some formal background verification. You can sign up online and provide the required details there.

3) Meeting Lyft’s Car Requirements

Not only you, but your car needs to go through a requirement check to become a Lyft vehicle. If you’re taking out a brand new car, this will be like a walk-in-the-park kind of thing. Just make sure all the paperwork is in place.

Other requirements like having a 10-year-old car or newer, four doors with a seatbelt, and mechanical health will already be taken care of.

4) Use Your Lyft Income to Make Loan Payments

Finally, you can start driving your car and getting riders via the Lyft platform. Make the loan repayments with your Lyft income and within a few years, you’ll be out of debt.

Lyft has certainly made life easier for both drivers and passengers. With more innovation happening in the shared economy space, you can expect things to get better for you and everyone else.

Read More

Final Thoughts on Lyft Driver Loans

Driving for Lyft is an accessible means of income for people—especially immigrants and non-citizens—but the main obstacle for many is getting a relatively new and possibly expensive vehicle.

Loans are a solid option for covering this cost. With a new or upgraded car obtained because of a personal loan, you can gain access to a huge income opportunity.

Frequently Asked Questions (FAQ)

Can Lyft Drivers Get Personal Loans?

Yes, Lyft drivers, as independent contractors, can apply for personal loans. Eligibility and approval will depend on their credit score, income stability, and overall financial history.

What Types of Loans Are Available for Lyft Drivers?

Lyft drivers can access various types of loans including personal loans, auto loans for vehicle purchase or upgrades, and sometimes short-term or payday loans.

How Do Lenders Assess Loan Applications from Lyft Drivers?

Lenders assess loan applications from Lyft drivers by examining their credit score, income (which can be verified through bank statements or Lyft income reports), and debt-to-income ratio.

Are Interest Rates for Lyft Drivers Higher Than for Salaried Employees?

Interest rates for Lyft drivers can be higher due to the perceived risk associated with variable income. However, rates vary based on the individual’s credit history and the lender’s policies.

Can Lyft Drivers Use Loans for Car-Related Expenses?

Yes, Lyft drivers can use loans for car-related expenses such as purchasing a new vehicle, upgrading their current vehicle, or covering maintenance and repair costs.

What is the Typical Loan Amount That Lyft Drivers Can Borrow?

The loan amount available to Lyft drivers varies based on the lender, the driver’s creditworthiness, and their income. It can range from smaller sums to larger amounts for significant expenses like vehicle purchases.

How Quickly Can Lyft Drivers Receive Loan Funds?

The time it takes for Lyft drivers to receive loan funds varies with each lender. It can range from a few days to several weeks after the loan application is approved.

What Documents Do Lyft Drivers Need to Apply for a Loan?

Lyft drivers typically need to provide proof of income (like bank statements or Lyft earnings statements), proof of identity, and other financial documents as requested by the lender.

Do Lyft Drivers Need a High Credit Score for Loan Approval?

While a high credit score improves the chances of loan approval and better interest rates, there are lenders who cater to borrowers with lower credit scores, albeit often at higher interest rates.

Should Lyft Drivers Consider Other Financial Aids or Loans?

Lyft drivers should explore various financial options, including traditional loans, lines of credit, and even assistance programs provided by Lyft in some cases, to find the best solution for their needs.

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Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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