What you’ll learn
Short answer: Uber drivers can get personal loans, but the lender needs to see your income on a tax return first. Upstart counts self employment income after a full calendar year, and SoFi asks independent contractors for two years of filed returns. For a small gap, Uber’s Instant Pay or a cash advance app is quicker.
This page sticks to what each company’s own site says. No approval odds, and no rates beyond what a company prints itself.
Loans and Quick Cash for Uber Drivers Compared
| Option | Counts gig or self employed income? | Amount | Cost | Speed |
|---|---|---|---|---|
| Upstart personal loan | Yes. Self employment income counts if you’ve earned it for a full calendar year and it shows on a tax return | $1,000 to $75,000, 3 or 5 year terms | Interest and an origination fee that depend on your profile and state | Not stated on the pages read |
| SoFi personal loan | Yes. Independent contractors send the last two years of filed returns with Schedule C | Not stated on the page read | Not stated on the page read | Not stated on the page read |
| Uber Instant Pay | It’s your own earnings, not a loan | What you’ve earned | A charge may apply, the page doesn’t list it | Up to 6 cash outs a day |
| Cash advance apps (Current, Grant, EarnIn) | Current counts independent contractor deposits. Grant doesn’t say. EarnIn says full time contractors usually won’t qualify | Up to $750, $500 and $1,000 per pay period | Standard delivery often free, express costs extra | Days free, minutes with a charge |
What a Lender Wants From a Rideshare Driver
You have no employer for a lender to call, so the lender leans on paperwork. That means tax returns, and that’s where newer drivers run into trouble.
Upstart says self employment income must be “consistently earned for a full calendar year and verified with a tax return.” It excludes business income that isn’t on your personal return. On its 1099 page, Upstart notes lenders usually go by net income, which is profit after expenses, not your gross Uber earnings.
SoFi has you choose Self-Employed. Independent contractors send their last two years of filed returns, including Schedule C, and SoFi may ask for the last three bank statements. Extensions don’t count.
Upstart
Upstart lists personal loans from $1,000 to $75,000 with 3 or 5 year terms. You may qualify with 1099 income. Rates and an origination fee depend on your profile and state, so check the offer before you accept anything.
SoFi
SoFi takes self employed applicants, including independent contractors. The page we read doesn’t give a minimum credit score or loan amount, so terms only show up once you apply.
Know the catch before you apply.
What to Watch For
- Net income, not gross. A year of Uber earnings looks smaller on a return after expenses, which can shrink what a lender offers.
- A fixed payment. A slow month for rides doesn’t lower what you owe.
- Origination charges. They come out of the loan, so you receive less than you borrow.
- Anyone who promises approval before you apply. None of the lenders here do.
Other Ways to Cover a Gap
Start with Instant Pay if you only need your earnings sooner, and look at the charge before you tap. Next try a cash advance as an Uber driver for a smaller amount. Then build a cushion, even if it’s $25 a week.
Check Uber driver requirements if you’re still getting started, and the resources for gig workers list for other help. The cash advance for gig workers guide compares more apps, and loans for DoorDash drivers covers the same lenders for Dashers.
Loans for Uber Drivers FAQ
Yes, if the lender accepts self employment income. Upstart counts it after a full calendar year on a tax return, and SoFi accepts independent contractors with two years of filed returns.
Upstart says you may qualify with 1099 income, and lenders usually look at net income after business expenses. Requirements vary by lender.
Tax returns, usually with Schedule C, and sometimes recent bank statements. SoFi asks independent contractors for the last two years of filed returns.
No. Uber describes it as a way to cash out your earnings up to 6 times a day. It doesn’t list a charge on the driver page.
A personal loan may be tough because Upstart’s rule needs a full calendar year of self employment income on a tax return. Instant Pay or an advance app is more realistic.
Sources (10)
We use primary sources: each company’s own product pages and help centers. Terms change often, so check the app before you accept an advance.
- Upstart. What is considered income. upstarthelp.upstart.com.
- Upstart. Can you qualify for a personal loan with 1099 income?. upstart.com.
- SoFi. What income and income documents should I include on my loan application?. support.sofi.com.
- Uber. Drive with Uber. uber.com.
- Current. Paycheck Advance support article. support.current.com.
- Current. Paycheck Advance. current.com.
- Grant. Pricing and fees. grantcash.com.
- EarnIn. Who can use EarnIn?. help.earnin.com.
- EarnIn. Cash advance questions answered for gig workers. earnin.com.
- EarnIn. Home page. earnin.com.
