Loans For Instacart Drivers

Do you want to earn extra money? Becoming an Instacart shopper and driver might be an excellent option. But, as the gig economy is unpredictable, how much you can expect to earn is complicated. Instacart earnings depend upon various factors like order sizes, locations, incentive offers and tips drivers offered by Instacart. Due to uncertainty in earnings, Instacart shoppers and drivers search for cash advance loans to bridge the financial gap. Let's find out various types of loans for Instacart drivers for 2024.

Key Facts About Instacart:

• Instacart is one of the largest and famous online grocery delivery services in the United States, with approx. 10,0000 employees.
• The average employee at Instacart makes $63,250 per year.
• Employees at Instacart stay with the company for 3.7 years on average.
• In 2021, Instacart was valued at $39 billion but dropped to $9.9 billion in 2023.
• As of 2023, Instacart has about 13.7 million daily active users and 600,000 shoppers.

Source: Zippia & Priori Data

Loans for Instacart Drivers: Navigating the Financial Road

The gig economy is flourishing year by year, and becoming a gig worker like an Instacart driver offers promising work flexibility and a feeling of being your boss. However, it is also bundled with many other financial challenges, particularly when applying for a loan and covering financial emergencies.

Instacart drivers require financial support whether to upgrade their vehicle, handle unexpected expenses, or want to expand their delivery potential. On average, Instacart drivers in the United States earn around $13.88 per hour, and the range may vary from $7.25 to $25.59. To earn $1000 per week, you need to take lots of orders and tips.

On the other hand, Instacart driver earning is not fixed and fluctuating. Sometimes, they earn enough, while other days, not as much. At this point, loans for Instacart drivers act like a ray of hope for them.

Why Instacart Drivers Might Seek Loans?

There are various reasons for Instacart drivers to search for loans. From vehicle maintenance to handling cash shortages, they need instant cash advances.

• Instacart drivers search for loans to cover the cost of their vehicle repairs and maintenance to ensure timely deliveries without any obstacles.
• Loans help Instacart drivers pay insurance premiums to cover potential accidents or damages during deliveries.
• Cash advance loans for Instacart drivers assist them in bearing personal expenses, such as medical emergencies or financial help during low-earning seasons.
• During rising fuel prices in the US, loans help Instacart drivers continue with deliveries without compromising profits.

Top 5 Loans for Instacart Drivers

• Personal Loans: Personal loans for Instacart drivers are flexible and, in most cases, unsecured loan types that offer minor to large amounts of money. These loans are enough to cover a wide range of personal and professional expenses. Usually, personal loans are suitable for consolidating debts or financing enormous costs without collateral.
• Payday loans and cash advance loans: Cash advance loans and payday loans for Instacart drivers offer instant approval and quick funding, usually within a few minutes. People with bad credit or no credit can also apply for such loans. However, they come with high interest rates and shorter repayment periods.
• Installment loans: Installment loans for gig workers such as Instacart drivers are ideal to apply when you need a large loan with a longer repayment time. Unlike payday loans, installment loans come with low rates, and borrowers can repay the loan in equal monthly installments for a set period.
• Peer-to-peer (P2P) lending: Peer-to-peer or P2P lending provides a platform to connect borrowers with individual lenders. Peer-to-peer lending offers more favourable terms, an easy application process, and lower interest rates loans for gig workers like Instacart drivers.
• SBA loans: Small Business Administration (SBA) loans for gig workers like Instacart drivers could be very beneficial to scale your business. SBA loans could finance additional vehicle purchases, hire drivers, and transform your gig work into a full-fledged business.

Criteria Lenders Consider for Instacart Drivers

• Income Stability: You must show your monthly earnings through a bank statement or the Instacart earnings app for income verification.
• Credit Score: A higher credit score can lead to better loan deals at lower interest rates. If your credit score is bad, apply for cash advance or payday loans, but you must pay higher rates and fees.
• Debt-to-Income Ratio: Your debt-to-income ratio helps lenders assess your ability to manage your loan repayments. A low debt-to-income ratio increases your chances of loan approval.
• Loan Security: Unsecured loans don't require collateral but have high rates and credit score requirements. On the other hand, secured loans are also a good option for gig workers like Instacart drivers, as they offer better terms but risk losing your collateral if you do not pay off your loan.

Am I eligible for a loan for Instacart drivers at GigsCheck?

GigsCheck is a dedicated lending platform for gig workers. We provide loans for Instacart drivers online at favourable terms and affordable interest rates. To apply for cash advance loans for Instacart drivers and shoppers, you must match with the following first:

• A United States citizen or resident,
• At least 18 years or above age,
• Must be working as an Instacart driver or shopper,
• Earn enough monthly income to afford loan repayments and,
• Have a valid and active bank account to receive money.

If you meet the above eligibility requirements, you can apply for payday or installment loans for Instacart drivers and shoppers at GigsCheck.

How to apply?

To apply for high-acceptance cash advance loans for Instacart drivers and shoppers, you need to complete the 3-simple steps application mentioned:

• Apply Online: Fill out our short, fast, easy-to-understand application form to find a lender matching your financial needs.
• Check Loan Offer: Once you get a loan offer from the payday lender, review it carefully, and if all is good, accept it.
• Get Your Money: Once your loan is approved, your money will be paid directly into your account within 10-15 minutes*.

Repaying Your Loan: Strategies for Success

• Make sure to prepare a budget for your loan repayments. It ensures that you always have enough funds for your loan-due payments.
• If you find it challenging to repay your loan, immediately discuss it with your lender. In most cases, lenders are willing to work with borrowers to adjust payment terms.
• It is better to timely repay your loan and other bills on time to increase your credit score positively—higher credit scores open doors for various types of low-cost loans and other financial opportunities.
• Setting financial goals is crucial, even if you repay your loan successfully. Try to save money, build emergency funds for rainy days, or invest more in your business for expansion.