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A Complete Guide to Merchant Cash Advances For Uber Drivers

A Complete Guide to Merchant Cash Advances For Uber Drivers

If you are a driver working with Uber or a similar rideshare platform, you understand the need to


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    Frequently Asked Questions

    A merchant cash advance (MCA) is a type of funding solution allowing self-employed business owners and gig workers to receive a lump sum payment in exchange for a percentage of their future receivables. The approved amount is dependent on each company's specific needs, as well as consistency of revenue and account balances.

    In contrast to a traditional bank loan, a merchant cash advance does not require economic collateral, credit checks or fixed monthly payments in order to secure approval. Due to the nature of how repayments work, MCAs are considered flexible alternatives for gig workers who may find it difficult to secure traditional loans. Further, gig workers can receive their funding within 1-2 days, which is perfect for dealing with funding emergencies, purchasing new supplies, or fulfilling customer orders, among others.

    Independent contractors and sole proprietors such as gig workers, freelancers, micro businesses and owners/operators (i.e. Lyft and Uber drivers) can take advantage of Cashera’s merchant cash advance program by applying today.

    The maximum borrowing amount Cashera offers to gig workers and small businesses is $10,000 dollars. Typically, companies borrow within that limit to fund various financial goals, or deal with emergencies. The approved amount depends on the consistency of recurring sales deposits plus banking history.

    The repayment amount for borrowed funds is typically determined by an agreed-upon percentage, which can vary based on the requested amount. Cashera takes note of a company's recurring sales and banking history before making a final determination on scheduling of repayments. Our goal is to create a repayment structure that is both convenient and mutually beneficial.

    Cashera processes each application quickly in order to approve and deliver funding to gig workers and small businesses. We recognize the need to operate within tight timelines, which is why we strive to release funding within 1-2 business days.