We’ve all been through a money crunch before. Maybe your car needs repairs, a bill turns out to be unexpectedly high, or you’re a bit short on rent. There are a few things you can do, but most of the options aren’t very great. Charging emergencies to credit cards can end up costing a ton in the long term, and payday loans are worse than credit cards.
Fortunately, some creative people in the rideshare industry have created a few unique options for drivers in the past few months that can help you get access to your rideshare earnings now, instead of waiting for payday to come. Today, we’re going to look at Daily Pay, one of the top instant-pay options for Uber and Lyft drivers.
DailyPay – Instant pay for drivers
DailyPay is an instant pay service for ridesharing drivers that does just what its name says: It tracks how much you’ve earned through your Uber account and pays you daily, for every day you drive. Here’s how it works: You modify your Uber account so that your direct deposit goes straight to DailyPay. Daily pay sends you your earnings as they come in, then on payday they are directly reimbursed by Uber.
DailyPay has a fixed fee structure. If you take a day off, you won’t be charged (nor will you receive a deposit). Daily Pay charges a 99 cent transaction fee if you earn less than $150 each day. If your daily earnings climb above $150, the fee goes up to $1.49 per transaction.
DailyPay hangs on to 10% of your earnings each day in case of discrepancies or chargebacks, but as long as you get paid for each ride you gave, you will get that money back at the end of each pay period.
DailyPay also connects with Seamless, GrubHub, and Eat24. Transaction fees are waived for the first two weeks after you sign up with our link. Also worth noting – DailyPay offers a referral program which earns you $20 for each person you refer. That’s a pretty sweet deal!
Our Top Tips for Drivers:
How To Sign Up For DailyPay
Create an account with DailyPay by providing your name, email address, and a password.
Give DailyPay the login details for your Uber Partner account. They’ll use this to monitor your earnings each day and figure out how much money to send you.
Enter your bank account number and routing number where you would like the deposits to appear. DailyPay only deposits money – they don’t take any money out.
Finally, you’ll need to go into your Uber account and change where Uber sends your direct deposits. You’ll enter the account info provided by DailyPay here, as they will be accepting your direct deposits for you from now on.
Your Daily Pay Weekly Statement
Once you’re signed up, daily deposits will begin automatically, and you’ll be able to view all your payment statements. In the statement shown here, the transaction fees are $0.00 – just like yours will be for the first two weeks when you sign up with our link. DailyPay’s cutoff is 5:30 PM local time, so 90% of any money earned before 5:30 will appear in your bank account at the end of the day. The remaining 10% will appear once DailyPay receives your regular paycheck from Uber.
If you’d like, you can set a minimum cash-out amount between $5 and $25. That way you can avoid paying transaction fees for tiny deposits. If your daily pay doesn’t meet your minimum, the money will roll over into the following day’s earnings.
Is Daily Pay a good option for you?
DailyPay is a good choice if you’re driving full-time and want to get paid daily on an ongoing basis. It’s very low-maintenance once you’ve finished setting everything up. But don’t overlook the daily fees. Although $0.99 and $1.49 transaction fees seem like nothing at first, remember that Daily Pay collects these every every day you work. If you work 5 days a week, you’ll end up spending about $22/month for the service. But if you’re in a situation where you need to have cash on hand at the end of each day, it will be worth it to you. Also, if you’re able to refer one person a month, that $20 bonus payout will go a long way towards recovering the fees.
It’s worth noting that if you use a fuel card through Uber or an Uber Xchange loan, DailyPay’s service gets a bit more complicated. Since Uber will already be docking your pay for your loan and/or fuel payments, DailyPay has special terms that make sure they’re not advancing you too much money. In particular, drivers with loans will receive only 25% of their daily earnings in advance; and if DailyPay does end up advancing you too much money, they will create a plan for you to pay that money back. If you’re on an Uber Xchange plan, be very careful getting into DailyPay.
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