Working a rideshare driver has grown to be a lucrative job opportunity that more and more people are drawn to lately. As a Lyft driver, you can expect to receive about $1,500 weekly, making a Lyft driver’s average income a total of $6,000 monthly, though this isn’t always set in stone.
The amount of money you can make as a Lyft driver depends on how many days you work per week as well as how many passengers you accept. And the best part is that the requirements of becoming a Lyft driver are easy to meet. So, if you need a profitable side hustle, keep reading!
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How much can you make driving for Lyft?
Lyft is a rideshare app that connects drivers to passengers who need a ride. The platform allows drivers to earn money in their free-time by transporting other people to their destinations in their free time.
A full-time Lyft driver will make more than part-time drivers, but this doesn’t mean part-time Lyft drivers don’t make a decent amount of money! As long as drivers respond to ride request notifications and accept as many passengers as possible, driving for Lyft can be very profitable.
Lyft driver requirements
Before you can become a driver for Lyft, you must meet the following requirements:
- Be at least 18 years old
- Have a valid U.S. driver’s license
- Have at least one year of driving experience
- Provide proof of your insurance policy
- Stay up-to-date on your car registration
- Pass a background check
- Submit proof of residency
- Meet the requirements for your state’s auto insurance policy
- Have or rent a four-door vehicle
How to apply for Lyft
Applying for Lyft is easy. All you have to do is follow these step-by-step instructions on how to get started with Lyft.
After filling out the application form, you can then upload the necessary requirements and consent to the background check.
Once you’ve uploaded your documents and passed the screening test, then it’s time to start earning money by driving others where they need to go!
You’ll receive an official Lyft guidebook to help you become the best driver possible. Make sure you review the content and understand the everyday requirements of driving for Lyft.
Last but not least, open the Lyft Driver app, turn on your notifications, and start accepting ride requests to begin earning money on your schedule.
Lyft pay structure
Lyft driver fees vary by city, but no matter where you are, you will be able to see the cost of the ride within the driver dashboard section of the app. The total cost of the ride takes many factors into account including the amount of ride itself, the driver’s earnings, any added tips, taxes, and a service fee.
Lyft drivers earn money based on the number of minutes and the number of miles that make up each of the rides, both of which appear on their rate card. Lyft drivers will also make money If a passenger cancels his ride after five minutes of ordering their Lyft. In this instance, a cancellation results in $5 for the driver.
This is the amount of money passengers are expected to pay before the ride even begins.
This is the amount a driver earns per mile in the city where the ride starts. A per-mile rate is usually about $0.58.
This is the amount of money a driver earns per minute. The per-minute rate is $0.15, which sounds very minimal but it adds up quickly over time.
Lyft payment schedule
Lyft drivers are expected to know how to calculate their income and keep track of their earnings on their own. Lyft starts its weekly payment process every Tuesday. However, it can take up to three working days before your deposit hits your account.
In the rare event that the deposit never appears in your account, file a complaint with your bank to rectify the situation. In addition to direct deposits, you can also receive payment via Express Pay, which usually takes a few hours to process. Remember that the processing time of these payment methods directly depends on your bank’s processing time.
Expenses to consider
If you are someone who doesn’t have experience being self-employed, it might not occur to you that there are additional expenses to consider.
When driving for Lyft, you’ll be responsible for covering the costs of certain expenses, including…
- Increased insurance
- Car Payments
- Vehicle Maintenance
The best times to drive for Lyft
Lyft drivers receive requests regularly, so there’s never a bad time to drive for Lyft. However, there are certain times and days where Lyft drivers are likely to make more money. These times and days include…
- Busy events
- Peak hours
- The weekends
Essentially, the more rides you complete, the more money you earn. Also, tips are an amazing addition to your ride-based income because Lyft driver tips go straight into the drivers’ pockets.
Becoming a rideshare driver is quite a profitable endeavor especially if you know how to take advantage of the peak times and busiest days. Driving for Lyft doesn’t require much capital to start. All you need to do is meet the requirements, apply for the position, receive approval, and then start earning in with your free time. If you think Lyft might be a viable option for your side hustle, you’ll also need a bank account to keep that extra cash. Learn about RoarMoney to get paid up to 2 days early, Instacash cash advances, price protection and so much more!