Warning: Are you a taxi driver who needs cash in an emergency? Payday loans are an expensive form of credit and should be your last resort. For help with debt, go to Moneyhelper.org.uk.

Loans for Taxi Drivers

More and more taxi drivers are applying for payday loans to help pay for emergency car repairs or because they need extra funds to get through a quiet month! Find out why taxi drivers need payday loans!
Representative example: Borrow £700 for 6 months. 1st monthly repayment of £168.45, 4 monthly repayments of £224.60, last monthly repayment of £112.20. Total repayment £1,179.05. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74%. Our loans are available for 3 to 9 months depending on the loan amount - rates between 295.58% APR and a maximum APR of 1294%.
Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk

Has your car just broken down while you were taking passengers to their destination? Is it a quiet time of year, and you can’t make the month? The Cashfloat Team provide payday loans for taxi drivers, regardless of their credit score. Apply now for up to £1,500 and get the money directly into your bank account within 1 hour*, if you’re approved!

513 Taxi Drivers
applied for
Payday Loans
from Cashfloat in 2020.

If you need to borrow money for an emergency car repair, or to help you get through a quiet taxi month or for something else, Cashfloat can get you the cash you need fast. All you need to do is apply here, and you’ll get an instant decision.

Bad credit scores accepted if you pass our affordability test
Repay early for free and save money
100% online application with 24/7 access
Apply now for a loan

Loans for fast access to cash

If you’re looking for a short-term loan and you’re a taxi driver, then a payday loan might be a great option for you.

Being a taxi driver can be a precarious trade, and that’s particularly true if you’re self employed. Your income is dependent on the number of fares you get and on your taxi being operable, and that makes things unpredictable.

Picture the scene. It’s been a slow few weeks, and you’ve not had as many pick-ups as you’d like. Then the worst happens. You get a major, costly breakdown. Something which could cost a fortune to repair. You need to get your car back on the road ASAP, but unless you’ve got emergency funds ready to plough into the huge repair bill, you’re stuck between a rock and a hard place.

Taking out a payday loan from Cashfloat could be the solution to your problem. We offer payday loans from £300 to £1,500 and flexible repayment periods of 3-9 months. We offer competitive interest rates as well.

Exercise Caution

If you’re considering taking out a payday loan, make sure you explore some of the cheaper alternatives first. You may be able to borrow an interest free loan from a partner or family member, for example. Otherwise, you might be able to use a credit card or get a loan from another organisation, such as a credit union.

You can get an indication of how much a loan will cost by paying attention to the APR that’s offered. APRs tell you what percentage of a loan you’d have to repay if you borrowed it for a whole year. You won’t take a payday loan for a year, but you can use APRs to compare different loans that are on offer. Payday loans typically come with a high APR, but the repayment period is shorter. There are other benefits as well.

You can use our affordability calculator to work out whether you can afford a loan and how much you can borrow before you apply.

Self-employed taxi drivers and payday loans

Being a self-employed driver means being responsible for the upkeep of your vehicle, and it’s hard to know when repairs will be needed. A sensible strategy is to always keep some cash in reserve to cover the cost of services and repairs as they come up. Some people, however, get caught out. Car repairs might be needed at a particularly difficult time, or they might be unusually expensive. Knowing exactly how much money you need and when would take a crystal ball.

Planning ahead for normal car running costs, like your annual service and MOT, is easy. But predicting exactly when your big-end bearing is going to die is another thing. Repair bill timing and prices vary dramatically, and you never know whether you’re going to have enough in reserve to cover the costs.

The other issue that self-employed drivers have is that they never know exactly how much they’re likely to earn. One week you might be rushed off your feet, while trade will be much slower on other occasions. The up-and-down nature of the work means that it can be a challenge to save money at certain times.

Payday loans for taxi drivers vs other ways of borrowing

Instant payday loans offer a quick fix for taxi drivers who face the prospect of their vehicle being off the road. Costs are high, but repayment periods are quick. And for some people they work well. Traditional loans often land a driver with monthly repayments that could go on for years. Additionally, many self-employed drivers working in the gig economy aren’t eligible for traditional loans.

Another issue with many other loan types is the length of time it takes to get accepted and to receive the cash. If your taxi has just broken down, you’ll immediately be facing a loss of earnings while it’s in the garage for repairs. If you apply for a short term loan online, you’ll find out straight away whether you’ve been accepted or not. This means you could get your car out of the garage and back on the road as quickly as possible.

Get instant payday loans today

If you’re one of the 385,510 licensed taxi drivers in the UK, you’ll want to keep your vehicle on the road, so you can keep earning an income. Payday loans offer a short-term fix to help bridge any cash-flow problems that stop you keeping your taxi running.

If you’d like to learn more about the payday loans we offer, head to our how it works page or get in touch with us today by calling 02037 571933.

87% of taxi drivers who borrow payday loans are: Male
47% of taxi drivers who borrow payday loans are: Single
Average age for taxi drivers who borrow a payday loan is: 40 years old
Most common month for taxi drivers to borrow a payday loan is: August
Top 3 cities where taxi drivers borrow payday loans: London, Manchester and Liverpool
Taxi drivers who borrow payday loans earn an average of: £2,079 a month

Can Uber drivers get a loan?

If you’re working in the gig economy as an Uber driver, you may wonder whether the fluctuating nature of your income will mean it’s harder to get a loan. The great news is that you should be able to take out a cash loan online from Cashfloat. Uber drivers can take loans between £300 and £1,500 with repayment periods of 3-9 months. You’ll need to go through the necessary suitability checks before approval, but your chances are much higher than with a high street lender.

Can I take out a loan if I have a bad credit score?

Many people may worry that they’ll be ineligible for a loan if they have a poor credit rating. Fortunately, instant payday loans are within reach of those with a bad credit score. When you apply for a bad credit loan with Cashfloat, you’ll normally find out whether you’re eligible to borrow money on the same day. There’ll be no waiting around nervously for days, losing time that could be spent out on the road earning money.

Who will provide my payday loan?

Cashfloat is a premium direct lender. That means that you’ll be borrowing directly from us. Because there’s no broker, you’ll be able to enjoy a better rate than you may find with other payday lenders.

Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk.