Re: seeking 1000 USD loan, interest increased to 15%! multiple smaller loans welcome
Might also be worth considering a Kiva loan - a world-wide micro-finance site for entrepreneurs
Have you run the numbers on your Uber enterprise?
yea. drivers in my area average plenty to cover my costs.
Does your loan take into account any setup costs - e.g. special insurance, DMV tests?
yep!
You mention you are rural - how many fares per week do you expect to get? Can your local Uber contact give you any estimates?
The benefit of being rural of course, is that any fares are likely to be longer trips, rather than a few blocks.
well, i'm 5 miles from town, and dallas downtown is only about 45 minutes. i'll be doingmy work there mostly. based on what i've read from forums of drivers in this area, you rarely sit and wait for a fare in downtown or along the major freeways.
Have you considered the likely additional fuel / maintenance and cleaning costs on the vehicle?
fuel and maintenance yes, cleaning i hadn't. i'll think on that.
Taking this into account, how much gross profit do you think you will make each week / month?
i anticipate two to three hundred weekly, above costs. and thats assuming i don't work any overtime, which is strictly left up to me. i pay no rent, so 800 covers my living expenses comfortably.
I would want to be sure your loan repayments won't exceed 20% of this amount - otherwise one unexpected expense (new tyres, broken headlight), a couple of quiet weeks, or something that stops you working for a little while would put you under more financial stress.
Finally - are you positive that the $1000 car meets Uber's requirements? (I don't know what $1000 buys where you live, but where I live it would be a complete P.o.S. - and I don't mean Proof-of-Stake!)
as i said, the 1000 is a down payment on a lease. all stated numbers above took the lease payment into account.
You've had a rough time - and I love that you are looking to find a way to support yourself that also takes care of your health.
I'd just hate for you to get the loan, buy the car and then be left in a worse position because Uber say "sorry - this car is not good enough".
the car is actually through a deal uber has with toyota and gm. they've already approved it.and others like it too.
HTH
Have you run the numbers on your Uber enterprise?
yea. drivers in my area average plenty to cover my costs.
Does your loan take into account any setup costs - e.g. special insurance, DMV tests?
yep!
You mention you are rural - how many fares per week do you expect to get? Can your local Uber contact give you any estimates?
The benefit of being rural of course, is that any fares are likely to be longer trips, rather than a few blocks.
well, i'm 5 miles from town, and dallas downtown is only about 45 minutes. i'll be doingmy work there mostly. based on what i've read from forums of drivers in this area, you rarely sit and wait for a fare in downtown or along the major freeways.
Have you considered the likely additional fuel / maintenance and cleaning costs on the vehicle?
fuel and maintenance yes, cleaning i hadn't. i'll think on that.
Taking this into account, how much gross profit do you think you will make each week / month?
i anticipate two to three hundred weekly, above costs. and thats assuming i don't work any overtime, which is strictly left up to me. i pay no rent, so 800 covers my living expenses comfortably.
I would want to be sure your loan repayments won't exceed 20% of this amount - otherwise one unexpected expense (new tyres, broken headlight), a couple of quiet weeks, or something that stops you working for a little while would put you under more financial stress.
Finally - are you positive that the $1000 car meets Uber's requirements? (I don't know what $1000 buys where you live, but where I live it would be a complete P.o.S. - and I don't mean Proof-of-Stake!)
as i said, the 1000 is a down payment on a lease. all stated numbers above took the lease payment into account.
You've had a rough time - and I love that you are looking to find a way to support yourself that also takes care of your health.
I'd just hate for you to get the loan, buy the car and then be left in a worse position because Uber say "sorry - this car is not good enough".
the car is actually through a deal uber has with toyota and gm. they've already approved it.and others like it too.
HTH
responded inline in bold.