If you have a car or at least you can drive, ridesharing is one of the best ways you can make cool money. These days, there are many ridesharing apps and platforms that let you earn while driving. But if you’re looking for something lucrative and flexible at the same time, then Lyft might be one of your best shots.
The beautiful thing is that you don’t even need to have a car of your own to start smiling to the bank. If you have a car, it’s your plus, but if you don’t, no need to panic. Lyft got you covered whether you are looking to drive as a side hustle or your main source of income.
But maybe you’re wondering, is it really worth the hype? Can you make good money driving for Lyft? How do I get started? Say no more, that’s why we’re here. In this post, you will learn about Lyft and how much you can make at your own convenience.
How Does Lyft Work?
Like other ridesharing companies, Lyft connects drivers with people who need rides. As a driver, you don’t need to worry about searching for clients or passengers on your own. Lyft gets enough ride requests to keep you on the road as long as you’re willing to drive and earn.
Lyft provides riders with platforms – Lyft mobile app and website – to connect to drivers. The app sends you ride requests from clients closest to you, and you can decide to accept or reject any of them. If you accept a request, then you head to the pickup location, pick the passenger, and off you go.
The Lyft app provides an easy way for clients to set up and save their payment information on the app. So, you won’t have to bother about how your passenger will settle you after the ride. With a few simple clicks, your fee is in your wallet and you’re free to take another ride.
If your service is satisfactory, your clients can even give you a tip. And guess what? Your tips are completely yours, you’re not sharing them with the company or anyone.
How Much Can You Earn With Lyft?
In a survey report by Earnest, Lyft workers earn an average of $377 monthly. But this is only an average figure, and that implies that some drivers earn more and some earn less. So, how exactly do you know what you can earn?
There’s no limit to what you can earn with Lyft as long as you keep to the rules and play your part well. But before we talk about the factors that determine your Lyft earnings, here are a few points you have to note.
First, you need to understand that Lyft drivers do not earn salaries or wages. They do not even get hourly payments or minimum wage so to say. So, how does it work?
Drivers earn a percentage of the money passengers pay for each ride. This percentage may vary with different rides, and is affected by different factors. The factors that determine your earning on a ride as a driver on Lyft are:
- Base Rate: As a driver, you receive a payment for starting the ride. This is known as the base rate.
- Distance Rate (Cost Per Mile): You earn for each mile you drive. This rate varies depending on the region or location of the drive. You can view the distance rate by city.
- Time Rate (Cost Per Minute): This is the amount you earn for each minute of your drive. The calculations for your driver ride fare start one minute after you click “Arrive” in the app, or when you confirm that you picked the passenger up.
- Tips: Your passengers can decide to appreciate you with a tip if they find your services good enough. It’s not an obligation for them anyway, but you can earn it by providing excellent services. All the tips you receive as a driver are absolutely yours. The Lyft app has a built-in feature for receiving tips. However, you can also accept cash tips from passengers.
- Bonuses: Lyft offers you different kinds of bonuses especially during peak hours when you’ll most probably have more ride requests. You can access and withdraw your eligible bonuses via your dashboard. You can also find out how the Lyft driver bonuses work.
- Minimum and Maximum Fares: The minimum fare is the lowest possible amount you’ll earn for a Lyft ride independent of what the passenger pays. Peradventure a ride ends before the fare reaches the minimum ride, the ride fare is rounded up to that amount. The maximum fare amount is the highest amount you can earn from a ride. You may recommend an alternative transport means for your passenger if their requests go beyond the maximum fare amount.
How Do You Get Paid on Lyft?
You receive your Lyft payments via the Lyft Driver App on a weekly basis. So, it is important you set up your payment information and ensure they are correct.
However, if you cannot wait till the weekly payment, you can use the Express Pay feature on the app. You can withdraw all your earnings via Express Pay as soon as they are added to your Earnings in your dashboard.
How To Get Started on Lyft
You’re only a few steps and a few clicks away from becoming a driver with Lyft. You can follow these simple guidelines.
- Apply to become a driver by following the online application process. You can also download the Lyft driver app and apply through the app.
- Lyft will review your application and notify you of your approval status. If you get approved, you’re ready to hit the ground running.
- Go through your Driver Guidebook to learn what you need to know about the required documents and other necessities.
- Open your Lyft driver app, set up your banking and payment info, and other necessary information.
- Go online via your Lyft driver app and start earning by responding to ride requests.
The Lyft Express Drive
You want to drive for Lyft buy you don’t own a car? You don’t have to worry. Lyft provides a car rental service – Lyft Express Drive – where you can earn and pay your car rental at the same time.
All you need to do is to apply for the Lyft Express Drive. The application requires that you deposit a 100% refundable security fee. The costs of your rentals are deducted from your earnings and that makes it easier for you.
When it comes to your earnings with Lyft, the ball is largely in your court. You do not receive fixed payments, so you determine what you earn by working for it. You can also maximize the rental service to start earning even when you don’t own a car.