John Sosa, CT App, Boston, MA >

Rideshare Business Term Loan & Line of Credit

Ascendus offers a unique funding opportunity for self-employed entrepreneurs who offer delivery and transportation services to individuals through platform apps such as: Instacart, Grubhub, Door Dash, Lyft, Relay, Uber, Uber Eats, etc.

You’ll have the option to choose either a loan or line of credit*! Loans are offered up to $15,000 and lines of credit up to $10,000, both at 9.99%. Minimum paperwork required to apply! Qualified Businesses will be located in Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, or Rhode Island.

*minimum draw down required

requirements for a Rideshare term loan or line of credit

• Must be full-time driver on a delivery or passenger platform (taxi drivers are ineligible)
• Must have a credit score above 625 or a zero (0) credit score
• Must be operating a minimum of 1 year

• Interest rate: 9.99%

• Loan terms: 48 months
• Maximum loan amount: $15,000
• Maximum line of credit amount: $10,000

what can you use the loan for?

Ride-hailing services have gained popularity in recent years due to attributes such as reduced travel costs, traffic congestion, and emissions. However, with the impact of COVID-19, the rideshare market is estimated to lose its fair share of an uprising as a transportation mode.

Whether you choose the loan or line of credit option, use Ascendus’ unique Rideshare product to fund expenses unique to business owners just like you. These can include: mechanic repairs and oil changes, car washes, EZ-pass fees, a phone bill or just working capital.

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