Lyft has become quite popular over the last few years, as using the ridesharing app offers drivers a quick and easy way to earn money. While the company provides every driver with a ton of flexibility, support, and better control over their earnings, when does Lyft pay their employees exactly?
Lyft pays drivers weekly, starting around 5 a.m. on Tuesdays. Depending on your bank’s processing time, it may take anywhere from a few hours to three days for the funds to be transferred to your bank account. Drivers can also sign up for Lyft Direct or use the app’s Express Pay system to cash out their earnings instantly.
Lyft’s policies make it very easy for almost anyone to become a driver. The fact that it also provides regular weekly deposits and enables early withdrawals are only some of the things that help make it one of the best ridesharing apps currently available on the market.
Lyft Will Always Pay Drivers Their Earnings Every Tuesday
A driver using the Lyft ridesharing app is paid through regular weekly deposits, with the money transfer typically starting on Tuesdays at 5 a.m. These lump-sum payments include everything you earn in a single workweek, which runs from 5 a.m. on Monday to 4:59 a.m. the following Monday.
It’s important to note that the transfer is not instantaneous, as it can take anywhere from several hours to three business days for the funds to make it to your account. This primarily depends on the processing time of your chosen bank, so make sure to check your account balance regularly.
If the payment doesn’t go through on Tuesday, there should be a deposit on Friday at the latest. However, if you don’t receive the money before the weekend, there must be an issue causing the payment delay. Contact Lyft’s customer support if you need any help or check with your bank to resolve the issue.
Express Pay Allows Drivers to Make Early Withdrawals
In case you need some money right away, the app allows you to make early withdrawals by using Express Pay. In order to use the system, you first need to activate it with a valid debit card that is connected to your checking account. For this, you only have to:
- Open the driver’s app,
- Go into “Settings”,
- Tap on “Payment Info”,
- Click on “Express Pay” to set up your payment information,
- Verify the card.
Depending on your bank, it may take 1-3 workdays for the information to be verified. Once everything is done, you will be able to make withdrawals before the regular deposit window. However, be aware that the process will cost you a $0.50 fee for every transaction.
Sign up for Lyft Direct to Get Paid Immediately at No Extra Cost
If you want to make an early deposit but are looking for a better deal, you can choose to sign up for Lyft Direct. This service has several benefits, including:
- Instant access to your funds at no extra costs,
- Convenient mobile banking options,
- Various cashback rewards.
To apply for this neat feature, all you have to do is open the basic app and find the option in the “Payment Info” tab, similar to what I previously explained. Once you have been verified and approved by the company’s partner Payfare, you will receive a download link for the new Lift Direct app.
The company will also send you detailed instructions on how to activate it, but don’t hesitate to contact their customer service if you have any questions. Lastly, be aware that every additional payout you make will be deducted from your weekly deposit, and the same goes for the last option.
How Much Does a Lyft Driver Earn for Their Work?
While earnings between different drivers can vary, Glassdoor estimates that an average Lift driver is paid about $17 per hour after deducting all the expenses. That’s about $700 for a full 40-hour workweek or $3,000 for a month.
While this might not seem like a lot, there are still over 1.4 million Lyft drivers in the US and Canada alone, which is almost double what their competitor Uber has. To calculate a driver’s deposit, the company uses a combination of base fare, per-minute fee, and per-mile distance rate.
These rates can vary significantly between states and cities, with California typically having the highest rates in the country. For a quick comparison, take a look at the average hourly rates of Lyft drivers in some of the biggest US cities, ranked from highest to lowest.
|City||Average Hourly rate|
Generally speaking, the more rides and passengers you have, the more you will have on your next weekly deposit. However, it’s important to note that you don’t get all the money you earn from driving, as Lyft takes a 20% cut for all fares. You may also be charged 2.5% for the Black Car Fund, as well as an additional percentage tax that varies from city to city.
You Can Still Make More Money Through Tips, Power Zones, and Driver Bonus
One of the best things about the app is that it allows passengers to tip drivers. While tipping is not always reliable, enhancing the experience by playing music or leaving out snacks will certainly increase your chances of getting tipped, especially if the ride is long. More importantly, drivers get to keep 100% of the tips, which will significantly impact their monthly earnings.
Another way to make more money is to drive in the Power Zones during specified hours. Driving in these locations allows you to earn up to 30% more within the same time frame. These high-traffic bonus areas are updated weekly, and you can always look up the schedule just by checking your app’s dashboard.
Lastly, the company provides a power bonus to any driver who meets specific criteria. This allows you to make 10% or 20% more per week, with higher levels providing a bigger bonus. These requirements for this include
- The total number of rides per week,
- A stable 90% ride acceptance rate,
- Certain ride numbers per week during peak hours.
Want to Become a Lyft Driver? Sign Up Today
If you like to drive and are interested in earning some money by driving passengers, Lyft is precisely what you need. Applying is relatively simple, as you only need to download the app and get approved. In case you don’t have a car of your own, the company’s partner Express Drive can provide you with a very affordable rental. Once everything is ready, you’ll be having your first ride in no time.