The advent of ride-hailing services like Uber and Lyft has changed the dynamics of the economy in its entirety. Not only have they eased commute for residents, but also opened up a myriad of earning opportunities for people. Several people have started to take up part-time, or even full-time jobs at Uber and Lyft to earn a sustainable income.

Thus, if you are looking for ways to earn that extra cash, or are just looking for a job in itself, signing up to drive for these services may be the answer. There is also a sought uber driver sign up bonus involved in the process.

Uber Driver vs Lyft Bonuses
Source: forbes.com

But the real question remains: Which ride-hailing service should you work for? Unfortunately, the answer isn’t that simple. Some drivers earn better in Lyft, while others may end up cashing out on Uber. Hence, here is an outline of the two services and their key benefits and disadvantages that will help in making a more informed decision.

Uber

Founded in 2009, Uber has evolved into one of the best services of all time. The service has been around for more than a decade and it has undoubtedly transformed the lives of people in 83 countries across the globe.

With a massive 77% share of the ride-hailing market, Uber provides more than 480 million rides per year. If you want to be roped into the world of driving cars for fair cash, you must meet a few basic requirements.

Uber
Source: autobook.cl
  • Be at least 21 years of age or more.
  • Have a driving experience of at least one year.
  • Own a valid driving license and show evidence of residency
  • Clear an extensive background check by the company

Uber Driver Sign Up Bonus

For several years, the company was in the practice of offering the famous “uber driver sign up bonus,” which was a lucrative offer for more drivers to join the team. However, the company has a range of drivers working for them now and this offer was terminated in 2017.

With the uber driver sign up bonus being canceled out, the company now provides bonuses for finishing “quests,” which refers to completing a set of rides in a particular period. For instance, drivers who finish at least 30 drives from Monday to Friday may receive an extra $65 and so on.

PROSCONS
  Sustained demand for the popular service, so drivers always have work.    No uber sign-up bonus being offered anymore.
    As a driver, you can receive a lot of tips.  Not employed by Uber directly, so tax payments will have to be given.
    Drivers can cash out on several payments each day.    If you use your car, insurance will be on you completely.

Lyft

Before Lyft stepped into the market, Uber had the whole ride-hailing market to itself. Founded in 2012, the company is still working towards catching up with its biggest competitor. With time, the service has made many leaps and bounds and is now available in over 300 countries.

Lyft
Source: pymnts.com

At present, it approximately has a 35% share of the whole market. Here is a list of requirements that need to be met to become a driver in Lyft.

  • You should be 21 years old or more.
  • Clear a DMV and background check.
  • Make use of an Android or iPhone.
  • A valid driver’s license to be in hand.
  • Clear a proper car inspection.
  • Have valid car insurance.

Lyft Sign Up Bonus

Although the Uber driver sign up bonus has been phased out, Lyft is still shining through with a range of different bonuses and offers. In recent times, the company has started to provide sign-on bonuses for new Lyft drivers. (Terms and conditions apply) These bonuses can range from a mere $10 to $1000.

Additionally, Lyft also offers an ‘Average Hourly Guarantee’ in different markets. To avail of this benefit, the driver has to choose the offer and accept nine out of every ten rides requested.

PROSCONS
  Lyft Drivers qualify for the sign-up bonuses.  Not as widely available compared to Uber.
  Tips are more commonly given to Lyft drivers.    Demand for Lyft is inconsistent due to low popularity.
  There is additional flexibility given to drivers of Lyft.  To become a Lyft driver, there are more requirements to meet.

Uber vs Lyft: A Comparison

Although Uber has been around in the market for longer, Lyft hasn’t left any stone unturned to rise above. Lyft may not be present in a lot of markets at present, but it is still more lucrative for many drivers in cities and urban communities.

Uber vs Lyft A Comparison
Sourcce: slideshare.net

As far as estimated earnings are concerned, Lyft drivers are also seen to be earning more than Uber drivers on average. Given that the Uber driver sign up bonus has been canceled out and Lyft is still proceeding with the same option, working as a driver in Lyft is not a bad option.

On the contrary, Uber is a much more established brand. In terms of service reach and consistent demand, the 2009 established company is a clear winner. However, earnings and demand will vary from state to state and country to country.

Hence, while choosing your company, it is important to consider the factors that hold the most importance for you. We hope you make the right decision!