Lyft has just launched a New Driver Sign-Up Guarantee that’s currently up to $3,500 in some markets!
There has never been a more perfect time to sign up as a new Lyft driver as Lyft is currently at its highest level ever! Because rides are in such a high demand right now, Lyft drivers have been giving well over a million rides per day.
That said, they could really use some new drivers on the road to help them meet their demands for rides.
What does this mean for you? Some great new incentives that guarantee your earnings within your first 30-60 days!
Keep scrolling to get the deets!
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How the Lyft Sign-Up Guarantee Works
Lyft guarantees you will earn a certain amount (gross earnings) if you complete a certain number of rides within your first few weeks as a new driver. If you don’t earn this specific amount within that time, Lyft will pay you the difference.
IMPORTANT: You must sign up through a Lyft referral code in order to qualify for the Lyft Sign-Up Guarantee.
OUR LYFT REFERRAL CODE: TARA666
It's important to know that not all cities are offering a Lyft Guarantee right now. Some cities are offering a standard Lyft sign-on bonus (see our list of Current Lyft Promos by City for the Standard Lyft Sign-on Bonus amount in your city.)
As always, any guaranteed amount or bonus amount depends on the city you sign up in, which will be selected when you click through to start your application.
When you click through to apply, you will initially see an example bonus (like the pic below). Once you fill in your information, you'll be able to see what the Standard Sign-on Bonus or Guarantee is for your city.
Click the image below to start your application.
To make sure you're signing up with our referral code (which is mandatory for you to receive your bonus or guarantee,) check the URL in your browser window. It should look like this:
"TARA666" should be at the end of the URL.
This is a bit different from the standard Lyft sign on bonus, as you don’t get any extra money per ride. Translation: you won't get a cash bonus on top of your per-ride earnings.
Using San Diego as an example, their Current Lyft New Driver Sign-Up Guarantee is currently at $1,600. If you sign up to drive in San Diego using my referral code TARA666, you will earn $1,600 once you give 215 rides within your first 60 days as a new driver.
That’s about 27 rides a week, or about 5-6 rides a day if you drive 5 days a week. That's not too bad, as that probably translates into about 3-5 hours of driving a day. If you're looking to start part-time, this could be a good deal for you!
Let's Break Down Your Daily Goals
$1,600 divided by 215 rides = $7.44/ride
That means you'll do 6 rides @ $7.44/ride = $44.64/day in earnings
Using all of the information above as a guide, your goal each day is to do 6 rides.
Below is how many hours you can expect to work each day:
- If you do 3 rides an hour, your work day will be complete in about 2 hours, and you'd be making $22.32/hr.
- If you do 2 rides an hour, your work day will be complete in about 3 hours, and you'd be making $14.88/hr.
- If you do 1 ride an hour, your work day will be complete in about 6 hours, and you'd be making $7.44/hr.
If you work in a city or in an area where the times between pickups and dropoffs are quick, this might be the best way for your to maximize your time on the road. You probably don't want to do longer rides that are over 30 minutes long, although it's important to understand you don't always have control over this.
If you can think of an area that would offer you quicker rides, like in a city or maybe sometime on the weekend when people need a ride home from the bars, you'd probably be able to optimize this a big better.
With this kind of promotion, some of your work days may be longer than others, but some days could also go really quick. Also, the quicker you complete your 215 rides, the sooner you can get your guarantee!
Another tip would be to do Shared rides, as each requesting passenger in a Shared ride counts toward your total number of rides for the week.
Earnings Guarantee Eligibility
The referred applicant is eligible for an Earnings Guarantee for the 30 days following their approval as a Lyft driver. If you’re eligible for a guarantee, we’ll email you with the amount and ride requirements. You'll be able to see your requirements and track your progress from the 'Earnings' tab on the home screen of the Lyft Driver app.
Eligible applicants must fulfill all of the following requirements:
- Enter a valid referral promotion code (in the promo code field) when you start your application. If you don’t enter a code upon starting your application, you won't be eligible for this promotion. Click here to sign up using my code: TARA666
- Get approved as a Lyft driver within 30 days of their original application date
- Meet the requirements shown in the 'Earnings' tab of the Lyft Driver App
Note: Each requesting passenger in a Shared ride counts toward your total number of rides for the week
Calculating the Guaranteed Amount
All eligible earnings are totaled once the requirements are met. Eligible earnings include the total payments for each ride, including per-ride bonuses. Other earnings such as tips, tolls, other Lyft bonuses, airport fees, and the Lyft Platform Fee and Service Fee aren’t included.
Receiving the Guarantee
If the total eligible earnings for that pay period equal or exceed the guaranteed amount, congrats! You’ve earned the guaranteed amount.
If the total eligible earnings aren’t equal or more than the guaranteed amount, we'll bonus you the difference. The difference will be listed as a line item in your Weekly Summary and won't be included in any of your daily summaries.
Please note that the following terms apply, and are subject to change:
- Earnings guarantees are based on your take home ride earnings (not including tips, tolls, other Lyft bonuses or fees)
- Eligible drivers cannot also receive a new driver bonus. Only one code can be applied upon applying to drive with Lyft.
- This promotion runs for a limited time only and may be suspended or ended at any time at Lyft’s discretion. The amount of the guarantee varies by market and time of application and may be changed at Lyft’s discretion.
- No more than two rides given to the same passenger count toward your ride requirements
For more info please see Lyft's Help Center.