It appears to be like Uber is stepping into the loan that is small for the motorists
Uber told motorists this week about loans that it’s building a new financial product and asked them. Experts are worried it can be a loan that is payday that’s predatory.
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Uber could be considering money that is lending to motorists, according to a current study it delivered away to a few of its fleet. Drew Angerer/Getty Images
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Uber is apparently examining the choice of straight offering loans that are financial its drivers.
The ride-hailing giant sent an in-app message for some motorists this week saying it is “building an innovative new monetary item” to assist Uber motorists due to their funds “in a period of need, ” and asked recipients to fill away a study.
“Have you taken down a loan that is smallof a buck quantity below 1,000 USD) in past times 36 months? ” reads certainly one of four concerns. Another asks: “If Uber provided loans, just exactly just what amount have you been most likely to request? ” (The options to respond to range in brackets of “Less than $100, ” “Between $100 and $250, ” “Between $250 and $500, ” and “More than $500. ”)
Uber providing economic solutions is not exactly new — the business piloted an interest-free cash loan program for motorists in Ca and Michigan back 2016. In addition it presently provides a credit that is co-branded with Visa and an Uber money electronic wallet for cyclists, helping rent vehicles to motorists through third-party partnerships.
However a possible proceed to provide smaller payday-type loans to drivers — nearly all whom come in financial obligation and struggling to create ends fulfill — is prompting is some politicians and motorists to criticize the organization.