Uber told motorists this week so it’s building an innovative new financial item and asked them about loans. Critics are involved it might be a cash advance system that’s predatory.
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Uber could be considering lending cash straight to drivers, centered on a current study it delivered away to a few of its fleet. Drew Angerer/Getty Images
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Uber appears to be exploring the option of straight offering loans that are financial its motorists.
The ride-hailing giant delivered an in-app message for some motorists this week saying it is “building a fresh economic item” to assist Uber motorists along with their funds “in a period of need,” and asked recipients to fill down a study.
“Have you taken down a tiny loan (of a buck amount below 1,000 USD) within the previous three years?” reads certainly one of four questions. Another asks: “If Uber supplied loans, what amount have you been most very likely to request?” (The choices 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 services is not exactly new — the business piloted an interest-free advance loan program for motorists in Ca and Michigan back 2016. Moreover it currently offers a co-branded charge card with Visa and an Uber Cash electronic wallet for cyclists, and assists rent cars to motorists through third-party partnerships.Read More