Uber’s Next Business Idea: Lending Money to Drivers
Uber would consider offering loans directly to drivers, according to a report by Recode. The rideshare company recently sent out an in-app survey to some drivers saying the company was starting to create a “new financial product” designed to help Uber drivers “when needed.” The survey contained a number of questions regarding the driver’s past use and future interest in loans.
The survey reportedly asked drivers if they had taken out small loans of $ 1,000 or less in the past three years. He also asked, “If Uber were to give loans, what amount are you most likely to ask for?” The question offered drivers responses such as “Less than $ 100”, “Between $ 100 and $ 250”, “Between $ 250 and $ 500” and “More than $ 500”. It is not known when or if the loan service will be available to drivers. Uber has not publicly commented on the investigation.
If Uber chooses to launch a loan product, it won’t be the first time the company has launched into such services. The company previously offered cash advance programs to drivers in California and Michigan, but was criticized by consumer advocates who thought the program looked like payday loans. The company also previously offered new car leases to drivers.
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