Latest in Gear

Image credit:

Uber's next business idea: Lending money to drivers

The company has started to poll drivers on their interest in a new financial product.
AJ Dellinger, @ajdell
September 6, 2019
1 Shares
Share
Tweet
Share

Sponsored Links

ASSOCIATED PRESS

Uber is reportedly looking into offering loans directly to drivers, according to a report from Recode. The ride sharing company recently sent out an in-app survey to some drivers that indicated the company is starting to build a "new financial product" designed to help Uber drivers "in a time of need." The survey contained a number of questions regarding the driver's previous use and future interest in loans.

The survey reportedly asked drivers if they have taken out any small loans of $1,000 or less in the last three years. It also asked "If Uber provided loans, what amount are you most likely to request?" The question offered drivers answers including "Less than $100," "Between $100 and $250," "Between $250 and $500" and "More than $500." It's not clear when or if the loan service will be available to drivers. Uber has not publicly commented on the survey.

If Uber does opt to launch a loan product, it won't be the first time the company has dabbled in such services. The company previously offered cash advance programs to drivers in California and Michigan, but came under fire from consumer advocates who believed the program beared some resemblence to pay day loans. The company also previously offered leases on new cars to drivers.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
1 Shares
Share
Tweet
Share

Popular on Engadget

Presenting the Best of CES 2021 winners!

Presenting the Best of CES 2021 winners!

View
Paramount+ will replace CBS All Access on March 4th

Paramount+ will replace CBS All Access on March 4th

View
Samsung's latest rugged tablet gets a Dex and WiFi 6 update

Samsung's latest rugged tablet gets a Dex and WiFi 6 update

View
Synthetic cornea helped a legally blind man regain his sight

Synthetic cornea helped a legally blind man regain his sight

View
Samsung’s 870 Evo boosts the performance of entry-level SSDs

Samsung’s 870 Evo boosts the performance of entry-level SSDs

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr