Technology

Uber's new financial product could offer loans to drivers

The product is still in a testing phase and the company has started a survey with drivers to gauge possible interest in the initiative

Uber's new financial product
  • Uber launched a survey about a new financial product focused on offering small loans directly to drivers
  • This wouldn’t be the first financial product created by the company until now
  • Uber hasn’t commented on the product yet, and the official release date is still unknown

In the middle of a worldwide discussion about Uber drivers being or not considered as employees of the company, the ride-sharing giant is giving the first steps on a new product focused on driver’s needs. According to a report from Recode, the company is studying how to develop a product that offers loans directly to their drivers. 

This wouldn’t be the first time that Uber launches a financial product, the company already experimented in offering cash advance programs to drivers in the US and car rentals for new drivers, but since previous iterations weren’t as successful as expected, this could be Uber’s first relevant financial product. 

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Drivers have already received a survey about their interest in future loans on Uber’s app, according to Endgadget. The questions gauged the interest of drivers in small loans–less than $1,000–but Uber hasn’t disclosed neither all the details about the program, nor a release date yet. 

Contrary to what the company was expecting, the news wasn’t well-received by the drivers that are struggling to reach a better monthly remuneration.