rtmark
LearnBonds.com

Uber Considers Offering Lending Services to Drivers

Uber is possibly entering the loan business with the intention to offer new financial services to drivers. The ride-sharing company informed they are building a financial product that is expected to help Uber drivers deal with their finances. In order to understand its drivers’ needs, the firm conducted a survey about financial habits. This is according to a report released by Vox on September 6.

Uber Could Release New Financial Products

In the survey conducted among drivers, Uber asked them whether they have taken out a loan in the last three years and which is the amount they would request. Most of the options reported were for relatively small amounts of money: less than $100, between $100 and $250, between $250 and $500 and more than $500.

In 2016, the company tried a system that allowed drivers to request cash in advance. The pilot project was tested in California and Michigan. In addition to it, Uber is also offering co-branded cards with Visa.

Due to the new proposal made by Uber, there are several individuals and politicians that started criticizing the company. For example, Mostafa Maklad, an Uber driver in San Francisco said that Uber should increase their payments rather than giving loans to drivers. Moreover, he has also mentioned that he would not trust a company like Uber for these things.

Uber Considers Offering Lending...
The survey invitation in the Uber app. Image via Vox.com

Other companies have already implemented similar loans for workers. One of these firms is Walmart, that is offering payroll advances and loans to cash-strapped employees. The interest rates they offer vary from 6 to 36 percent.

Lorena Gonzalez, an Assemblywoman from California, said that Uber is “feudalism.” Mrs. Gonzalez has also authored the California bill AB5 that reclassifies Uber drivers and contract workers as employees that have more protections.

Gonzalez considers that this is a very dangerous and “oppressive” territory in which companies are entering.

However, there is no official confirmation on whether Uber will be releasing this product or not. Definitely, this is a sensitive topic that must be discussed before being implemented. Uber expanded all over the world as a ride-sharing company giving thousands of drivers the possibility to have a job in places where finding one was difficult. It remains to be seen which is going to be the effect over drivers if the new financial services are finally launched.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Justinas Baltrusaitis

Justin is an editor, writer, and a downhill fan. He spent many years writing about finances, blockchain, and crypto-related news. He strives to serve the untold stories for the readers.