The story is based on the emergence of an in-app survey which was sent to some drivers talking about a “new financial product” aimed at drivers “in a time of need.” The survey then went on to question drivers’ use of financing loans of $1,000 or less in the last three years. It asked “what amount are you most likely to request?” It then gave them options top pick from “Less than $100,” “Between $100 and $250,” “Between $250 and $500” and “More than $500.”
At this time there’s no indication of timing on a small loans product offering to drivers, and Uber has not publicly commented on the emergence of the survey’s existence.
However, Uber already has form in this space. It has offered cash advance programs to drivers in California and Michigan, although the company was criticised for what some called “pay-day loans”. It’s also offered leases on new cars to drivers in the past and currently offers a co-branded credit card with Visa and an Uber Cash digital wallet for riders.
Uber would not be alone in rolling out small cash loans to its workers, given given that large companies such as Walmart and others already offer lucrative payroll advances and loans to employees.
But the fact that it now has a very large FinTech team suggests this won’t the end of us hearing about Uber’s tentative moves into this space.