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Next Business Idea By Uber Is To Lend Drivers Money

Uber is supposedly seeking into providing loans squarely to drivers, as per a media report. The ride-sharing firm lately sent out an in-app study to some users that indicated the firm is beginning to develop a “new financial good” developed to assist Uber drivers “in a time of requirement.” The study had a number of questionnaires related to future interest and previous use of loans by the driver.

The study allegedly asked drivers if they have taken out any small mortgages in the past 3 Years of $1,000 or less. It also asked “If Uber offered loans, what sum are you most expected to ask for?” The question provided drivers answers comprising “Between $100 and $250,” “Less than $100,” “More than $500,” and “Between $250 and $500.” It is not obvious if or when the loan service will be accessible to drivers. Uber has not commented publicly on the study.

If Uber does select to roll out a loan product, it will not be the first time the firm has experimented with such services. The firm earlier provided cash advance projects to drivers in Michigan and California but came under heat from consumer supporters who thought the program bear some resemblance to payday loans. The firm also earlier provided leases to drivers on new cars.

On a related note, Toyota has stakes in competitor Japan Taxi and Uber. And earlier it enthusiastically threw $1 Billion—its largest sum—at Grab (the Southeast Asian outfit).

With spending from Honda Motor, Hyundai Motor, Didi Chuxing, and its latest acquirement of Uber’s Asia business, Grab has been gradually making its dominance strong in the industry. To offer you an idea of its magnitude, Grab disclosed in Southeast Asia it had a whopping 95% piece of 3rd-party taxi-hailing.

Adam Parsons
Author Details
EDITOR-IN-CHIEF At Daily News Gazette

Adam Parsons has a strong presence of over 6 years in the Business meadow. While he pursued an MBA in Finance Degree, he holds a deep grasp of the Business world. Being one of the key authorities at Daily News Gazette, Adam is the Head of the Business Department of our organization from last 3 years. He is connected with us from last 5 years and is involved in all major decision-making processes of the Business Department along with the regular quality checks of all news pieces every day published on the platform. His admirable multi-tasking skills have helped him to carry out all these activities superlatively.

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