Not everyone is happy about Uber possibly looking to expand its FinTech portfolio with driver loans

Ride-hailing unicorn Uber has reportedly begun to survey its drivers about an upcoming “new financial product” to help them with their finances.

Last week, Uber sent some drivers in-app messages, asking them about their financial situation, if they had ever taken a small loan and, if so, how big the loan was, according to a report by Vox. The questions were sent as a part of the company’s push to create a “new financial product” directly targeted at its drivers.

However, not everyone is excited about the prospect of Uber providing a loan service to its riders. Both politicians like Democratic California assemblywoman Lorena Gonzalez and several drivers have raised concerns about the app.

Some argued that the ride-hailing company should focus on offering riders a better salary. Others accused Uber of setting up predatory loans for drivers who are already strapped for money.

Uber already has a co-branded credit card with Visa, a digital wallet for riders and a service that helps them lease cars through third-party partnerships. FinTech Global recently reported that the car hire service, which is called Splend, received an UK insurance policy from Zego. Uber also signed a partnership with robo-advice company Betterment in 2016 to offer drivers retirement accounts.

Copyright © 2019 FinTech Global

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