Uber’s next business venture? Bank loans for drivers.

Uber is no longer just a ride-hailing service. The company has more than one idea for 
diversification , and it seems the banking sector is of interest. The company is preparing a financial product for drivers, which would take the form of a loan, as noted by 
Recode.

A financial product is being prepared

Several drivers have noticed a survey appearing on their app. Created by Uber, it contains various questions about loans. For example, the company asks about “the most important factors when deciding whether to take out a loan,” whether drivers have ever taken out small loans (less than $1,000), and how likely they would be to take out a loan with Uber if offered the option.

With this loan, the company aims to help drivers “in times of need.” Drivers would, of course, not be obligated to take out loans. Nothing is official from Uber. This survey may seem innocuous, but the idea of ​​this financial product is not surprising. Uber has already offered similar programs to some drivers in certain states in the United States. The company also offers solutions to help drivers obtain a car quickly, through 
partnerships with rental companies, for example .

Uber’s actions are being criticized.

However, the company’s initiative, if it comes to fruition, risks being heavily criticized. Uber and other companies like Lyft are accused of underpaying drivers. Furthermore, the two American leaders could soon be required to reclassify independent contractor contracts as employee contracts if the bill is passed by the Senate. To combat this, the two companies have proposed implementing a minimum wage of approximately $21 per hour for drivers completing a ride.

The loans could be seen as short-term salary advances. This type of loan is a real trend in the United States. Companies like Walmart offer them to help their employees and also to increase their productivity. Uber declined to comment, and the rather strong reactions will certainly force the company to reconsider this project and prepare it thoroughly if an official launch is to take place.