Uber launches cash advance program for drivers
Since expensive things can sometimes happen in life without much warning, Uber is now offering its drivers the option of getting an interest-free cash advance of up to $ 1,000.
Those who take advantage of the offer, which is currently limited to Uber drivers in California and Michigan, will be able to refund the advance at any time.Where they can simply ask Clearbanc, Uber’s partner for the Advance Pay program, to extract part of their earnings. (Uber caps payment plans at 50% of its earnings, so it’s not like you suddenly find yourself without a paycheck because you’re paying off the advance.)
“Research by the Federal Reserve found that 47% of people in the United States would struggle to handle an unexpected $ 400 bill? -? With a third party saying they would be forced to borrow to pay. Often, people who are facing cash have turned to payday loans at very high interest rates, or credit card debt, ”it reads Uber’s announcement.
“Uber offers flexible work opportunities, where people can drive as much or as little as they want to meet their own goals and needs. Do many people drive with Uber to achieve a specific goal? ? like a new computer or a vacation. Others may find they need the extra money when the unexpected happens. In response to driver feedback, we’ve been working to find new ways to give drivers even greater flexibility in when and how they access their driving income with Uber? can meet their needs, especially to help cover an unforeseen expense. “
The move follows Uber’s launch of its Instant payout service last month for drivers in San Francisco (and those in a few other states as well). In the program, drivers apply for an Uber debit card from GoBank. If approved, they can access their earnings whenever they want, rather than having to wait three to five days for Uber to process and send their earnings.
Plus, Instant Pay doesn’t have a minimum withdrawal amount or transaction fees – you get your money faster, although you’ll need to have at least some sort of direct deposit or Instant Pay at least once every six months. to avoid GoBank’s monthly service charge of $ 9. According to Uber, the company hopes to bring the service to even more drivers soon.
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Separately, Uber was recently granted a patent for its rising pricing system. Or, as Uber says in the description of the patent: “In response to a user request for the on-demand service when the real-time price is equal to or greater than the threshold price, an intermediary interface can be provided that the user is to respond correctly before a service request can be transmitted to a service system. “
It remains to be seen what Uber could do with his patent, now that he has it. We’ll be curious to see if Uber tries to turn the screw on competing ridesharing services like Lyft, which also uses a dynamic pricing setup, “Prime Time”.
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