Among all types of credit, could you imagine that there is an Uber loan? So it is! In partnership with the digital bank Digio, anyone who is a driver and/or delivery person on the platform is entitled to this special line of credit. Come find out more!

It is undeniable that, with the pandemic, many people sought loans from financial institutions. After all, for several Brazilians, the source of income has dried up, because either they were fired from their jobs, since the employer also had a drop in revenue, or their business went bankrupt or they stopped providing services because there was no more demand. Anyway, the financial situation became quite chaotic and there were few who managed to get out of it unscathed.

Faced with this atypical scenario, then came innovation. Here on our blog, we've already talked about various types of credit that emerged with the pandemic, but never before has one been mentioned as innovative as this one: the Uber loan in partnership with Digio. Well, it exists!

To help platform drivers and delivery people who need credit, the company partnered with digital bank Digio, controlled by Bradesco and Banco do Brasil for loans. With the objective of releasing amounts from R$ 1 thousand to R$ 5 thousand, the money from the credit line can be withheld each week, following the incoming flow of revenue from drivers, with a discount on installments that are paid in advance.

Initially, Uber's loan in partnership with Digio will benefit around a thousand drivers across the country. However, the idea is that in the future it will serve around 1 million people, a number that corresponds to the total base of Uber drivers and couriers in Brazil.

Finally, it is worth noting that Uber will not receive loan revenue. This is because the Digio bank is responsible for releasing the credit. That is, the installments that will be paid by drivers will be retained by Uber, but paid to the digital bank. Due to this revenue retention, the tendency is for less bureaucracy for drivers, especially those who use the platform a lot, whether for paid rides (Uber) or food delivery (Uber Eats).

So, so far, it has been clear that the Uber loan is intended for the application's drivers and delivery people and that the credit amounts will be between R$1,000 to R$5,000. But what else do you need to know about this new line of credit available on the market?

Well, of the information you should know about the Uber loan, the first concerns the interest rates agreed between the company and Digio, which, in this case, reach 2.97% per month. In addition, it is important that you know that the payment period is up to one year, that is, you must pay off your credit within that period.

Still, another relevant data is that the payment will be different from the traditional lines of credit, in which the installments are monthly. This is because, as previously mentioned, the amounts can be withheld each week, accompanying the revenue stream for drivers and couriers.

This weekly retention of earnings from drivers and couriers through the Uber application allows the interest rate to be one of the lowest in the market. After all, by paying the debt weekly, this will reduce the risk of the financial institution and, consequently, a lower interest rate can be offered. According to Banco Digio, the rate of 2.97% per month is lower than that charged on personal loans, except for payroll loans, but which is released only to a very limited audience – civil servants, retirees or pensioners.

Unfortunately, the interest rate still cannot match the payroll, since, although Uber retains weekly earnings, the company will not provide any guarantee of payment to the financial institution. The reason for this is that she cannot control the fact whether the driver will remain working on the application or not and, if he leaves, the bank will not have the same guarantee as the payroll loan. Precisely for this reason, personal loan charges by Uber are slightly higher than what banks charge for payroll loans.

With the aim of attracting more than 5 million people and generating BRL 1 billion in personal loans per year by 2023, the Digio bank partnered with Uber precisely to generate customer loyalty. According to the superintendent of New Business at the financial institution, Eid Tayar, this personal credit model can be scaled and eventually reach other platforms for the intermediation of services by self-employed professionals.

Therefore, it is clear that this new line of credit, which corresponds to the Uber loan, is not only good for the application, but also for fintech. After all, this is a first scope, which, if successful, could apply to all profiles of service providers who have recurring receivables

As for Uber, the initiative is part of a movement to try to expand the bond with its associates, as the dispute between application companies grows to have the preference of drivers and delivery people, who often work for more than one of them. simultaneously. Excellent idea, don't you agree?

If you were curious to learn more about this Uber loan in partnership with Digio, just click on the button below and discover the other advantages that this line of credit offers to the app's drivers and delivery people.