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Cetelem Helps Uber Drivers Apply for a Loan

Uber and BNP Paribas Personal Finance unveiled a credit offer for current and future ridesharing drivers, helping them buy a more recent model of second-hand car.

More than half of the ridesharing drivers buy their own second-hand car, but they often have trouble accessing credit facilities given their self-employed status. Uber and BNP PF (through their subsidiary Cetelem) introduced a car financing model based on specific eligibility criteria (high mileage).

Cetelem is implementing a dedicated platform accessible via the driver’s Uber account. A selection of recent “zero-mile”, second-hand cars is displayed. Two to three years lease-purchase options are available via Cetelem’s partners. Also, financial support is provided via ADIE (Association pour le Droit à l'Initiative Economique – French association for economic initiative), enabling drivers to afford the initial contribution.

The decisioning process is described as fast and easy. All cars comply with ridesharing regulation (4 to 9 seats, under six years old, output of 84 kW or more, etc.).

Comments – A mobility-oriented assistance strategy

An entire ecosystem emerged over time to protect ridesharing drivers and address criticisms: insurance and financial services, easier access to credit offers, etc. The point is to restore and add value to Uber’s image –a company with more than 3 million users– while supporting self-employed workers’ activity.

This partnership with BNP Paribas Personal Finance provides assistance to these workers through Cetelem’s advisor when they subscribe their contract. They also get help optimising and improving their profit. This approach allows Uber to secure their drivers’ loyalty as competition is growing in their mobile sector.

Uber also launched Xchange Leasing in 2015: an in-house service to feature financing offer for their drivers. This expensive attempt was a failure and Uber soon started working with specialised partners instead.