Uber and Digio Loan: see how this partnership works!

The Uber and Digio loan was created through a partnership between these two major companies. Read on to find out more!

As soon as Uber emerged in Brazil, thousands of drivers found the opportunity to overcome the crisis and unemployment by becoming an app driver.

However, a few years later, the market is no longer as easy and profitable as before, we can get an idea just by the price of a liter of gasoline, which ends up increasing the expenses of this professional and thus, decreasing their profit.

In times of need, when the rides were not enough to cover expenses, or even when there is a lack of money to make some adjustment or investment in the vehicle, drivers can count on Uber and Digio Loan.

Continue reading to discover the main details of this financial product and how to apply for it.

Post index:

• What is Uber and Digio Loan?
• How does it work?
• How does payment work?
• Who can apply?
• How to hire?
• Conclusion.

What is Uber and Digio Loan?

It's a financial product that emerged from a partnership between Banco Digio and Uber. The goal is to help drivers using both apps boost their financial lives and even make some dreams come true.

The union of these two applications is something new, unique and innovative: where two mobile application companies have formed a solid partnership to offer a single exclusive service to users.

How does the Uber Digio Personal Loan work?

The main purpose of these two large companies is to provide an exclusive and accessible line of credit for platform drivers.

When we use the term “exclusive,” we know that this product was designed for the public, aiming to address their main difficulties and challenges.

One of the fundamental characteristics of this personal loan is how easy it is to apply for; everything is very practical, less bureaucratic and simple.

Drivers can request their Uber and Digio Loan online, without having to leave home or even miss a ride to a bank branch.

The amounts released aren't high, but they cover a variety of everyday needs. Requests range from R$1,000 to R$1,000.4T.

The fixed interest rate is 2.97%, meaning you will pay the same rate regardless of your financial profile.

One of the main advantages offered is that the installment amounts can be withheld weekly, meaning you can pay them off as your income flows. 

Despite the weekly payment, the loan can be paid in installments between 3 and 12 times.

Furthermore, drivers who pay their installments in advance receive a considerable discount.

After approval, the funds are deposited into your account within 24 hours. This is a great option for those who need quick cash, for example.

How does personal loan payment work?

The installments are retained in the Uber app, where drivers receive their earnings. However, payment is made directly to Digio.

Payment is made automatically. Each week, a certain amount is deducted from the driver's credit, reducing the installment.

Withholdings occur every Monday. For example, if your loan installments were R$$400.00, R$$100.00 will be deducted from your earnings every Monday.

The date of the first weekly deduction depends on the day you took out the loan. It can be set between 20 and 40 days after signing the contract.

If there isn't enough earnings to pay the full monthly installment after four weeks, the bank will send a bill for the remaining amount. The bill's due date is the same as the monthly installment's.  

To find out more details about how credit retention works, read the Retention Manual provided by Digio.

In the Manuel everything is well explained about the weekly discounts, among other details of the payment of Uber and Digio Loan.

Who can apply?

This loan can only be taken out by Uber partner drivers active on the platform.

Additionally, they must have received an invitation via email and meet the following requirements:

• Be between 20 and 70 years old;
• Valid CPF;
• Be the holder of a bank account (current or savings);
• Have an active email address.

If you have not yet received an email invitation, the company asks that you wait, as the product is new and is still being released to a limited number of customers.

How to hire?

After receiving your email invitation, you will have access to the Digio platform to apply for the loan. Click "Hire now” and validate your data.

Then submit the requested information to receive a personalized personal loan proposal.

Confirm and accept if you agree with the proposal. Then, submit the requested documentation for validation.

At this stage, you'll need to submit a photo of your ID and a selfie. Once you've done this, please wait; you'll receive an email with the results of your credit application within 24 hours.

If approved, you'll receive an email redirecting you to the Digio website, where you'll need to confirm your latest contract information.

Enter the account details for the account you want to receive the money from, and then sign the contract digitally. Don't forget to double-check all the information before signing.

After signing the contract, the money will be in your account within a maximum of 24 hours.

Conclusion

You can receive your Uber and Digio Loan in a digital account with Banco Digio. This bank is one of the best digital banks today and offers many benefits to its customers.

If you prefer another option, here on our blog you'll find other suggestions for great digital accounts.

Take a tour of our category “Credit cards” and discover some options!