A Uber user requests a ride through the app. Photo courtesy of Uber.
Uber has signed a $14 million car rental deal with South Africa’s WesBank, an arm of lender FirstRand, according to a report by The Fiscal Times. WesBank will rent cars to Uber drivers who don’t have a credit history and can’t qualify for traditional car loans.
WesBank will then regain the loan from the fares Uber drivers collect from passengers, Chris de Kock, WesBank chief executive, said in a news conference. The amount each drivers repays depends on the level of business, according to the report.
Uber launched in South Africa in August 2013. Currently, it operates in over 60 countries.
Click here for the full Fiscal Times report.