Earlier this year, ride-hailing giant Grab quietly unrolled a scheme for selected employees – the so-called Upfront Cash Programme.
Under this, certain driver-partners and food delivery riders are offered the opportunity to take a cash advance of up to $8,900 on their salaries.
Apart from a one-time administrative fee of up to 8% per cash advance requested, there aren’t hidden fees or penalties.
Enticing as it may sound in theory, naysayers are likening it to a loan scheme, despite Grab’s insistence that it isn’t.
But let’s first lay the groundwork, by way of facts.
What Is A Cash Advance?
A cash advance is a short-term loan that is charged to your bank account. Banks offer this through credit cards, although interest rates and fees are typically higher than that of a
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