By Hernan Nessi
BUENOS AIRES, Sept 4 (Reuters) - When traffic authorities confiscate a delivery rider's motorcycle in Buenos Aires, getting back to work can depend on taking out costly digital loans, feeding a debt cycle that is increasingly binding Argentina's gig workers to the apps they rely on for income.
Albert Quintero, a 41-year-old courier, earns on average 70,000 pesos ($46) per day delivering takeaway meals. But recovering an impounded motorcycle can cost around 140,000 pesos ($90) in fines and fees, a bill he says many workers can't afford without borrowing.
More app workers are turning to fintech loans, including credit offered by the same delivery platforms they work for, despite interest rates that regularly run into triple digits.
Apps such as PedidosYa offer loans to riders at a 131% annual rate, while digital wallet Personal Pay charges around 170%.
#motorcycle
BUENOS AIRES, Sept 4 (Reuters) - When traffic authorities confiscate a delivery rider's motorcycle in Buenos Aires, getting back to work can depend on taking out costly digital loans, feeding a debt cycle that is increasingly binding Argentina's gig workers to the apps they rely on for income.
Albert Quintero, a 41-year-old courier, earns on average 70,000 pesos ($46) per day delivering takeaway meals. But recovering an impounded motorcycle can cost around 140,000 pesos ($90) in fines and fees, a bill he says many workers can't afford without borrowing.
More app workers are turning to fintech loans, including credit offered by the same delivery platforms they work for, despite interest rates that regularly run into triple digits.
Apps such as PedidosYa offer loans to riders at a 131% annual rate, while digital wallet Personal Pay charges around 170%.
#motorcycle
2 days ago
