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We see you for who you are and we appreciate it. You don’t have to be turned down again as a gig worker, it’s free to create an account!
Our flexible repayment schedule aims to accommodate the ups and downs of gig work. Moves’ line of credit is the perfect alternative to credit cards with even lower interest rates.
Gig work is growing and shaping the new normal and so should you. Increase your credit limit as you improve your financial profile with Moves.
We’ve got an easier way to access money when you need it.
We’ve built a financial safety net to catch you if you fall. Never get caught off guard again by unexpected expenses. Now, gig workers can open a line of credit up to $2,500 when they create an account with Moves. Build confidence in your finances with no additional pressure.
“I don't know how i would pay for an unexpected expense”
It’s about time your work is being recognized. We’re committed to building a community that celebrates the success of gig workers and help them reach their goals. As the gig economy evolves, our offerings will evolve alongside with it to ensure there is financial peace of mind for you, always.
“I’ve been in situations where i've really needed a few hundred dollars”
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Never have to get caught off guard again by unexpected expenses
Simply put, a line of credit is a type of loan, but not all loans are lines of credit. And although both financial products allow an individual or a business to borrow money, these products are used in different ways.
Typically, a loan is provided as a lump sum where the total amount borrowed is given to you all at once. The borrower tends to have a specific purpose for the loan, such as financing a house or a car. Consequently, you would make principal and interest payments until the loan is paid off.
The interest rates of these loans vary based on the terms negotiated by you and the lender. Determining which product to use also depends on your needs, credit score*, and financial reputation.
In contrast, a line of credit is a great alternative to credit cards as it usually has lower fees and interest rates associated with the amount borrowed.
With a line of credit, the borrower is approved for a set amount of credit that they can access. At which point, they can withdraw incremental amounts or the full limit. Money withdrawn can be used repeatedly for everyday purchases or for emergency expenses.
At the moment, Moves offers a unique non-revolving line of credit. Gig workers are approved for up to $2,500 in credit that they can withdraw at any time. However, they will have to repay their first withdrawal before borrowing again. Automatic repayments are conveniently scheduled and withdrawn from your bank account so you can make your payments worry-free. In addition, there are no penalties for early repayments. You can make an early repayment by clicking here.
Come 2021, we are working hard to create a seamless experience for gig workers to access credit on multiple occasions without immediate repayment.
Primarily, there are two types of personal loans: secured and unsecured.
Secured Personal Loans
Secured personal loans have their value tied to a collateral asset, normally your property or your car. Failure to repay a secured loan could result in your collateral being seized by the lender.
The main advantage of a secured loan is that lenders typically charge lower interest rates and may lend larger amounts of money. In some cases, secured loans may be some of the most attractive low fee loans available.
The downside? Not only is there more paperwork on a secured loan, but if you are unable to repay your loan, you could lose ownership of your collateral.
Common types of secured personal loans include:
Unsecured Personal Loans
In contrast to secured loans, no collateral is required on an unsecured loan. You can use an unsecured loan for just about anything, from planned expenses like family vacations to emergency expenses such as car repairs.
The advantage to an unsecured loan is that it’s not tied to losing any personal property. In addition, unsecured loans are also usually easier to apply for.
However, unsecured loans are typically more expensive due to an increase in risk and you loans are provided at a lower amount. Additionally, failure to repay an unsecured loan may result in late fees which could be costly overtime.
Common types of unsecured personal loans include:
Although all loans are granted because the lender has faith that they will be paid back, this level of faith varies among groups and makes it more difficult for some individuals to borrow money. In addition to your credit score, most lenders look at your debt-to-income ratio. Debt-to-income ratio measures what percentage of your income is paying off existing debts, and a low ratio implies that you have money available to responsibly take on new debt obligations.
When you have a traditional employer, most lenders have an easier time understanding your debt-to-income ratio; your income is perceived as more stable and can be verified with a letter from your employer.
On the other hand, many lenders are skeptical of self-employed income statements. Even if you’re earning good money, jobs in the gig economy are perceived as less stable and independent workers are penalized on their loan applications.
While there are some payday loans that require no proof of income, these usually come with extremely high fees. These predatory loans often charge 60%-600% APR and need to be repaid in short amounts of time. If payday loans are not repaid on time, usually within two weeks, it often becomes necessary to take out another payday loan to settle the debt on the first loan. These lending practices often leave people trapped in cycles of debt, and unable to put their finances towards savings or expenses.
Emergencies happen. And being an independent worker shouldn’t disqualify you from accessing affordable financial products.
But if your status as an independent ‘gig’ worker makes it impossible to find low fee personal loans or credit limit increases, what do you do?
Rather than resorting to payday lenders (please don’t!) or banks that won’t accept self-employment as proof of income, Moves has designed offerings to provide low-fee personal loans for gig workers in the form of a line of credit.
Moves is the ultimate payday loan alternative for independent workers. Because Moves works exclusively with freelancers and gig workers, you never have to worry about being refused credit because of the type of work you do.
With a very affordable APR, Moves charges lower interest rates than the average credit card, but with a longer repayment window of 13 or 26- weeks. The longer repayment window makes Moves a good alternative to credit cards for individuals looking for flexibility in managing their expenses. Plus, since there are no penalties for repaying Moves’ loans early, you can take full control of your finances and avoid interest charges.
Borrowing money is fast and easy. Creating an account online is simple and takes less than five minutes. Once you’re approved for a loan and confirm your interest, you’ll receive your funds within 24-48 hours. No paperwork, no bureaucracy, and no snail mail will slow you down with Moves.