Introducing Our New Line of Credit Designed for Gig Workers

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PUBLISHED BY Alwin Wong / November 23, 2020

Get Peace of Mind with a New Line of Credit Designed for Gig Workers

As the shift to remote work fuels the growth of gig workers, it has forged an alternative path for North Americans to earn a living while dictating their own schedule and independence.  

Gig workers now make up 36% of the American workforce and the percentage of full-time gig workers increased by 11% since 2015, according to Upwork. 

But whether you’re a rideshare driver or a digital freelancer, the gap widens to address your financial needs. The gig economy has demanded a cultural shift in the way we perceive work. It now also demands a shift in how we perceive finances. 

‚ÄúOver the past couple months, we’ve spoken with many gig workers, and almost everyone talks about how they love the time flexibility it brings to their life. Whether it’s a mother looking to make an income in between their child’s extra curriculars, or a new Canadian managing the hurdles of setting up their new home. However, the other side of that flexibility can be¬†unpredictability.¬†

In launching a credit line for gig workers, we feel we’re one step closer to helping current and new members manage the¬†unpredictability of their¬†gig¬†finances¬†

– Ben Carroll, Sr. Product Manager at Moves

With over 61 million gig workers between the US and Canada, Moves has¬†always¬†been dedicated to¬†helping independent workers achieve financial peace of mind. And over the past few months, we‚Äôve been hard at work ‚Ästlistening to your feedback,¬†working with financial publications,¬†and¬†putting in¬†the¬†hours to¬†create¬†a¬†product¬†that we‚Äôre proud to¬†share.¬†

Say Hello to Your Financial Backup Plan

This year has taught us that things don’t always go as planned.  

That’s why having a backup plan is incredibly crucial, especially for independent workers in the gig economy. The flexibility of earning income on apps like Lyft and DoorDash has many benefits, but it also introduces new financial obstacles. 

A few slow shifts paired with poor timing can lead to financial headaches as bills are due at month’s end or when an emergency expense comes up. As a result, it becomes difficult to access money when you are grasping at straws.  

And unfortunately, as a gig worker you’re left without many options, often having to depend on friends, family, or worse, a high-interest lender.  

With Moves, you can now have peace of mind when the unexpected happens you’ve got a backup plan. We are proud to offer independent gig workers with easy access to a credit line up to $2,500 that is built for the way you work.

Withdraw What You Need, When You Need It

It could be a dead e-bike battery, broken cell phone, or a temporary cashflow issue that contributes to the financial unpredictability of your gig work. But no matter how big or small the expense becomes, having a financial cushion can be the difference between reaching your goals instead of facing another setback. 

‚ÄúThere are a lot of things to think about when you‚Äôre¬†a¬†self-employed¬†gig worker.¬†Financial¬†insecurity¬†shouldn‚Äôt¬†have to¬†be one of them.‚Ä̬†¬†
РAlwin Wong, Growth Manager at Moves 

We’ve designed our line of credit so you can pay back your balance with confidence. Interest is only applied to the amount withdrawn from your Moves account at 15.65% AIR. Along with the flexibility to withdraw specific amounts, our repayment schedules remain flexible as well with 13 or 26-week repayment terms. And as always, we will never charge an early repayment fee!  

Use your Line of Credit, Without Hassle 

If you‚Äôre new to Moves, you can securely connect to your gig app, such as Uber or Lyft, and verify your Moves profile seamlessly. Once your profile has been set up, your¬†line of credit will be¬†automatically available for you to use ‚Äď withdraw exactly what you need, when you need it.¬†¬†

For example:  

You have been approved for a $2,000 credit line and withdraw $500 to help cover a broken windshield. Once you repay $500 in full, you can withdraw any amount up to $2,000 at any time without needing to contact Moves! 

What can you look forward to? 

Making¬†credit easily¬†accessible¬†for gig workers is the first¬†of many¬†milestones we hope to achieve. And as we work together¬†to tackle¬†the¬†financial obstacles¬†that gig workers are faced with¬†‚Äď we aim to provide¬†gig economy services¬†and resources so that you never have to feel ‚Äėstuck‚Äô again.¬†¬†

In the upcoming months, members of Moves will be able to: 

  • Earn additional income through Moves‚Äô Gigs¬†
  • Track multiple streams of gig earnings¬†
  • Maximize their gig income by analyzing their earning trends¬†
  • Increase their credit limit by maintaining a healthy Moves profile¬†

As the gig economy continues to grow, we‚Äôre committed to helping¬†independent workers grow along with it.¬†Join us on this journey and let us know how we can best support you! Sign up for our email list today, we’d love to hear from you.¬†

Alwin Wong

Alwin is the Growth Manager at Moves and a part-time freelance photographer. With the rise of the gig economy, he is excited by a world where people can have greater flexibility over their work and challenge the norms of having a traditional 9-to-5 job. Alwin is also an avid travel enthusiast and Toronto Raptors basketball fan.

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