All Questions

Annual Interest Rate VS APR: What’s the difference, and what does that mean for my loan?

AIR – Fixed rate per year. This interest, prorated weekly, will be compounded and added to outstanding principal each week.

APR – This is the interest rate for a whole year (annualized) including applicable fees such as service charge, loan origination fees or administrative fees when applicable.

They might sound similar, and in some cases they might be the same number, but they are different. On a short-term loan, the interest rate might be much smaller than APR. Why? Because the loan will be paid off in a few weeks, not over a year.

Moves will always be up front about the fees, rates, and terms for our loans. Always read the fine print of your loan agreement, and if you are unsure about the terms and conditions, please ask!


Aren’t your interest rates high?

We do not think so. In fact, we believe our rates are among the best for unsecured loans. If you find better rates, please let us know so we can improve our offerings.

But don’t just take our word for it; here’s what one of our satisfied customers told us:

“Money Market or Cash Money? They have a 40% interest rate on their loans. So, Moves is better than them. When a company has a low interest rate, I see them as a good selling point and more people will be attracted to it because people want to pay less money back. So I think that’s why Moves will be a good company for people to get money from.”

– Ali, Uber Driver, Toronto

What if I have non-sufficient funds (NSF)?

If you’re applying for a loan and your bank account shows a regular history of non-sufficient fund (NSF) charges, we may use that to determine whether or not to lend you money.

If you borrow money from Moves and there are non-sufficient funds in your account when we attempt to make an auto-withdrawal, we will absorb the fee charged by our bank, and your bank will also charge you a fee, which you have to pay yourself.

We’ll then follow up with an email to work something out with you to get your repayments back on track. On-time repayments enable you to build your financial reputation with Moves, which will have future financial products that a traditional bank might not be willing to offer you – so we encourage you to keep up with your payments to take advantage of that.


What happens if I don’t pay you back?

We understand life doesn’t always work out as planned. If you’re not able to make your repayments, please email us at [email protected] and we’ll work with you to figure something out.


How many loans can I have at one time?

You can have one loan at a time.


How will I receive the money?

The funds will be automatically deposited into your bank account.


How do I qualify for a loan?

When assessing an application, our minimum requirements are:

  • You must live in Alberta or British Columbia or Ontario
  • You must have a bank account that’s been active for 6+ months
  • You must have received income from one of these platform in the last 90 days:
    • Amazon Flex
    • DoorDash
    • FaceDrive
    • Foodora
    • Hiride
    • Hyr
    • Instacart
    • Lyft
    • TaskRabbit
    • Skip the Dishes
    • Uber & Uber Eats
    • Upwork
    • Handy
    • BookJane
    • FoodHwy

Other factors such as your credit card utilization, NSF charges, and average balance also impact our assessment.


What are the details of the loan?

Our loans are simple. For every $500 borrowed, you repay $39.67 per week for 13 weeks.

For example: If you borrow $1,500, you will repay $119.01 per week for 13 weeks. Total fees and interest are $47.11 in this example.

If you want to have a lower weekly payment, then choose our 26 week option. For every $500 borrowed, just repay $20.22 per week for 26 weeks.

For example: If you borrow $1,500, you will repay $60.67 per week for 26 weeks. Total fees and interest are $77.34 in this example vs $47.11 for the 13 week loan. For 26 week loans, you do end up paying higher fees and interest, which is why we recommend the 13 week loans.

For more information, view our full loan agreement page.

You have the option to request an early repayment with no penalty at any point during the loan term.


How does it work?

As part of the loan application process, you need to connect to your bank account through a third-party service called Plaid Inc (Plaid), which is owned by Visa. At this time, you will agree to a Pre-Authorized Debit (PAD) Agreement approving us to deposit the loan if you’re approved. Our system will be able to view your financial records for the previous 24 months, and will use that information to determine your eligibility for a loan. We will never change or sell your information – see our Legal page for more information.

If you change your mind, you have a 48 hour “cooling off” period. Email [email protected] if you’ve applied then realized you don’t want the loan. We’ll cancel your application, or withdraw the money if we’ve deposited it, and won’t charge you anything.