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!Copy
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
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.Copy
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.Copy
You can have one loan at a time.Copy
The funds will be automatically deposited into your bank account.Copy
When assessing an application, our minimum requirements are:
Other factors such as your credit card utilization, NSF charges, and average balance also impact our assessment.Copy
Our loans are simple. For every $500 borrowed, just repay $43 per week for 12 weeks.
For example: If you borrow $1,500, you will repay $129 per week for 12 weeks. Total fees and interest are $48 in this example.
If you want to have a lower weekly payment, then choose our 25 week option. For every $500 borrowed, just repay $21 per week for 25 weeks.
For example: If you borrow $1,500, you will repay $63 per week for 25 weeks. Total fees and interest are $75 in this example vs $48 for the 12 week loan. For 25 week loans, you do end up paying more fees and interest, which is why we recommend the 12 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.Copy
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.Copy