How Fintechs Like Moves Can Better Serve Gig Workers’ Financial Needs

With millions of Canadians employed in the gig economy and facing a massive drop in income as a result of COVID-19, the pandemic has made it clear how our traditional support systems have failed this massive workforce demographic.

Moves CEO Matthew Spoke wrote an op-ed for the Financial Post about the legal and institutional adaptations required to better meet the needs of gig and independent workers, specifically with financial product offerings.

Moves is well placed to serve the financial needs of gig workers with loans, ebike financing, and other products to help independent workers achieve their financial goals and create a world where more people choose to pursue the benefits of independent work. 

Click here to read the Financial Post article.

Being a Trusted Partner Providing Accessible and Affordable Credit

Betakit reporter Isabelle Kirkwood took notice of Moves about a month after our launch. As a notable publication that covers Canadian tech news, we were happy to have the opportunity to speak about our offering of low-interest, affordable loans for rideshare drivers and food couriers in the gig economy.

Although over 8% of the Canadian workforce is employed as independent workers, many struggle to access affordable financial products through traditional financial institutions. 

Moves offers flexible credit and financing products at competitive rates with no credit check, all through an easy 5-minute application process. To learn more read about Moves’ affordable personal loans for independent workers.

Click here to read the Betakit article.

Offering Low-Interest Loans to Independent Workers

When Moves first launched in market, we engaged in a flyer campaign in downtown Toronto to promote our loans for rideshare drivers and food couriers. Our flyers caught the attention of Mira Miller, BlogTO reporter, who reached out for more information. Over email, we told Mira about how the pandemic caused a sudden and devastating drop in income for gig and other independent workers. Although we had initially planned to launch later in the year, it seemed like we could do a lot more good by launching immediately to help out this large workforce demographic that has been underserved by traditional financial institutions.

Although the article promoted some critics to criticize us as predatory and no better than a payday lender, we disagree. Our rates of 19% – 26% APR are far less than payday lenders, which can charge as much as 390% in Ontario. For a comparison, refer to this helpful chart.

Click here to read the full article.

Lead photo by Hector Vasquez

Moves has built new financial technology to be able to offer affordable and accessible credit for independent workers through an easy online process

TORONTO – Moves launched in Ontario today, offering low-interest loans to support Ontario-based independent rideshare drivers and people delivering food. Using innovative financial technology Moves is able to offer $2,500 loans to independent workers in the gig economy that traditional banks and credit scores disqualify from financial services. The low-interest loans are designed to help independent workers get through the impacts COVID-19 is having on their business.

Using a quick and easy online process, rideshare drivers and people delivering food for the apps can apply at https://my.movesfinancial.com/ to request a loan using a simple three-step process to get the funds they need to help them through this difficult time in a matter of days.

Moves is for independent workers in Ontario who drive and deliver for the following platforms:

“We hear the growing number of people working independently for Uber, Lyft, and other app platforms are facing challenges resulting from COVID-19,” said Matthew Spoke, Moves CEO. “We know they work hard and face high barriers when trying to access credit from the traditional banks. Moves wants to be their trusted partner to provide accessible and affordable credit to help them bridge to the post-COVID-19 economy and meet their financial goals.”

The $2,500 loans will not require any payments for 12 weeks, after which Moves will withdraw payments of $68 per week for 40 weeks on this one-year loan, a 13.3% APR. Moves does not rely on traditional credit checks and will have no impact on the credit scores traditionally used by the big banks. Instead, Moves is building a future of financial services that respects the increasingly independent way people choose to make a living that supports their mobility.

About Moves

Moves is a flexible cash borrowing solution that helps gig workers pursue independence without having to worry about bumps in the road. Without relying on outdated credit scores, our products are designed so that we can get to know our users better over time, and help them establish a new financial reputation. Moves’ low-interest loans have been designed specifically for gig workers, and our product offerings will be expanding to continue supporting their progress and mobility. To stay up to date, we invite you to follow along and join our community.

Moves is built on The Open Application Network and headquartered in Toronto where it is led by CEO Matthew Spoke.

 

Media Contact:

Megan Wheeler, VP Marketing, Moves

[email protected]