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.
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 Without relying on outdated credit scores, our products are designed so that we can get to know our users better over time, and help them establish a new financial reputation.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.
Megan Wheeler, VP Marketing, Moves